Loeb Family Pledges $75 Million to University

The University announced today that the Loeb family has made a $70.5 million gift, the largest donation to Harvard ever from a living benefactor and the ninth largest in the history of higher education.

More than half the gift, which was made by John L. Loeb '24 and Frances L. Loeb, is designated for Harvard College.

Other groups benefiting from the gift include the Graduate School of Design (GSD), the School of Public Health (SPH), the Loeb Drama Center and Memorial Church.

"My reaction is it's incredible...a sense of something quite remarkable," President Neil L. Rudenstine said in a phone interview yesterday.

"On one level it speaks to two people who have thought a lot about philanthropy and society's needs and decided education was central to them," he said. "They decided to invest their resources in the highest quality investment that they knew would last indefinitely."

In recognition of the gift, 17 Quincy Street--the official home of University Presidents until 1971 and the present offices of the University's governing boards--will be renamed the John Langeloth and Frances Lehman Loeb House.

This gift raised the total to date in the University's on-going $2.1 billion fund-drive to $861.5 million. The University has raised approximately $200 million since last year's May 13 kick-off.

Rudenstine said he hopes this gift will encourage other people to consider giving large gifts to the capital campaign. The campaign needs four $50 million plus gifts in order to succeed, according to the projected gift break-down from its announcement brochure. This is the first such gift it has received.

Paul M. Weissman '52, head of the Harvard College Fund, said this gift puts the Faculty of Arts and Sciences at about $350 million towards its total campaign goal of $965 million.

"John and Frances Loeb have made a magnificent statement of confidence in the catalytic effect of supporting undergraduate education in Harvard College," said Dean of FAS Jeremy R. Knowles in a fax to

Who gets the Money

The Loeb's record $70.5 million gift will go to five different parts of the University. $ 39.2 million  Faculty of Arts and Sciences $ 17.2 million  Harvard Graduate School of Design $ 11.8 million  Harvard School of Public Health $ 1.5 million  Loeb Drama Center $ 0.8 million  Memorial Church

Source: Harvard News Office The Crimson yesterday.

"I think it's very exciting," Weissman said ina telephone interview yesterday. "I think this isa marvelous example they're setting for all alumniat Harvard."

William H. Boardman, associate director ofdevelopment for capital giving, said thediscussions began as long as two-and-a-half tothree years ago with some preliminary ideas aboutwhat the Loeb's wanted to do with their estate.

"We knew the relevant size of the gift morethan a year ago and the kind of general areaswhere it was divided. He wanted to talk with thedeans and the president [about his ideas and theirpriorities]," Boardman said.

"I think it would be fair to say that this giftwouldn't have happened if Neil Rudenstine wasn'tpresident of Harvard. They've spent a lot of timetogether...gotten to be very close," he said.

The timing of the actual gift is uncertainaccording to Rudenstine. Loeb set aside part ofhis estate as a deferred gift so the additionswill not be immediate.

Following the Money

The largest beneficiary is Harvard College,which will receive $39.2 million. A majority ofthis money will go to endow six new professorshipsand add to the endowment of 15 junior facultypositions the Loebs' donated in 1982.

The rest will go towards financial aid andincreasing the already existing Loeb Scholarships.

The second-leading beneficiary is the GSD whichwill receive $17.2 million to support the LoebFellowship Program in Advanced EnvironmentalStudies and the Frances Loeb Library, wherechanges to modern information management systemswill be underwritten.

The Loebs' involvement with the school beganmore than 30 years ago. John Loeb has beeninvolved in several of the schools' fund-drives.

Next in line is SPH which will receive $11.8million to support professorships and associateprofessorships. Loeb has been involved with theSPH for years dating back to his service on theschool's Visiting Committee in 1949.

Additionally, the Loeb Drama Center, whosecreation was funded by the Loeb family in 1957,will gain an additional $1.5 million to helpsupport undergraduate training and education.

The final part of the gift is an $800,000donation to the Memorial Church for the Humanistchaplaincy, which was established in 1975 andserves "nonbelievers with ethical principles andformed consciences."

The Loebs have been involved with theUniversity for decades. John Loeb, 92, was born inSt. Louis, Missouri and graduated cum laude fromthe College in 1924. He also received an honoraryL.L.D. in 1971. Loeb was senior partner at theinvestment bank Loeb, Rhodes & Company from 1955to 1977.

Loeb served on the Board of Overseers from1962-68 and has been on over a dozen visitingcommittees.

He joined the Committee on University Resourcesin 1965 and has been involved in leading sixcapital campaigns since then, including thepresent University campaign

"I think it's very exciting," Weissman said ina telephone interview yesterday. "I think this isa marvelous example they're setting for all alumniat Harvard."

William H. Boardman, associate director ofdevelopment for capital giving, said thediscussions began as long as two-and-a-half tothree years ago with some preliminary ideas aboutwhat the Loeb's wanted to do with their estate.

"We knew the relevant size of the gift morethan a year ago and the kind of general areaswhere it was divided. He wanted to talk with thedeans and the president [about his ideas and theirpriorities]," Boardman said.

"I think it would be fair to say that this giftwouldn't have happened if Neil Rudenstine wasn'tpresident of Harvard. They've spent a lot of timetogether...gotten to be very close," he said.

The timing of the actual gift is uncertainaccording to Rudenstine. Loeb set aside part ofhis estate as a deferred gift so the additionswill not be immediate.

Following the Money

The largest beneficiary is Harvard College,which will receive $39.2 million. A majority ofthis money will go to endow six new professorshipsand add to the endowment of 15 junior facultypositions the Loebs' donated in 1982.

The rest will go towards financial aid andincreasing the already existing Loeb Scholarships.

The second-leading beneficiary is the GSD whichwill receive $17.2 million to support the LoebFellowship Program in Advanced EnvironmentalStudies and the Frances Loeb Library, wherechanges to modern information management systemswill be underwritten.

The Loebs' involvement with the school beganmore than 30 years ago. John Loeb has beeninvolved in several of the schools' fund-drives.

Next in line is SPH which will receive $11.8million to support professorships and associateprofessorships. Loeb has been involved with theSPH for years dating back to his service on theschool's Visiting Committee in 1949.

Additionally, the Loeb Drama Center, whosecreation was funded by the Loeb family in 1957,will gain an additional $1.5 million to helpsupport undergraduate training and education.

The final part of the gift is an $800,000donation to the Memorial Church for the Humanistchaplaincy, which was established in 1975 andserves "nonbelievers with ethical principles andformed consciences."

The Loebs have been involved with theUniversity for decades. John Loeb, 92, was born inSt. Louis, Missouri and graduated cum laude fromthe College in 1924. He also received an honoraryL.L.D. in 1971. Loeb was senior partner at theinvestment bank Loeb, Rhodes & Company from 1955to 1977.

Loeb served on the Board of Overseers from1962-68 and has been on over a dozen visitingcommittees.

He joined the Committee on University Resourcesin 1965 and has been involved in leading sixcapital campaigns since then, including thepresent University campaign