Report: Trump moves to dissolve charitable foundation

Report: Trump moves to dissolve charitable foundation
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President Trump is beginning to take steps to dissolve his charitable foundation, NBC News reported Monday. 

"The foundation announced its intent to dissolve and is seeking approval to distribute its remaining funds" to other charities, according to NBC's review of the Trump Foundation's 2016 IRS documents that were filed this month. The foundation uploaded the records to the website of charity watchdog Guidestar.org, according to the report.

The gradual disbanding of the Donald J. Trump Foundation falls in line with Trump's pledge last December to distance himself from it to avoid any possible conflicts of interest that could arise from overseeing a charity foundation while president.

In October 2016, New York's attorney general ordered the foundation to stop soliciting contributions.

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The move also comes after the Trump Foundation admitted to "self-dealing" and transferring "income or assets to a disqualified person” on the foundation's 2015 tax form, which can occur when someone affiliated with the foundation, such as a trustee or attorney, becomes involved in an activity that benefits their own interests instead of the entity's. 

The documents reveal that the foundation had around $970,000 in assets, according to the report.

"The Foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups, including supporting veterans, law enforcement officers and children," then-President-elect Trump said in a statement in December.

"However, to avoid even the appearance of any conflict with my role as President I have decided to continue to pursue my strong interest in philanthropy in other ways."

The Washington Post first reported that the organization marked "yes" on the 2015 tax form when asked on the IRS form whether it had engaged in illegal "self-dealing" in recent years and it also marked "yes" when the form asked whether it had transferred "income or assets to a disqualified person.”

The foundation checked no for these questions on its 2016 IRS form, according to the report.