(a) Subject to Subsection (b), for each state fiscal biennium, an eligible institution is entitled to receive an amount equal to the sum of:
(1) a base amount of $500,000 or a greater base amount provided by appropriation; and
(2) the product of $1,000 or a greater amount provided by appropriation and the average number of at-risk students awarded a degree by the institution each year during the three state fiscal years preceding the biennium.
(b) An alternative method of allocating funding under this section may be provided by appropriation.