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Orange: Question / Learning

Does your non-profit know its fiscal year?

A fiscal year is a one-year period of time that a non-profit uses for accounting purposes and preparation of its financial statements.

For example, some non-profits have their fiscal year aligned with the calendar year (January 1 to December 31) or government year end (March 31).

Other non-profits set their fiscal period to align with a natural break in their operations, such as a summer camp with a fiscal year of September 1 to August 31.

Do you know where to find your Statement of Directors and Registered Office (one document)?

This is a statement that includes the names of the current directors of the non-profit and an address for each director. It also includes the registered address of the non-profit. The registered address is usually the place where your non-profit receives mail and where records can be accessed/located.

You can view the latest filed version of the information on your Statement of Directors and Registered Office on YCOR.

Does your non-proft know how long a director is allowed to sit on its board before they must be re-elected or re-appointed (term length)?Note: we are not asking about consecutive term limits.

A director’s term is the time the director is allowed to sit on the board until they must be re-elected, be re-appointed, or step down.

A director’s term begins when the director is either elected or appointed to the board.

A director’s term ends when the director must either conclude their time on the board or seek re-election or re-appointment. This should be set out in your non-profit’s bylaws.