Posted on September 23, 2011
University of Pittsburgh to Receive $125 Million Bequest
University of Pittsburgh Receives $125 Million Gift
The University of Pittsburgh has announced a planned $125 million bequest from alumnus William S. Dietrich II, a member of the university's board since 1991.
Earlier this month, Dietrich announced a $265 million bequest to Carnegie Mellon University, also in Pittsburgh. As was the case with that gift, the commitment to Pitt will be drawn from the Dietrich Charitable Trusts, charitable remainder trusts that hold assets largely created by the 1996 sale of Dietrich Industries. The assets of the trusts are expected to fund a new organization, the Dietrich Foundation, which will administer the fund.
Awarded as part of Pitt's $2 billion capital campaign, which has secured commitments of $1.85 billion to date, the pledge will become operational after Dietrich's passing. In recognition of the largest gift in the university's history, the school of arts and sciences will be renamed in honor of Dietrich's father, Kenneth P. Dietrich.
"As a graduate who personally benefitted from my own studies at Pitt, I want to ensure that the university can continue to provide educational opportunities of the highest quality to its undergraduate and graduate students," Dietrich said. "As a citizen of southwestern Pennsylvania, I want to help secure the future of one of this region's most important institutions and hope that this gift will encourage others to join with me in supporting the university."