The actor, who rose to fame on Friends as the witty and sarcastic Chandler Bing in the hit sitcom, died aged 54 in late October.
During his life, he wrote and spoke openly about his battle with substance abuse and addiction and also set up a sober living facility for men with similar issues.
In a statement, the organisation said: “The Matthew Perry Foundation is the realization of Matthew’s enduring commitment to helping others struggling with the disease of addiction.
“It will honour his legacy and be guided by his own words and experiences and driven by his passion for making a difference in as many lives as possible.”
The foundation also referenced a quote by the actor on its website, in which he said: “When I die, I don’t want Friends to be the first thing that’s mentioned – I want helping others to be the first thing that’s mentioned and I’m going to live the rest of my life proving that.
“Addiction is far too powerful for anyone to defeat alone. But together, one day at a time, we can beat it down.”
The foundation is sponsored and maintained by the charity National Philanthropic Trust (NPT), who say in their mission statement they want to increase philanthropy.
In a joint statement to People magazine they said they were “utterly devastated” and “more than cast mates. We are a family”.
The cast also promised to share more later, saying: “There is so much to say, but right now we’re going to take a moment to grieve and process this unfathomable loss.”