Wednesday, January 20, 2016

Lessons . . .

. . . for the RICH . . .


(from https://en.wikipedia.org/wiki/Milton_S._Hershey)
". . . On May 25, 1898, (Milton S.) Hershey married Catherine "Kitty" Sweeney, an Irish-American Catholic girl from Jamestown, New York. She brought gaiety, wit and warmth into his life. By all reports, their life together was very happy.[4] 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 of tuberculosis 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. . ."





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