12/19/2018

Trump Foundation Agrees To Dissolve

The New York AG will oversee the dissolution

The Donald J. Trump Foundation has agreed to dissolve under the supervision of the New York Attorney General’s Office. The foundation would distribute its remaining assets within 30 days.

“Today’s stipulation accomplishes a key piece of the relief sought in our lawsuit earlier this year,” Attorney General Barbara Underwood said via a press release announcing the agreement. “Under the terms, the Trump Foundation can only dissolve under judicial supervision – and it can only distribute its remaining charitable assets to reputable organizations approved by my office,” she said.

The stipulation was executed on Dec. 11 and signed by Alan Futerfas, the foundation’s attorney, and Yael Fuchs, co-chief of the Charities Bureau Enforcement Section. It was filed with the court today and awaits the signature of state Supreme Court Justice Saliann Scarpulla, who last month ruled against a motion by the foundation to dismiss the lawsuit. Within 30 days of the order, both parties will jointly submit a list of nonprofits to receive distributions, in equal amounts, from the remaining assets, according to the court filing.

Please select this link to read the complete article from The NonProfit Times.