With a life income gift, you may be able to make a donation to Bay Path College, and create income for yourself, especially if you would like to make better use of low-interest CDs or highly appreciated stocks that pay low annual dividends.
There are several different investment vehicles available. Common forms include Charitable Remainder Trusts and Charitable Gift Annuities. Each involves making a gift to the College of cash or securities, and in turn the College pays the donor income for his/her lifetime or a fixed period of years. The donor receives a substantial, immediate charitable contribution deduction while still receiving income going forward.
Please check with your financial advisor if you have specific questions about charitable giving and its income tax implications.