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Yours would not be the only fund that has been hit by the economic conditions.
Yes, you could spend monies on scholarships if the fund would allow you. What do the articles say about your ability to distribute and manage the fund?
Thank you for your initial comment. Our agreement says:
The class of 1956 Scholarship Committee intends the Fund to continue in perpetuity. The Scholarships will be awarded from 5% of the fund to incoming students, as payment against tuition, or such other related purpose as my be approved from time to time by the Class of 1956 Scholarship Committee. The selection of such student is at the discretion of the President of the College in accoddance with the terms and conditions of this Memorandum of Agreement.