Audit 355926

Accounting Policies: 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, 2024. 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, with a newly established 15% de minimis indirect cost rate effective October 1, 2024. In March 2022, The Washington Center for Internships and Academic Seminars was awarded a NICRA from the United States Department of State for a provisional rate of 23.68% for 2023 general and administrative and a provisional rate of 25.80% for 2024 general and administrative. The Washington Center for Internships and Academic Seminars will continue to use NICRA rates going forward for all subsequent awards.