"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