In the fall of 2011, one of the great stories in the long philanthropic history of Pittsburgh unfolded. At age 72, William S. Dietrich II was nearing the end of his battle with gallbladder cancer. He had carefully laid, wide-scale plans for Pittsburgh philanthropy, but very few people knew about them. Mr. Dietrich had planned to unveil them posthumously. In September and October, the last months of his life, Bill Dietrich - a private man by nature - reluctantly made public appearances; he and his colleagues announced gifts to 15 institutions, including an amount that was earmarked for the creation of the Dietrich Foundation Conneaut Lake, PA Fund at The Pittsburgh Foundation.
The source of the funds is the Dietrich Charitable Trusts (DCT), which are charitable remainder trusts created by Mr. Dietrich that own assets primarily generated by the 1996 sale of Dietrich Industries. The assets of the Dietrich Charitable Trust created a new charitable organization, The Dietrich Foundation, which administers the funds earmarked for the Dietrich Foundation Conneaut Lake, PA Fund and annually transfers a portion thereof to The Pittsburgh Foundation. Oversight for all of Mr. Dietrich’s funds at The Pittsburgh Foundation is provided by separate advisory committees appointed by The Dietrich and Pittsburgh Foundations.