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The Dietrich Foundation

Annual Giving
$51.8M
Grant Range
$5000K - $267.5M

The Dietrich Foundation

Quick Stats

  • Annual Giving: $51,781,317 (2023)
  • Foundation Assets: ~$1.5 billion (as of 2023)
  • Grant Range: Varies significantly by institution (from $5 million to $267.5 million in major gifts)
  • Decision Time: Annual distribution process (3.0% of net assets distributed in May)
  • Geographic Focus: Pittsburgh and Western Pennsylvania, with select institutions outside the region
  • Application Method: No public application process - pre-determined beneficiaries only

Contact Details

Address: USX Tower, 600 Grant Street, Room 5360, Pittsburgh, PA 15219

Phone: 412-261-2766

Fax: 412-261-2439

Website: https://dietrichfoundation.net

Overview

The Dietrich Foundation is a Pennsylvania charitable trust established through the philanthropic vision of William S. Dietrich II, who died in October 2011 at age 73. The Foundation officially launched operations in January 2013 with approximately $550 million in assets, which have since grown to approximately $1.5 billion. Dietrich's success in transforming Dietrich Industries into the nation's largest light metal framing manufacturer for construction enabled this extraordinary philanthropic legacy. Inspired by Andrew Carnegie's "Gospel of Wealth," Dietrich believed that excess wealth "ought to be thought of as a 'sacred trust' for the public good - where a man of wealth is bound by duty to administer those funds in a manner which, in his judgment, is best calculated to create opportunities for beneficiaries to better themselves and their communities." The Foundation distributes annually at least 85% of its net income, or approximately 3% of net assets if the income distribution falls below that threshold. In 2023, the Foundation made 13 awards totaling $51,781,317 to its pre-determined supported organizations.

Funding Priorities

Pre-Determined Beneficiary Institutions

The Foundation's governing trust document establishes specific beneficiary organizations that receive ongoing support. These cannot be changed, and no other organizations can receive funding.

Primary Higher Education Beneficiaries:

  • Carnegie Mellon University - Received $267.5 million in total commitments (largest share of annual distributions, with nearly $162 million distributed as of 2023, growing to ~$200 million within university endowment). Major support for Dietrich College of Humanities and Social Sciences, student financial aid (206+ students supported), and $50 million endowment for College of Fine Arts
  • University of Pittsburgh - Received $125 million in major gift commitments
  • Thiel College - Received $25 million (largest gift in college history)
  • Duquesne University - Received $12.5 million, plus additional support for College of Osteopathic Medicine leadership positions
  • Chatham University - Received $5 million
  • Princeton University - Ongoing support (Dietrich's alma mater, graduated 1960)

Other Western Pennsylvania Organizations: The Foundation also supports arts and cultural institutions, the Boy Scouts, and other charitable organizations in Western Pennsylvania, though specific organizations and amounts are determined by the trustees according to the governing document.

Additional Funds Administered: The Foundation also manages community funds through The Pittsburgh Foundation for charitable programs in Conneaut Lake, PA and Greenville, PA.

Priority Areas

  • Higher education (faculty professorships, graduate fellowships, student financial aid, academic infrastructure)
  • Arts and cultural institutions in Western Pennsylvania
  • Boy Scouts programs
  • Community development in select Western Pennsylvania communities

What They Don't Fund

The Foundation does not fund organizations outside its pre-determined beneficiary list. The governing trust document explicitly states: "Neither now nor in the future will there be any grant-making to any institution, entity or individual except to those charitable supported organizations that have been pre-determined by the Foundation's governing instrument."

Governance and Leadership

Board of Trustees

The Foundation is governed by nine trustees: five Educational Institution Trustees (representing beneficiary universities) and four Community Trustees.

Community Trustees:

  • Eric C. Johnson (Board Chairman) - Retired Chairman and CFO of The Hillman Company (16 years until 2020); previously Senior Vice President at PNC Bank (15 years); AB in Economics from Duke University; MBA from Northwestern Kellogg

  • Edward J. Grefenstette (President, CEO, and Chief Investment Officer) - Joined foundation in April 2010 (worked with Dietrich before his death); former Treasurer and CIO of Carnegie Mellon University; co-founder of Commonwealth Capital Group; AB in Economics and JD from Georgetown; MBA from CMU. Grefenstette noted that Dietrich "saw CMU as a remarkable engine for the region that only needed more fuel to go faster and farther."

  • McCall Cravens - Chief Investment Officer of Heinz Family Office (since 2019); former CIO of Hunt Investment Group and SMU Managing Director of Investments; recognized as "Top 30 Women Chief Investment Officers" and "Forty Under Forty"; BS from Vanderbilt (summa cum laude); MBA from Harvard Business School

  • Anne Dietrich Diemer - Senior Wealth Strategy Associate with UBS Financial Services; daughter of William S. Dietrich II; former Associate at Jefferies & Company and Credit Suisse; BA in Economics from Tulane University; studied at London School of Economics

Educational Institution Trustees:

  • Farnam Jahanian (Carnegie Mellon University) - 10th President of CMU (since March 2018); faculty appointments in Computer Science, Engineering, and Heinz College; former NSF CISE Directorate leader; Fellow of ACM, IEEE, and AAAS; MS and PhD in Computer Science from University of Texas at Austin. Jahanian stated: "Bill's gift has amplified our status as a world leader in higher education and innovation."

