Trump to shut charitable foundation: reports

President Donald Trump will dissolve his charitable foundation -- which acknowledged breaking federal rules on "self-dealing" last year -- once an investigation concludes, US media reported Monday.

In December, Trump vowed to shutter the organization to avoid any conflicts of interest, after it was found to have made a political contribution, settled legal conflicts, purchased a large portrait of the president and engaged in other questionable practices.

In a new tax filing, the foundation announced its intent to close down, and is seeking approval to distribute the funds remaining in its coffers, NBC News reported.

Tap here to add The Daily Star as a trusted source

The Washington Post said one of Trump's golf courses repaid more than $158,000 to the foundation for funds used to settle a lawsuit against the club.

The foundation, with assets of under $1 million, "looks forward to distributing its remaining assets at the earliest possible time to aid numerous worthy charitable organizations," a spokesman told NBC News.