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The second charitable trust Milton Hershey created was the M. S. Hershey Foundation.  He created this trust through an Agreement of Trust in 1935.  As usual, he named the Hershey Trust Company as the trustee. Its purpose was, and still is, to provide educational and cultural benefits to the community of Hershey, PA. It does not give grants or scholarships; rather, it performs its mission through four operating entities: Hershey Theatre, Hershey Gardens and Butterfly House, The Hershey Story (Museum) and the Hershey Community Archives.

Being an operating foundation, it has a board of managers to oversee its operation. Like the Milton Hershey School, board members are selected from and among the board members of the Hershey Trust Company so that the board of the Foundation is the same or a subset of the Hershey Trust Company board.

Also, like the Milton Hershey School Trust, the trust document allows for an annual fee to the trustee of 5% of the income of the trust, not to exceed $1,000. That arrangement for the Foundation and the School Trust is still in place today.