The Iowa House Appropriations Committee voted Monday to approve the Board of Regents performance-based funding, which will redistribute $12.9 million from what would have gone to the University of Iowa and direct $6.3 million to Iowa State and $6.6 million to the University of Northern Iowa.

“The Board wishes to express its thanks and appreciation to the Iowa House of Representatives Appropriations Committee for implementing the Performance-Based Funding model,” said Board of Regents President Bruce Rastetter in a press release. “PBF will provide more transparency and equity across the three institutions while also being more accountable to the taxpayers of Iowa.”

The board is also requesting a 1.75 percent inflation increase to backfill the University of Iowa.

The board approved performance based funding in June 2014. The model favors universities with higher in-state enrollment, graduation rates and retention rates.

The largest factor in the model is undergraduate resident enrollment.

The amount of resident undergraduates at a university has a weight of about 60 percent in the model, which is why Iowa State and Northern Iowa will receive more funding.

The University of Iowa has the least amount of in-state students at 17,000 last year, which is 55 percent of the student body, while Iowa State has the largest number of the three universities — about 22,000 last year, which is 66 percent of the undergraduates.