Missed Opportunity
$5.0 billion
Since 2002, the Milton Hershey School has spent on average about 2.2% of the charity’s assets each year educating low-income and at-risk children at its boarding school in Pennsylvania — nearly $4 billion.
$5.0
4.5
In 1999, after a change in state law, the president of the bank that administers the Hershey estate who was also a charity board member told a probate judge that increasing spending to 3% of the school’s assets was reasonable.
If this spend rate were actually used, the school could have received an additional $1.3 billion since 2002.
4.0
$3.7 billion
3.5
3.0
Figures are in billions
2.5
Potential school spending
at 3% of assets
2.0
1.5
1.0
Actual school spending since 2002
0.5
0
’02
’03
’04
’05
’06
’07
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
’18
’19
SOURCES: IRS; Inquirer analysis
JOHN DUCHNESKIE / The Philadelphia Inquirer
Missed Opportunity
Since 2002, the Milton Hershey School has spent on average about 2.2% of the charity’s assets each year educating low-income and at-risk children at its boarding school in Pennsylvania — nearly $4 billion.
In 1999, after a change in state law, the president of the bank that administers the Hershey estate who was also a charity board member told a probate judge that increasing spending to 3% of the school’s assets was reasonable. If this spend rate were actually used, the school could have received an additional $1.3 billion since 2002.
$5.0 billion
$5.0
4.5
$3.7 billion
3.5
Figures are in billions
3.0
2.5
Potential school spending
at 3% of assets
2.0
1.5
Actual school spending
since 2002
1.0
0.5
0
’02
’03
’04
’05
’06
’07
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
’18
’19
SOURCES: IRS; Inquirer analysis
JOHN DUCHNESKIE / The Philadelphia Inquirer
Missed Opportunity
Since 2002, the Milton Hershey School has spent on average about 2.2% of the charity’s assets each year educating low-income and at-risk children at its boarding school in Pennsylvania — nearly $4 billion.
In 1999, after a change in state law, the president of the bank that administers the Hershey estate who was also a charity board member told a probate judge that increasing spending to 3% of the school’s assets was reasonable. If this spend rate were actually used, the school could have received an additional $1.3 billion since 2002.
$5.0 billion
$5.0
4.5
$3.7
billion
3.5
3.0
2.5
Potential
school spending
at 3% of assets
2.0
1.5
Figures are in billions
1.0
Actual school spending
since 2002
0.5
0
’02
’04
’06
’08
’10
’12
’14
’16
’18
’19
SOURCES: IRS; Inquirer analysis
JOHN DUCHNESKIE / The Philadelphia Inquirer