OVERVIEW: The Loeb Family Third Point Foundation was founded in 2000 and is run by hedge fund billionaire Daniel Loeb and his wife Margaret.
FUNDING AREAS: Education, LGBT freedom, justice reform, Alzheimer's prevention and treatment, disabled individuals
IP TAKE: The foundation is active in a number of different areas, but isn't yet giving money out on a large scale. Most of its grants are made in New York.
PROFILE: Hedge fund manager Daniel Loeb is still quite young but the Loeb Family Third Point Foundation that he runs with his wife, Margaret, has been active for more than a decade. In the business world, Loeb is known for "activist investing," which has earned him quite a bit of success but also some critics. On the other hand, both in business and in philanthropy, he is guided by his passion for Ashtanga yoga (Margaret is also a former yoga instructor), which he says guides his decision making. This passion took him on a trip to India and also inspired him to give to a charter school in the Bronx.
Loeb is a trustee of the United States Olympic Committee and the Manhattan Institute, the conservative think tank, as well as the Mount Sinai Hospital in New York. Across the country in Los Angeles, he's a trustee at Museum of Contemporary Art (MoCA).
The couple is active in a lot of different areas but health is cleary a major passion. Reproductive health is a high priority, and in recent years, Mt. Sinai OBGYN, the Center for Reproductive Rights, and Planned Parenthood have received funding. Planned Parenthood alone received $25,000 and $75,000 in recent years. Current areas of funding are education, LGBT freedom, justice reform, Alzheimer's prevention and treatment, and disabled individuals.
The Loebs have also given to Ovarian Cancer Research Fund, the Michael J. Fox Foundation, Project ALS and Continuum Center for Health and Healing. The Continuum Center for Health and Healing is part of the Mt. Sinai network and focuses on health and wellness through yoga and meditation, passions of both Loeb and Margaret.
The couple has also given to the Robin Hood Foundation and smaller sums to hunger and poverty outfits such as the Food Bank and East Hampton Food Pantry. Money has also gone to Jewish causes such as JCC in Manhattan, the Jewish Enhancement Center and the UJA Federation of NY.
Apart from these assorted sums, the foundation also has an interest in arts and education. While Loeb sits on the board at MoCA in Los Angeles, most of his arts grantmaking is in New York. The couple frequently appears on the ArtsNews Top 200 art collectors list and the walls of Loeb's Park Avenue office are "covered with paintings," according to a New York Times article.
The Met, the Museum of Contemporary Art on Bowery Street in New York, the Whitney Museum of American Art, the Lincoln Center of Performing Arts and the Guggenheim have all received modest sums from the Loebs. Grants have rarely exceeded $10,000 annually to any of these New York City arts institutions. The Whitney Museum did receive $50,000 in a past year, however.
The Drawing Center in SoHo, which hosts exhibitions and runs a free arts education program for K-12 public schoolers, has received around $4,000 annually over the last couple of years. The foundation's support for Drawing Center is in line with another interest of the foundation, education. Loeb is the chairman of Success Academies Charter in Brooklyn, co-founded and serves on the board of StudentsFirstNY and endowed a scholarship at his alma mater Columbia. Margaret, meanwhile, has a social work background.
Loeb has also been a trustee at Prep for Prep since 2004. The outfit has received over $1.5 million from the foundation over the years and appears to be one of the foundation's biggest benificiaries, along with Success Academy Charter Schools, which received nearly $800,000 in 2012 alone.
Smaller sums of money have also gone to KIPP, Harlem Children's Zone, iMentor and Boys and Girls Harbor. Bent on Learning, an education advocacy outfit in New York that helps empower kids through yoga, has also received money.
Outside of charter school and education advocacy, the foundation has been a steady funder of Fieldston Ethical Culture, where Margaret graduated in 1990 and currently serves as a trustee. The foundation has also given to Brown, where Margaret also graduated.
Finally, the couple has been in the fight for LGBT rights. A few years ago, Loeb, and several other businessmen worked closely with Governor Andrew Cuomo and the New York Legislature on the state's successful effort to legalize marriage equality. It's unclear how much Loeb gave individually to this push, but collectively, their checks totaled more than $1 million, according to The New York Times.
The Loebs have a lot of different interest areas and yet the foundation gave away just under $5 million in 2012. It's safe to say that they're active in New York City civic life, however, and as Loeb gets up in age, and richer, larger sums could start coming out of the foundation.
- Daniel S. Loeb, Director & President
- Carter Pottash, Director
- Margaret M. Loeb, Director
The Loeb Family Third Point Foundation
15 Central Park W., Ph. 39
New York, NY United States 10023