Prof.Pylee’s guiding principle has been "The World is my country, all mankind are my brethren, and to do good is my religion".
A Public Charitable Trust has been instituted under the name ‘Prof. (Dr.) M.V. Pylee Foundation’ with a view to creating endowments as well as to provide assistance to educational, cultural and charitable causes. The Foundation also aims at assisting projects in such fields as environmental protection, community health, poverty alleviation, consumer interests, civil liberties and human rights.
Funds from the Foundation have been given to establish endowments in several institutions such as the Cochin University of Science and Technology, St. Berchman’s College, Changanacherry, St. Joesph’s School Pulimkunnoo, St. Agnus College, Mangalore, Kerala Higher Education Trust, Good Samaritan project, India and others. Cochin University of Science and Technology has instituted the Distinguished Academician of India Award in the name and style Professor Dr. M.V. PYLEE Award which carries a cash award of Rs. 2 lakhs, a Citation and a Memento.