President-elect says he'll dissolve controversial Trump Foundation

Posted at 4:02 PM, Dec 24, 2016

(CNN) -- President-elect Donald Trump will dissolve the Trump Foundation, the charitable foundation in his name, as part of efforts to untangle himself of conflicts of interest in the weeks before he is sworn into office, he announced Saturday.

"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. 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," Trump said in a statement.

Trump touted the money the foundation has donated over the years to veterans, law enforcement and children's groups and said that he intends to pursue his "strong interest in philanthropy in other ways." The transition said Trump has directed his counsel to take the necessary steps to effectuate the dissolution.

The foundation has been the subject of much criticism, including allegations he spent money from the foundation to settle some legal disputes. The Trump Foundation admitted to violating IRS rules by improperly giving money to someone close to the organization, according to a recent federal income tax filing.

The foundation is under investigation by the New York State Attorney General's office. In its 2015 tax returns, the foundation reported having assets of $1,115,991.