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30-610: The Hershey Trust Company is an American trust company based in Hershey, Pennsylvania , established in 1905. Its sole business is the management of several charitable trusts endowed by Milton S. Hershey . The largest is the Milton Hershey School Trust, which has $ 17.4 billion of assets as of 2021, including Hershey Entertainment and Resorts Company and a controlling stake in The Hershey Company . On April 28, 1905,

60-599: A "near"-bank status which situates them legally very close to the US savings and loan associations , UK building societies or other non-bank deposit-taking institutions such as credit unions . According to the Canadian Office of the Superintendent of Financial Institutions , "trust and loan companies are financial institutions that operate under either provincial or federal legislation and conduct activities similar to those of

90-498: A bank". Deposits and GICs are insured by the Canadian Deposit Insurance Corporation in the same manner as bank deposits. While Canadian trust and loan companies nominally cannot accept retail deposits or issue debentures , they may receive money on deposit in trust, repayable on demand or after notice. As no statute prevents the companies from according chequing privileges to their depositors, effectively

120-626: A subsidiary to handle its commercial banking business, allowing the parent company to focus on the growing demands of managing the school trust. Milton Hershey died in 1945 and bequeathed the stock of Hershey Trust to the Milton Hershey School Trust. The company sold the Hershey Bank to PNC Financial in 1986. Hershey Trust began growing its private wealth management business in the 1980s, eventually gaining 500 clients with $ 1.1 billion of managed assets. The wealth management business

150-615: A wide variety of clubs, activities and sports. The Derry Township School District funds: According to PIAA directory July 2013 On April 14, 2013, it was announced that Derry Township School District had been named a grand prize winner of the 19th annual Magna Awards program in the enrollment category of under 5,000 students. The Magna Awards program, sponsored by the National School Boards Association 's (NSBA) American School Board Journal ( ASBJ ) and supported by Sodexo , recognizes districts across

180-505: Is a midsized, suburban public school district which serves Derry Township in Dauphin County, Pennsylvania . The district includes the unincorporated Village of Hershey . Derry Township School District encompasses approximately 27 square miles (70 km ). According to 2000 federal census data, it serves a resident population of 21,273. By 2010, the district's population increased to 24,690 people. The educational attainment levels for

210-697: The Equitable Trust Company , B2B Trust and Civil Service Loan Corporation , have restructured to legally become federally-regulated banks. Unlike banks, Canadian trust companies can administer estates, trusts, and pension plans. Banks cannot conduct these activities unless they are done through a separately created trust subsidiary. In 2023, there were 43 federally-regulated trust companies in Canada but many of these were owned or controlled by banks or other institutions as subsidiaries . Derry Township School District The Derry Township School District

240-616: The Penn State Milton S. Hershey Medical Center through a gift using funds provided by the Milton Hershey School Trust. Hershey Trust also serves as trustee of the Hershey Cemetery Perpetual Care Maintenance Trust. The company was trustee of the Milton S. Hershey Testamentary Trust until 2012. This trust was established in 1945 upon Milton Hershey's death, endowed with his remaining fortune of $ 900,000, for

270-657: The Pennsylvania Department of State issued a charter creating the Hershey Trust Company, which was incorporated by Milton S. Hershey , Harry Lebkicher and John E. Snyder. It provided banking services and mortgages to residents of Hershey and the surrounding Derry Township . In 1909, when Hershey founded the Milton Hershey School , he appointed Hershey Trust as administrator of the school trust. In 1925, Hershey Trust established Hershey National Bank as

300-571: The Derry Township School District population (25 years old and over) were 94% high school graduates and 51.4% college graduates. Pennsylvania State University 's Hershey Medical Center is located within the district boundaries. Derry Township School District is one of the 500 public school districts of Pennsylvania . According to the Pennsylvania Budget and Policy Center, 13.6% of the district's pupils lived at 185% or below

330-617: The Federal Poverty level as shown by their eligibility for the federal free or reduced price school meal programs in 2012. In 2009, Derry Township School District residents' per capita income was $ 16,811, while the median family income was $ 40,063. In the Commonwealth, the median family income was $ 49,501 and the United States median family income was $ 49,445, in 2010. In Dauphin County,

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360-716: The Hershey Trust overpaid for the property, to the benefit of board members who were both owners of the Wren Dale Golf Course and on the Hershey Trust board. Reese withdrew the lawsuit in April 2011, due to deteriorating health. Reese suggested the Pennsylvania Attorney General had enough cause to investigate the Hershey Trust. In 2013, Kathleen Kane , the Pennsylvania Attorney General, announced

390-455: The beneficiaries are and what the money can be spent for. A trustee will manage investments, keep records, manage assets, prepare court accounting, pay bills (depending on the nature of the trust), medical expenses, charitable gifts, inheritances or other distributions of income and principal. A trust company can be named as an executor or personal representative in a last will and testament . The responsibilities of an executor in settling

420-489: The benefit of the Derry Township School District . The trust assets grew to $ 24 million as of 2012, supporting an annual payment to the school district of $ 1.8 million. Trust company The "trust" name refers to the ability to act as a trustee – someone who administers financial assets on behalf of another. The assets are typically held in the form of a trust , a legal instrument that spells out who

450-417: The bondholders), and is the entity which monitors the company to ensure it is meeting covenants. In the event of the company's bankruptcy, the corporate trust company represents the interests of the bondholders and acts to recover as much of the loan proceeds as possible. In Canada, trust companies have historically provided many of the same services as the big-five banks . They are legally not banks, but hold

