Perhaps it might be used for part of a scholarship, or for some other purpose just as essential.

The income from said fund shall be expended in providing copies of the Bible or copies of a suitable Bible Dictionary that conforms to the teachings of the Confession of Faith of the said Presbyterian Church, to be given the student who memorizes two hundred and fifty verses of Scripture, as set forth in the Authorized version or in the American Revision, or in case the student already owns a Bible and so prefers a copy of the Bible Dictionary, said Dictionary not to cost over three and one-half dollars. Fourthly, that the portions of Scripture from which the student may select the two hundred and fifty verses to be committed to memory shall be as follows, except such additions as the faculty of said school may see fit to make from time to time, to wit: [see agreement document for list of Scripture]. The memorizing of two hundred fifty verses selected from the above list of passages of the Scriptures shall be necessary to enable the student to participate in the contest for the prize offered under this agreement, but that the final awarding of the prizes shall be determined by the standing of the students in their course of biblical study under the direction of the Faculty [of Barber Memorial Seminary]. (Transferred to students of Barber-Scotia College per Board Action March 21, 1941)

Income to be used for College students who pass an examination on the English Bible, with the prizes to be fifty percent (50%) of income, thirty percent (30%) of income, and twenty percent (20%) of income. Further, Petitioner [Board of National Missions of the Presbyterian Church (U.S.A.)] may utilize a gradual spend-down of accumulated income so that the winners the first year do not share a percentage of a huge amount compared to winners the following year.