Audit 308790

Accounting Policies: 1. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The Washington Center for Internships and Academic Seminars, under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of The Washington Center for Internships and Academic Seminars, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Washington Center for Internships and Academic Seminars. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: Both Rate Explanation: Indirect costs are calculated and applied in accordance with grant requirements ranging from the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for existing awards/grants. In September 2018, The Washington Center for Internships and Academic Seminars was awarded a Negotiated Indirect Cost Rate Agreement (NICRA) from the United States Department of State for a provisional rate of 22.26% for general and administrative. The Washington Center for Internships and Academic Seminars started to use the provisional NICRA rates on new grants approved in FY 2019. In March 2022, The Washington Center for Internships and Academic Seminars was awarded a NICRA from the United States Department of State for a final rate of 21.15%for 2020 general and administrative; a provisional rate of 21.15% for 2022 general and administrative and a provisional rate of 23.68% for 2023 general and administrative. The Washington Center for Internships and Academic Seminars will continue to use NICRA rates going forward for all subsequent awards.