Peter was vice chair of the Smithsonian Institution’s national board and served on the Board of Commissioners at the Smithsonian American Art Museum, where they endowed the Lunder Conservation Center and the Lunder Education Curator. They also endowed the Lunder Curator of American Art at the Freer | Sackler Galleries at the Smithsonian, and they named a conservation lab inside the Whitney Museum of American Art building designed by Renzo Piano. In 2018 the Lunders established a need-based financial aid fund for undergraduate students from Maine at the Maine College of Art. Peter is on the board of the Harold Alfond Foundation and formerly served on the board of the Terra Foundation for American Art. In addition, the Lunders support the Gulf of Maine Research Institute, Maine Public, Thomas College, Maine community colleges, Babson College, as well as Massachusetts General Hospital and Dana-Farber Cancer Institute in Boston.
(Image at right, 1998 Colby College Honorary Degree recipients. Seated from left: Supreme Court Justice Stephen Breyer; Paula Lunder; Peter Lunder. Standing from left: Larry Pugh, Chair of Board of Trustees; Nobel Prize winner and Physics Professor Norman F. Ramsey; Author and English Professor John Edgar Wideman; President William Cotter)