Fiscal year Fiscal year A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which varies between countries. It is also used for financial reporting by business and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do "not" require the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for
Fiscal sponsorship reporting and liability issues. In addition, the sponsor does not necessarily maintain ownership of any part of the results of the project’s work. Ownership rights should be addressed in the fiscal sponsor agreement, and could potentially result in some type of joint ownership. The sponsor simply assures itself that the project will use the grant funds received to accomplish the ends described in the grant proposal. Fiscal sponsorship Fiscal sponsorship refers to the practice of non-profit organizations offering their legal and tax-exempt status to groups—typically projects—engaged in activities related to the sponsoring organization's mission. It typically involves a fee-based contractual