The council had been seeking trust documents since it began its inquiry in June, following a Los ... Getty Trust's Membersh

The council had been seeking trust documents since it began its inquiry in June, following a Los Angeles Times report that detailed lavish spending of funds by former chief executive Barry Munitz, who resigned in February.

The council was also looking into a 2002 real estate transaction in which the trust sold a $2 million property to billionaire Eli Broad _ a close friend of Munitz _ for $700,000 less than its appraised value. By law, private foundations must get fair market value, and Getty executives maintained the sale was proper and denied Broad received any discount.

"We appreciate the cooperation and constructive dialogue between our organizations over the past few months and respect the hard work they've done to provide the information we requested," council President Steve Gunderson said in a statement.

Gunderson said the purpose of the council's sanctions was to encourage its more than 2,000 nonprofit members to adhere to high standards of conduct.

"We have worked closely with the council to address its concerns, and we are confident the council's decision was based on a belief that the measures we have taken to strengthen existing policies and implement new measures will set a high standard going forward," said interim Getty chief executive Deborah Marrow.

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