The Office of Development: Fundraising in the Time of COVID-19

As the impact of the COVID-19 pandemic continues to unfold, the Office of Development is deeply grateful for the generous and continued support of Regis’ alumni, parents, and friends. In an uncertain time like the present, Regis relies more than ever on the support of our committed and selfless donors. We thank you for all that you do for the school and its important mission.

The 2020 Annual Fund, Transforming Lives, continues through June 30. The Annual Fund supports the operating budget of Regis, which is roughly $15 million. We have kept our entire faculty and staff intact, and payroll is by far the school’s most significant expense. Overall expenses for the year will remain relatively flat, which highlights the need for continued Annual Fund support.

The second most significant source of funding for Regis is our endowment. Given market volatility, the endowment has seen some decline in recent months, which only further emphasizes the need for strong Annual Fund performance. Annual Fund support allows us to meet our needs without withdrawing excessive funds from the endowment.

Regis has taken consistent and concrete steps to make sure that all members of the Regis and REACH communities have access to the tools that make remote learning possible. A financial assistance committee assesses needs, and your support makes this special outreach possible.

Regis continues to transform the lives of our young men, even as the world around us and all our lives have been transformed. Your giving helps us to form intelligent, capable young men to be leaders and Men for Others. We look forward to the end of our fiscal year on June 30, and we thank you for your continued generosity. If you have questions or comments, please contact giving@regis.org.

Virtual Events and Gatherings

Along with longer days and warmer weather, the spring typically brings alumni reunions and other special events to Regis. As the COVID-19 pandemic unfolded, one event after another was cancelled or postponed. When it became clearer that shelter-in-place would last a few months, rather than just a week or two, the Development Office decided to host various virtual events on Zoom.

Even though in-person reunions had to be postponed, there are many tales — reunion-related or otherwise — of alumni connecting with one another on Zoom for virtual reunions or a casual happy hour. If the Development Office can help facilitate a gathering like this for your class, please email alumni@regis.org.

The Development Office supports the Regis Parents’ Club each year as the club hosts its annual Auction. This year, the event was hosted virtually in late March and all alumni were invited to attend. Despite the challenging circumstances, the event raised $480,000, and set new records in many bidding categories. All support of this event, especially this year, is deeply appreciated.

Connection and community are more important than ever, and the Development Office makes it a priority to facilitate such opportunities in normal times and current times alike. If you have questions or suggestions, please contact alumni@regis.org or events@regis.org.

The CARES Act and Charitable Giving

The new CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help individuals, businesses, and nonprofits facing economic hardship during the coronavirus pandemic. Here are a few key provisions of the CARES Act that may affect you and your charitable goals:

    • A new deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a cash gift to charity, you will be allowed to take a special tax deduction in 2020, up to $300 (per taxpayer unit), to reduce your tax liability.
    • For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as Regis to be deducted up to 100% of your adjusted gross income for the 2020 calendar year. Previously the deduction was capped at 60% of annual income.
    • The new law temporarily suspends the requirements for required minimum distributions (RMDs) from IRAs for the 2020 tax year. For those over age 70 ½ and in the habit of using your RMD for charitable contributions, it may still be a good idea to make your gift from your IRA because you pay no income taxes on the gift, and since the gift doesn’t count as income, it can help you reduce your annual income level. This in turn may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
As always, please be sure to consult with your tax advisor before taking any action.

Posted: 6/27/20