A fund perpetuated in Professor Busteed's memory was used for many years to organize an annual Busteed Memorial Lecture. It was eventually decided to be used to fund an award to a student of Economics at University College Cork. It will be awarded to the student who receives the highest overall mark in the current academic year. Classes that will be included are Arts I, II, and III along with Commerce I, II, III, and IV. The award is valued at €350.
The prize is only avaliable to Economic students. The student must obtain the highest overall mark in Arts I, II, and III along with Commerce I, II, III, and IV.