MIAMI — A foundation registered in Panama in 2006, in which Erika Donalds, wife of Republican Congressman Byron Donalds, appears, is now among the elements reviewed as part of a broader analysis of corporate structures, educational entities, and possible transparency risks linked to the Donalds family’s business environment. The reviewed documents include screenshots from Panama’s Public Registry showing the Fundación Eco Agro Turismo with initial assets of $10,000 and Erika Donalds listed among the board members, along with Clifton Fred Lees and María Herrera Villalobos. The image of the Panamanian document also identifies Mossack Fonseca & Co. as the resident agent. The International Consortium of Investigative Journalists’ Offshore Leaks database lists Fundación Eco Agro Turismo as an entity incorporated in Panama on February 21, 2006, with Mossack Fonseca as agent, linked to Costa Rica and with a “defaulted” status after having been deactivated in 2008. A Panamanian business database also lists Erika Donalds, Clifton Fred Lees, María Herrera Villalobos, Foundation Management Co. Inc., and Mossack Fonseca & Co. among the names associated with the foundation. Screenshots of messages shared with the documents claim that authorities such as the UAF, the FBI, and the Security Council were reviewing an alleged cross-border network. An interim financial intelligence report dated April 14, 2026, states that the initial review, focused on two people and a single corporate entity, expanded to identify more than 40 entities and more than 30 affiliated individuals across multiple jurisdictions. The document describes an “unusually complex” corporate architecture around Erika Donalds, Optima, OptimaED, CEN, and associated educational networks, although it clarifies that the file still does not conclusively prove the final destination of all examined funds. The report also points to two main financial issues: a $4.5 million construction loan and bond issuances linked to the Optima Classical Academy at Gladiolus Campus Project for $28.62 million, as well as a taxable tranche of $530,000. According to the document, the central problem is that it cannot be determined with confidence which entity received, controlled, or holds the funds. Public financial disclosure records from the House of Representatives show that Byron Donalds filed an amendment for fiscal year 2023 on August 13, 2025. That disclosure lists spousal interests in Onesto, LLC, linked to Optima Management Services, LLC and OptimaEd, LLC, each in ranges of $1 million to $5 million.