The fiscal year is an accounting period of 12 consecutive months, which may or may not be the same as the calendar year. For example, a community association’s fiscal year might run from October 1 to September 30. The exact timing of the fiscal year is important to calculate deadlines for filing documents such as tax returns or exemption statements, performing annual reviews or audits (Civ. Code §5305), calculating time frames for member access to specified records (Civ. Code §5210(a)(b)), and determining the amount of allowable assessment increases (Civ. Code §5605). Boards are advised to consult with their association’s C.P.A. or tax advisor regarding applicable filing or reporting requirements.