Drake reimburses mileage for use of personal automobiles by employees for actual miles driven during business travel. The reimbursement rate is based on the current standard mileage rate issued by the Internal Revenue Service.

Effective Jan. 1, 2018, the standard mileage rate issued by the IRS is 54.5 cents per business mile driven, which is up from 53.5 cents in 2017.

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, please visit the IRS website or contact Accounting at accounting@drake.edu.

—Jenifer Baugher, Accounting