  • Jeanne M. Cunicelli (Carnegie Mellon University) - President of UPMC Enterprises (since January 2021); veteran venture capitalist in life sciences; MBA from University of San Francisco; BA in Cognitive Psychology from CMU

  • Joan T.A. Gabel (University of Pittsburgh) - 19th Chancellor of University of Pittsburgh (since July 2023); previously President/CEO of University of Minnesota System; BA in Philosophy from Haverford College; JD from University of Georgia School of Law

  • Louis R. Cestello (University of Pittsburgh) - Executive Vice President and Regional President of Pittsburgh for PNC Bank; past board chair of University of Pittsburgh; board member of Carnegie Museums of Pittsburgh; BA from Washington & Jefferson College; MBA from Duquesne University

  • Susan Traverso (Thiel College) - 20th President of Thiel College (first female president, announced May 2016); scholar of American social/political history and U.S. women's history; BA from Simmons College; MA and PhD in History from University of Wisconsin-Madison

Staff Leadership

  • Matthew E. Cunningham - Managing Director (joined March 2022) - Portfolio construction and manager selection across private equity, public equity, and special situations; previously Deputy CIO at UPMC; Georgetown graduate with CFA charter

  • Ryan L. Vaccaro - Managing Director (joined May 2012) - Portfolio construction and manager selection specializing in venture capital and growth equity; CFA Charterholder; degrees from Case Western Reserve and Westminster College

  • Lee S. Tilghman - Managing Director (joined May 2015) - Manager selection and portfolio monitoring with emerging manager expertise; former Army officer; Vanderbilt mathematics graduate; MBA from University of Pittsburgh

  • Nancy A. Watson - Senior Vice President – Finance (joined June 2012) - CPA licensed in Pennsylvania; accounting degree from University of Pittsburgh

  • Mariah S. Smith - Operations Manager (joined January 2021) - CPA; former senior accountant at YMCA of Greater Pittsburgh; Slippery Rock University graduate

  • Katie B. Burton - Investment Manager (joined October 2024) - Twelve years in accounting, finance, and private investing; CMU MBA (2017)

  • Julie M. Staley - Investment Associate (joined June 2022) - Wake Forest University finance graduate

Application Process & Timeline

How to Apply

The Dietrich Foundation does not have a public application process. The Foundation's governing trust document established a fixed list of beneficiary organizations at the time of its creation. According to the Foundation's publicly stated policy: "Neither now nor in the future will there be any grant-making to any institution, entity or individual except to those charitable supported organizations that have been pre-determined by the Foundation's governing instrument."

Organizations cannot apply for funding or be added to the beneficiary list, regardless of merit or alignment with the Foundation's mission.

Distribution Process

The Foundation operates on an annual distribution schedule:

  • Distributions are made in May each year
  • The amount equals at least 85% of annual net income, or approximately 3% of net assets (as calculated on January 1 of each year), whichever is greater
  • In May 2023, the Foundation distributed 3.0% of net assets to its supported organizations
  • The Foundation made 13 awards in 2023 totaling $51,781,317

Foundation Philosophy and Approach

The Dietrich Foundation continues William S. Dietrich II's vision of supporting institutions that create opportunities for individuals to improve themselves and their communities. Dietrich was heavily influenced by Andrew Carnegie's 1889 essay "The Gospel of Wealth," which argued that the wealthy possessed a duty to devote their talents and resources to the common good. Carnegie's words resonated with Dietrich: "The man who dies thus rich dies disgraced."

Acting on these principles, shortly before Dietrich Industries was sold in 1996, Mr. Dietrich donated his stock to a charitable trust, which received approximately $170 million upon the sale. He continued his philanthropic work until his death from complications of cancer in October 2011 at age 73.

Supported Institutions: What They Value

While organizations cannot apply to the Foundation, understanding what the Foundation values in its partnerships with beneficiary institutions provides insight into its philanthropic approach:

Carnegie Mellon University - The Foundation has distributed nearly $162 million since 2013, supporting:

  • The Dietrich College of Humanities and Social Sciences (named after Dietrich's mother, Marianna Brown Dietrich) with faculty professorships and early career support
  • Graduate fellowships through the Dietrich Scholars program
  • Student financial aid across all colleges (206+ students supported)
  • Interdisciplinary research initiatives
  • Health services, counseling, and academic support centers
  • $50 million endowment for the College of Fine Arts

Duquesne University - Recent Foundation gifts support leadership positions in the College of Osteopathic Medicine, including an endowed medical dean position, demonstrating the Foundation's interest in healthcare education infrastructure.

Thiel College - The $25 million gift in 2011 honored the connection between Dietrich's parents (Kenneth and Marianna Dietrich met at Thiel), showing the Foundation values institutions with personal significance to the Dietrich family history.

Key Takeaways for Grant Writers

  • This funder cannot be approached for grants. The Dietrich Foundation operates exclusively with pre-determined beneficiaries established in its governing trust document. No applications are accepted, and the beneficiary list cannot be changed.

  • One of Pittsburgh's largest philanthropic institutions. With ~$1.5 billion in assets and annual giving exceeding $50 million, the Foundation is a major force in Western Pennsylvania higher education and cultural sectors.

  • Multi-generational commitment to beneficiaries. The Foundation's structure ensures ongoing support to its beneficiary institutions in perpetuity, with annual distributions of at least 3% of net assets or 85% of income.

  • Higher education is the overwhelming priority. Carnegie Mellon University alone receives over half of annual distributions, with the other five beneficiary universities receiving substantial ongoing support.

  • Investment sophistication drives growth. Under CEO Ed Grefenstette's leadership, the Foundation has grown from $550 million (2013) to ~$1.5 billion (2023), ensuring increasing support to beneficiaries over time.

  • Carnegie's "Gospel of Wealth" philosophy guides operations. The Foundation embodies William Dietrich's belief in using wealth as a "sacred trust" to create opportunities for individuals to better themselves and their communities.

  • Family connection influences governance. Anne Dietrich Diemer (William Dietrich's daughter) serves as a Community Trustee, maintaining family involvement in stewardship of the Foundation's mission.

References

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