NEW YORK (CBSNewYork) — President-elect Donald Trump announced Saturday that he intends to dissolve the Donald J. Trump Foundation, after concerns were raised about possible conflicts of interest.

In a statement, Trump said he aims to “avoid even the appearance of any conflict with my role as President.”

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“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,” the statement read.

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Trump added that he was very proud of the foundation.

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“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,” he said.