480-430: The company monthly, and monitors the financial conditions of the company to ensure that it is meeting all its agreed upon conditions (for example, that its ratio of profits to expenses stays above a certain amount). However most large companies borrow money not from banks, but by selling bonds. When the company sells bonds, a corporate trust company can handle the acceptance of payments from the company (which it passes on to

510-451: The conclusion of a two-year investigation into the operations of the Hershey Trust Company, in which the Office of Attorney General and the Hershey Trust Company agreed that there was a finding of no wrongdoing, but reforms were required of the trust company. In May 2016, the state attorney general asked the company to remove three members from the ten-person board. The attorney general said that

540-602: The construction and mechanical trades. [1] Derry Township School District is served by the Capital Area Intermediate Unit 15 which offers a variety of services, including a completely developed K-12 curriculum that is mapped and aligned with the Pennsylvania Academic Standards (available online), shared services, a group purchasing program and a wide variety of special education and special needs services. Derry Township School District offers

570-485: The country for outstanding programs that advance student learning and encourage community involvement in schools. Derry Township received a $ 4,000 contribution at NSBA's 73rd Annual Conference in San Diego. DTSD won the grand prize for its COCOA Principles program which aims to prepare students to be global citizens. COCOA Principles, which stands for Community, Opportunity, Citizenship, Ownership and Academics, has encouraged

600-490: The estate of a deceased person include collecting debts , settling claims for debt and taxes , accounting for assets to the courts and distributing wealth to beneficiaries. Estate planning is usually also offered to allow clients to structure their affairs so as to minimize inheritance taxes and probate costs. In the United States, one of the primary profit centers for a trust company is commissions earned from selling various types of insurance products designed to minimize

630-740: The estate tax charged to a person. A trust officer may provide guardian and conservator services, acting as guardian of a minor's property until adulthood or as conservator of the estate of an adult unable to handle his or her own finances. Some trust companies are formed not merely for the benefit of a minor or an individual trustee, but for the preservation of nature or historic sites. A trust department provides investment management, including securities market advice, investment strategy and portfolio management , management of real estate and safekeeping of valuables. The trust company may also provide escrow services, invest education or retirement funds or hold 1031 Exchange proceeds where cash from

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660-449: The major banks. Prominent examples include Canada Trust (founded 1864 as Huron and Erie Savings and Loan Society, acquired by Toronto-Dominion Bank in 2000), Montreal Trust Company (established 1889, acquired by Scotiabank in 1994), National Trust Company (established 1898, acquired by Scotiabank in 1997) and Royal Trust (founded 1892, bought by Royal Bank of Canada in 1993). A few small or captive trust and loan companies, such as

690-405: The median household income was $ 52,371. By 2013, the median household income in the United States rose to $ 52,100. Per school district officials, in school year 2007–08, Derry Township School District provided basic educational services to 3,492 pupils through the employment of 267 teachers, 216 full-time and part-time support personnel, and 21 administrators. In 2009–10, the district's enrollment

720-442: The sale of US real estate is held in trust (for tax purposes) until used to buy replacement land. Trust companies may also perform corporate trust services. Corporate trust services are services which assist, in the fiduciary capacity, in the administration of the corporation's debt. For example, in a normal bank loan, the lender normally lends money to the company (usually with conditions called " covenants "), accepts payments from

750-407: The three had allowed "apparent violations" of the 2013 agreement. At about the same time, in an unrelated investigation, John Estey , former chief of staff to Governor Ed Rendell and a high-ranking executive of the company, was charged with wire fraud, having pocketed $ 13,000 that an FBI sting operation had given to him in an investigation into illegal lobbying of legislators. Hershey Trust serves as

780-472: The trust companies are at liberty to receive monies which the depositor can treat much like bank savings or chequing accounts. The institution may then employ these assets (less a legally-required fractional reserve ) to issue secured loans , such as mortgages . Once a common feature on Canada's retail banking landscape, free-standing retail trust companies are disappearing; the largest institutions have increasingly fallen prey to consolidation and takeover by

810-459: The trustee of the Milton Hershey School Trust. The trust provides the funding for the 2,000+ student Milton Hershey School , which provides education for lower-income children. As of 2021, the trust had $ 17.4 billion of assets. Its assets include Hershey Entertainment and Resorts Company , a controlling stake in the Hershey Company , and ownership of the Hershey Trust Company itself. The trust

840-682: Was created in 1909 by a deed of trust from Milton and Catherine Hershey , granting 486 acres (197 ha) of land in Hershey for the establishment of the Milton Hershey School. In 1918, Milton Hershey quietly donated to the trust the bulk of his fortune, $ 60 million of stock in Hershey Chocolate Company (now the Hershey Company). The company administers the Milton S. Hershey Foundation, which operates: The foundation also endowed

870-684: Was reported as 3,543 pupils. The district employed: 274 teachers, 219 full-time and part-time support personnel, and 21 administrators during the 2009–10 school year. Derry Township School District received $ 6.7 million in state funding in the 2009–10 school year. Derry Township School District operates five schools: Hershey High School (9th-12th), Hershey Middle School (6th-8th), Hershey Intermediate Elementary School (4th-5th), Hershey Primary Elementary School (2nd-3rd) and Hershey Early Childhood Center (K-1st). High school students may choose to attend Dauphin County Technical School for training in

900-463: Was sold to Bryn Mawr Trust Co. in 2011 for $ 18 million. In February 2011, Robert Reese (grandson of H. B. Reese the inventor of Reese's Peanut Butter Cups ), a former board member and president of the Trust, filed a lawsuit against the Hershey Trust Company alleging that board members had been improperly using the Trust's money. One particular issue was the purchase of the Wren Dale Golf Course, in which

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