Trump boasted that he gave millions of dollars to the foundation. But as the Washington Post reported back in October, Trump has not donated to his own charity since 2008.
The President-elect said in a Saturday statement that he would shut down the foundation.
"The Foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups, including supporting veterans, law enforcement officers and children. However, to avoid even the appearance of any conflict with my role as President I have decided to continue to pursue my strong interest in philanthropy in other ways," he said in the statement. "I am very proud of the money that has been raised for many organizations in need, and I am also very proud of the fact that the Foundation has operated at essentially no cost for decades, with 100% of the money going to charity, but because I will be devoting so much time and energy to the Presidency and solving the many problems facing our country and the world, I don’t want to allow good work to be associated with a possible conflict of interest."
The New York attorney general's office, which is investigating Trump's foundation, said that he cannot dissolve the charity until their probe is complete.
Trump's campaign came under intense scrutiny during the campaign after reports that he use charity money to settle a legal dispute in Florida and to buy items like a self-portrait for himself. The Trump Foundation also gave money to a political group backing Florida Attorney General Pam Bondi just before her office declined to join an investigation into Trump University.