RATIONALE FOR CHANGING THE DCCFA FISCAL YEAR:
Traditionally, the fiscal year has been aligned with the election of the Faculty Council officers. Unfortunately, this creates an unnecessary fiscal complication as well as a tax issue. For example, the budget for the 2015-2016 academic year ran from June 1, 2015 to May 31, 2016. However, that budget was not approved until November 2015, which means that for 6 months checks were being written on an unapproved budget. This year, we have similarly been issuing checks against the 2016-2017 budget, which has not yet been developed or approved.
For fiscal responsibility, it makes more sense for the fiscal year to run from September 1 of one year to August 31 of the next year. This way, money collected in the fall would fund the academic year in which it was collected and the year in which the budget for those dollars was created and approved. Ideally, the Faculty Association would be able to complete all business within the fiscal year and fund the expenses incurred for that particular budget.
Moreover, changing the fiscal year would make filing our tax information with the IRS much simpler. The process for changing our fiscal year is relatively simple and does not incur any cost above our normal costs of working with a CPA to file our information. We are waiting for final recommendations from our CPA on whether to begin the fiscal year on Sept. 1, Oct. 1, or Nov. 1. Feedback from members on this issue is welcome in the comments submitted via the online feeback forum.