1. Short title This Act may be cited as the Johnson-O'Malley Supplemental Indian Education Program Modernization Act . 2. Indian education program student count update The Act of April 16, 1934 ( 25 U.S.C. 5342 et seq.) (commonly referred to as the Johnson-O’Malley Act), is amended by adding at the end the following: 7. Computation of student count (a) Definitions For the purposes of this Act, the following definitions apply: (1) Contracting party The term contracting party means an entity that has a contract through a program authorized under this Act. (2) Existing contracting party The term existing contracting party means a contracting party that has a contract under this Act that is in effect on the date of enactment of the JOM Modernization Act. (3) JOM Modernization Act The term JOM Modernization Act means the Johnson-O’Malley Supplemental Indian Education Program Modernization Act. (4) New applicant The term new applicant means an entity that applies to participate in a contract under this Act after the date of enactment of the JOM Modernization Act but not later than 240 days after such date of enactment. (5) New contracting party The term new contracting party means an entity that enters into a contract under this Act after the date of enactment of the JOM Modernization Act. (6) Secretary The term Secretary means the Secretary of the Interior. (b) In general Except as provided in subsection (f) and pursuant to subsection (g), the Secretary shall determine the amount that a contracting party receives under such contract for any fiscal year in accordance with— (1) the distribution formula described in section 273.31 of title 25, Code of Federal Regulations (as in effect on the day before the date of enactment of the JOM Modernization Act) and future it­er­a­tions of the formula as determined by the Bureau of Indian Education in consultation with Indian tribes and contracting parties