Applicant Eligibility: Nonprofit corporations or trusts organized to construct homes for members of the corporation or beneficiaries of the trust; and qualified sponsors who intend to sell the project to a nonprofit corporation or trust. Legal Authority: Section 213 of the National Housing Act (12 U.S.C. 1715e).
The tax years you can use are: 1  Calendar year - 12 consecutive months beginning January 1 and ending December 31. 2  Fiscal year - 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month.
The church currently has a calendar year for its fiscal year and the school has a May 31 fiscal year. It seems that a June 30 fiscal year end makes most since but the school would like for the fiscal year to be July 31 since school starts around August 1 and their teacher contracts are from August 1 to July 31.owever, the rule does not specifically say âApril 15â or âMarch 15,â because if the fiscal year is different than the calendar year, those dates fall somewhere in the middle, and a yearâs worth of accounting is not available from which to prepare a return.