; or (ii) the fair share amount for the institution determined under subsection (c). (2) Ratable reduction (A) In general If the amount appropriated under section 413A(b)(1) for a fiscal year is less than the amount required to be allocated to the institutions under this subsection, then the amount of the allocation to each institution shall be ratably reduced. (B) Additional appropriations If the amounts allocated to each institution are ratably reduced under subparagraph (A) for a fiscal year and additional amounts are appropriated for such fiscal year, the amount allocated to each institution from the additional amounts shall be increased on the same basis as the amounts under subparagraph (A) were reduced (until each institution receives the amount required to be allocated under this subsection). (b) Allocation formula for fiscal year 2024 and each succeeding fiscal year From the amount appropriated under section 413A(b)(1) for fiscal year 2024 and each succeeding fiscal year, the Secretary shall allocate to each institution the fair share amount for the institution determined under subsection (c). (c) Determination of fair share amount (1) In general Subject to paragraph (2), the fair share amount for an institution for a fiscal year shall be equal to the sum of the institution’s undergraduate student need described in paragraph (2) for the preceding fiscal year. (2) Institutional undergraduate student need The undergraduate student need for an institution for a fiscal year shall be equal to the sum of the following: (A) An amount equal to 50 percent of the amount that bears the same proportion to the available appropriated amount for such fiscal year as the total amount of Federal Pell Grant funds awarded at the institution for the preceding fiscal year bears to the total amount of Federal Pell Grant funds awarded at all institutions participating under this part for the preceding fiscal year. (B) An amount equal to 50 percent of the amount that bears the same proportion to the available appropriated amount