(a) At least once each year, the coordinating board shall submit to the commissioner of education a report on state credit awarded under the program during the preceding academic year. The report must include:
(1) the name of each student who used the state credit during that academic year;
(2) the school district or open-enrollment charter school from which each student graduated from high school; and
(3) the amount of the state credit used by each student during that academic year.
(b) As soon as practicable after receipt of the report under Subsection (a), the commissioner of education shall transfer to the coordinating board an amount of funds equal to the total amount by which school district and open-enrollment charter school entitlements are reduced under § 48.2642(b).

(c) As soon as practicable after receipt of funds transferred under Subsection (b), the coordinating board shall distribute to each eligible institution an amount of funds equal to the amount of state credit applied by the institution under § 56.225 during the preceding academic year.