loeb was an active philanthropist who donated over $200 million in his lifetime. in 1995, he donated $70.5 million to harvard university, the largest gift harvard had ever received from a living donor. the frances l. loeb library, the loeb drama center and a numerous loeb fellowships all carry his surname. he donated $7 million to new york university. being jewish as well as a close friend of jerusalem mayor teddy kollek, he was a financial supporter of israel where he funded the building of the jewish community center in east jerusalem. loeb served as the chairman of the institute of fine arts, a trustee of the museum of modern art, as chairman and chief executive of the jacob and valeria langeloth foundation, and as a member of the harvard board of overseers.