Excerpt from Thomas S. McPheeters’ letter dated 11/19/1958 – paragraph 2 – either for the expenses of the College or Scholarships. Statement dated 11/21/1958 from Presbyterian Foundation, Inc., excerpt says: To assist in the work of Montreat College, Montreat, North Carolina, and continued so long as the College exists and serves as a Christian institutions for the education of youth. If there should ever arise a condition in which the income could not be thus expended, the donor asks the Trustees [Presbyterian Foundation, Inc.] to exercise their discretion as to some continued use of the income for the promotion of the Church of our Lord Jesus Christ.

shall be used by the institution exclusively in support of the academic programs of the institution; however, a portion of the income not exceeding fifty (50%) percent thereof, at the sole discretion of the President and Trustees of said Institution may be used in assisting worthy students with preference to be given to students training for full time Christian service.