Trump handed a blow before elections, New York Attorney General finds his charitable foundation lacks certification

He has given a total of $5.4 million for Trump Foundation

October 1, 2016, Reporter : Big News Network, Reader : 650

WASHINGTON, U.S. - Donald Trump’s charitable foundation does not possess the certification required to solicit public donations, the New York Attorney General's office has revealed, dealing a blow to the Republican Presidential nominee's philanthropic image in the run up to the elections.> Big News Network

Under the current laws in New York, where the Donald J. Trump Foundation is based, any charity that seeks more than $25,000 a year from the public must obtain a particular type of registration beforehand. Charities as big as that of Trump’s must also undergo a thorough annual audit.     

Tax filings show that in each of the past ten years documented, the Trump Foundation raised more than $25,000 from outsiders. 

If Trump’s foundation is found to have been raising money in violation of the law by New York Attorney General Eric Schneiderman, the charity might have to stop its fund raising immediately. Schneiderman, with a court’s permission, could also force Trump to return money that his foundation has already received.

Schneiderman’s office has not made it clear whether it was investigating the lack of registration for the Trump Foundation. 

The New York Attorney General's office has launched a probe of the foundation in the wake of reports that Trump used the charity’s money to make a political gift, buy paintings of himself and settle legal disputes related to his for-profit businesses.

Legal experts said tax records alone do not reveal whether the donations amounted to solicitations under New York law, but there are strong evidences that they actually did.

The Trump Foundation, where Trump is still the president, was established in 1987 to give away the proceeds of his book 'The Art of the Deal'.

The business mogul was the foundation’s sole donor for many years, giving a total of $5.4 million between 1987 and 2006.

Earlier this year, the Trump Foundation set up a website to collect small-dollar donations for veterans, and it reportedly raised $1.67 million through the website.

Meanwhile, Trump's net worth has fallen by $800 million this year, according to private new calculations. The net worth of the 70-year-old

is presently around $3.7 billion, it showed.

The calculations also revealed that 18 of the 28 assets or asset classes belonging to Trump group declined in value, including his trademark Trump Tower on Manhattan's Fifth Avenue.