Gift will be used to create endowment for free education programs
PITTSBURGH – The Pittsburgh Symphony Orchestra (PSO) today announced a generous gift of a $5 million fund from longtime PSO Trustee, the late William S. Dietrich II.
Dietrich, 73, a PSO trustee since 1998, passed away Oct. 6. In recognition of his generosity, the PSO will create the Dietrich Endowment for PSO Educational Programs. This endowment will allow the PSO to continue providing free, high-quality education programs that impact thousands of children every year.
“The PSO is grateful to Bill for his generosity. He was a valued and respected member of the Board who will long be remembered for his work as chairman of the Investment Committee. The PSO is a stronger organization because of him,” said Richard P. Simmons, Chairman of the PSO Board of Trustees.
“Bill was extremely committed to the PSO. He considered it one of our city’s greatest assets and felt it was important to support our world-class orchestra,” said Edward J. Grefenstette, Chief Investment Officer of The Dietrich Charitable Trusts.
The source of the fund is the Dietrich Charitable Trusts, which are charitable remainder trusts created by Dietrich that own assets principally generated by the 1996 sale of Dietrich Industries. The assets of these trusts will fund a new charitable organization, The Dietrich Foundation, which will administer the $5 million fund earmarked for the PSO.
The PSO will dedicate its BNY Mellon Grand Classics concert on Feb. 10, 2012, in memory of Dietrich.