Philanthropy
On May 25, 1898, Hershey married Catherine "Kitty" Sweeney. Since the couple could not have children, they decided to help others, establishing the Hershey Industrial School with a Deed of Trust in 1909. Catherine died prematurely in 1915 and Hershey never remarried. In 1918, Hershey transferred the majority of his assets, including control of the company, to the Milton Hershey School Trust fund, to benefit the Industrial School. The trust fund has a majority of voting shares in The Hershey Company, allowing it to keep control of the company. In 1951, the school was renamed the Milton Hershey School. The Milton Hershey School Trust also has 100% control of Hershey Entertainment and Resorts Company, which owns the Hotel Hershey and HersheyPark, among other properties. He took great pride in the growth of the school, the town, and his business. He placed the quality of his product and the well-being of his workers ahead of profits.
- He was part of a forward-looking group of entrepreneurs in this country and abroad who believed that providing better living conditions for their workers resulted in better workers…Milton Hershey conceived of building a community that would support and nurture his workers. Developing the community became a lifelong passion for him.
In 1935, Hershey established the M.S. Hershey Foundation, a private charitable foundation that provides educational and cultural opportunities for Hershey residents. The foundation supplies funding for three entities: the Hershey Museum and Hershey Gardens, the Hershey Theatre and the Hershey Community Archives.
The founding of the Penn State Milton S. Hershey Medical Center occurred when the board of the trust went to the Dauphin County Orphans Court with the cy-près doctrine (cy près is a French phrase meaning "As close as possible"). It was a gift from the Milton Hershey School Trust to the people of Pennsylvania, with an initial endowment of $50 million and only one restriction—the hospital had to be built in Hershey. The hospital is a teaching hospital with an annual budget exceeding the initial construction cost.
Read more about this topic: Milton S. Hershey
Famous quotes containing the word philanthropy:
“I shall not be forward to think him mistaken in his method who quickest succeeds to liberate the slave. I speak for the slave when I say that I prefer the philanthropy of Captain Brown to that philanthropy which neither shoots me nor liberates me.”
—Henry David Thoreau (1817–1862)
“Almost every man we meet requires some civility,—requires to be humored; he has some fame, some talent, some whim of religion or philanthropy in his head that is not to be questioned, and which spoils all conversation with him. But a friend is a sane man who exercises not my ingenuity, but me.”
—Ralph Waldo Emerson (1803–1882)
“... the hey-day of a woman’s life is on the shady side of fifty, when the vital forces heretofore expended in other ways are garnered in the brain, when their thoughts and sentiments flow out in broader channels, when philanthropy takes the place of family selfishness, and when from the depths of poverty and suffering the wail of humanity grows as pathetic to their ears as once was the cry of their own children.”
—Elizabeth Cady Stanton (1815–1902)