(1)
(a) Based on appropriations to the fund, the board shall annually determine how to allocate among all degree-granting institutions money that has not been previously allocated to a degree-granting institution.
(b) The board shall make the determination described in Subsection (1)(a) based on each degree-granting institution's:
(i) enrollment;
(ii) total performance across the metrics described in Section 53H-8-304;
(iii) projected growth in student population;
(iv) existing square feet per student full-time equivalent;
(v) facility age and condition; and
(vi) utilization of academic space, including off-campus facilities.
(c) The board shall establish how the board will determine the amount of money to allocate to a degree-granting institution, including, for each factor described in Subsection (1)(b):
(i) how the board will measure a degree-granting institution's fulfillment of the factor; and
(ii) the relative weight assigned to the factor.
(2) On or before May 31 each year, the board shall notify the Division of Finance of the board's determination described in Subsection (1).
(3) The Division of Finance shall:
(a) maintain within the fund separate accounting for each degree-granting institution's allocation; and
(b) based on the notification described in Subsection (2), add to each degree-granting institution's allocation the amount of money determined by the board.