(1) Subject to section 244 and 265a, the funds appropriated in section 236 to public universities must be paid out of the state treasury and distributed by the state treasurer to the respective institutions in 11 equal monthly installments on the sixteenth of each month, or the next succeeding business day, beginning with October 16, 2022. Except for Wayne State University, each institution shall accrue its July and August 2022 payments to its institutional fiscal year ending June 30, 2023.

  (2) All public universities shall submit higher education institutional data inventory (HEIDI) data and associated financial aid program information requested by and in a manner prescribed by the state budget director. For public universities with fiscal years ending June 30, these data must be submitted to the state budget director by October 15 of each fiscal year. Public universities with a fiscal year ending September 30, 2022 shall submit preliminary HEIDI data by November 15, 2022 and final data by December 15, 2022. If a public university fails to submit HEIDI data and associated financial aid program information in accordance with this reporting schedule, the state treasurer may withhold the monthly installments under subsection (1) to the public university until those data are submitted.