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Fiscal Year

Fiscal year is an accounting term for a twelve month period that can begin in any month of the year during which an organization or agency plans the use of its funds. The federal government's fiscal year runs from October 1 through September 30, and the year component is based on the calendar year in which it ends (for instance, the fiscal year that began on October 1, 2007 is the 2008 fiscal year). Many colleges and companies use a fiscal year that begins July 1 and ends June 30; others use the calendar year as their fiscal year.
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