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Fiscal Year

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Definition:

A 12-month period in which an organization plans to use its funds.

This period may be a calendar year but can be any 12-month period. A fiscal year accounting period should coincide with the operating cycle of the organization. Common fiscal years end at the end of June or December.

When a nonprofit organization files an IRS Form 990, it is required to define its accounting period.

Examples:
The organization's fiscal year ends on December 31st.
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