Drake reimburses mileage for the use of personal automobiles by employees for actual miles driven during business travel, not gas receipts. The reimbursement rate is based on the current standard mileage rate issued by the Internal Revenue Service.

Effective Jan. 1, 2024, the standard mileage rate issued by the IRS for the use of a car will be: $.67 cents per business mile driven, up 1.5 cents from 2023.

The standard mileage rate is evaluated annually by the IRS and is based on an annual study of the fixed and variable costs of operating an automobile. If you have any questions regarding the reimbursable mileage rate, visit the IRS website or contact Accounting at accounting@drake.edu.

—Jenifer Baugher, Accounting