The news that the charity will shut down was announced by NY attorney general Barbara Underwood, who said the Trump Foundation had signed a stipulation agreeing to dissolve the foundation under judicial supervision. "[The] Trump Foundation functioned as little more than a checkbook to serve Trump's business [and] political interests".
The New York Attorney General's office forced the lawsuit against the foundation, claiming Trump and his children violated campaign finance laws and abused its tax-exempt status. "You know, the Trump Organization, the Trump family, the Trump inauguration, the Trump transition, the Trump White House, the Trump Foundation are all being investigated for various shades of wrongdoing".
The foundation has agreed to dissolve and within 30 days give the court a list of the not-for-profit organizations that will receive the remainder of the charity's assets.
Trump also criticized New York Gov. Andrew Cuomo, who wasn't involved in the lawsuit but praised it in a tweet. The book author even made a deal with The New York Times to feature the book's "research" in a front-page story that suggested Hillary Clinton had engineered approval of a uranium sale to Russian Federation for the benefit of foundation donors.
That's where the NY state Attorney General comes in.
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The suit, filed in June, alleged "persistently illegal conduct" at the foundation, which Trump began in 1987.
The suit claimed that Trump used the foundation's charitable assets to pay off his legal obligations, promote Trump brand hotels and business, and to purchase personal items. Trump Foundation lawyer Alan Futerfas said the three-decade-old foundation has been looking to fold since Trump got elected in 2016.
Among the accusations was that control of $2.8m raised by the foundation for military veterans was ceded to his presidential election campaign.
Mrs Underwood said that the remaining $1.75 million would be distributed to other charities approved by her office and a state judge.
Federal law prohibits charities from participating in political campaigns.
Trump's attorneys maintain that the lawsuit is politically motivated, but a judge declined dismissing the case last month. In a 2016 story, The Washington Post revealed Trump used money from his foundation to buy the helmet, not his own cash. According to the Washinton Post, the most the foundation ever had was $3.2 million in 2009.