The current formula is based on four elements: fixed ratio, circulation, course count, and student FTE count. The components of each element is described below:
- Fixed ratio provides every department with a base allocation.
- Circulation includes all book circulation data for each volume from 1994 to 2012 with Library of Congress call numbers assigned to each department.
- Course count includes all courses and sections being taught (including graduate courses).
- Student FTE count includes student enrollment.