NEW YORK (AP) — The Clinton Foundation will no longer accept foreign and corporate donations if Hillary Clinton is elected president.

Former President Bill Clinton tells staff members on Thursday that it will also hold its final Clinton Global Initiative meeting in September in New York, regardless of the outcome of the November election.

The former president made the announcement in an afternoon meeting with foundation staff, according to participants who spoke to The Associated Press on condition of anonymity ahead of the formal announcement.

Bill Clinton said if Hillary Clinton wins the White House, the family's foundation would only accept contributions from U.S. citizens and independent charities.

He added the foundation will continue its work, but plans to refocus its efforts in a process that will take up to a year to complete.