William Dietrich leaves $18 million to The Pittsburgh Foundation
Major gift to address local community needs
PITTSBURGH, Oct. 18, 2011 – Former steel industry executive, the late William S. Dietrich II, has made plans to award gifts valued at more than $18 million to The Pittsburgh Foundation from his estate. The major share – over $10 million – will be used for grantmaking that addresses critical community needs in the Pittsburgh region.
Mr. Dietrich, who passed away earlier this month shortly after announcements of his record gifts to Carnegie Mellon University and the University of Pittsburgh, has established three funds at the Foundation to support charitable initiatives in the communities of Conneaut Lake, Pa., and Greenville, Pa., as well as the Pittsburgh area.
His bequest is among the largest received by the Foundation, and is the biggest single gift since former chemical engineer, Charles Kaufman, left more than $40 million to the organization following his passing in September last year.
"Bill Dietrich was as tireless, dedicated and passionate about his philanthropic mission as he was in his acclaimed and accomplished roles as a captain of industry and respected civic leader," said Grant Oliphant, The Pittsburgh Foundation's President and CEO. "For most of his life, he worked towards building substantial charitable legacies for institutions and issues about which he cared deeply.
"His philanthropy is especially remarkable because he committed the vast majority of his wealth to charitable endeavors, as we have witnessed recently from announcements about the very significant gifts that he left to many organizations in our local community and beyond. We cannot overstate the huge benefit created by Bill's generosity now and for future generations, and we are grateful to have been included in his charitable work."
The funds established at The Pittsburgh Foundation by Mr. Dietrich, who served as a member of the Foundation's Investment Committee for the past three years, are valued at $18.125 million, of which the largest share of $10.625 million is being used to establish The Dietrich Foundation's Community Fund at The Pittsburgh Foundation.
The Dietrich Foundation’s Community Fund's goal is to support the mission of The Pittsburgh Foundation with funding that strengthens the organization's efforts to address critical local charitable needs.
Mr. Dietrich's bequest to The Pittsburgh Foundation also awards $5 million to the creation of the Dietrich Foundation Greenville, Pa. Fund, and $2.5 million to establishing the Dietrich Foundation Conneaut Lake, Pa. Fund. Oversight for all three funds will be provided by separate committees appointed by the Dietrich Charitable Trusts. The funds will support cultural, educational and other charitable organizations and projects in the boroughs of Greenville and Conneaut Lake.
The Pittsburgh Foundation is the fourth largest beneficiary out of a total of 13 organizations that received gifts from Mr. Dietrich's estate. Many of the bequests from his estate represent the largest ever received by the individual organizations, and his gifts to Carnegie Mellon University and the University of Pittsburgh were among the biggest ever donations by an individual to higher education in the United States.
The source of the funds is the Dietrich Charitable Trusts, which are charitable remainder trusts created by Mr. Dietrich that own assets principally generated by the 1996 sale of Dietrich Industries. It is anticipated that the assets of these trusts will fund a new charitable organization, The Dietrich Foundation, which will administer the funds earmarked for The Pittsburgh Foundation.
The Pittsburgh Foundation is one of the oldest and is the 14th largest of more than 700 community foundations in the United States, with assets of more than $820 million. In 2010, the Foundation received donations totaling $52 million and awarded grants of $41.8 million.
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