Donald J. Trump Foundation
Trump Foundation or the Donald J. Trump Foundation is a New York-based private foundation founded and chaired by President of the United States Donald Trump. It has been a source of controversy, criticism and scrutiny. The foundation has been fined for making political contributions and admitted engaging in self-dealing practices to benefit Trump, his family, and businesses. On December 24, 2016, Trump said he intends to dissolve the foundation.
History of Trump Foundation
Donald Trump established the Donald J. Trump Foundation in 1988 as a private foundation. It was founded to donate the proceeds from the book Trump: The Art of the Deal. It operated from Trump’s business office in New York and has no paid staff. The board of directors consisted of Donald Trump, his three adult children and a Trump Organization employee. In 2015, a Trump Organization spokesperson told The New York Post that Trump makes all decisions regarding the granting of Trump Foundation money. On December 24, 2016, Trump said he plans to dissolve the foundation in order to avoid the appearance of conflict of interest.
Like many private foundations, it conducted no charitable programs of its own; instead, it granted money to other tax-exempt organizations. According to the foundation’s recent IRS Form 990 filing, in making grants it did not impose on its directors any “restrictions or limitations on awards such as by geographical areas, charitable fields, kinds of institutions, or other factors”.
Sources of foundation money
Since inception through 2015, Trump has contributed $5.5 million to the Trump Foundation while outside donors have contributed an additional $9.3 million. Since making a $35,000 gift in 2008, Trump has made no additional personal donations since 2015. Many of the outside donors have done business with Trump or the Trump Organization. Several philanthropy experts note that having a family foundation without any family money is unusual. The top donors to the foundation from 2004 to 2014 were Vince and Linda McMahon of World Wrestling Entertainment. They jointly donated $5 million to the foundation after Trump appeared at WrestleMania in 2007 and 2009.