pro's and con's of changing from a Fiscal Year end to a Calendar year end

We are looking into changing from a Fiscal Year that end of March 31 to a Calendar Year December 31. What are the Pro' and Con's

We're on a calendar year and it works for us because we don't have to think about the start and end date - they will always be January 1 and December 31.

For you, consider what you like and don't like about fiscal vs.calendar - has it interfered with contracting maintenance work? Have you run into trouble when the dates dall on a holiday or Sunday? You have to make a decision that works for YOUR community, so talk to your property manager and accountant to get their take - it will affect their timeliness in doing what you want them to do.

If you're talking about your budget, you don't put done things on a fiscal year and everything else on a calendar year - do one or the other.

Your snow removal contract is a good reason to switch to a calendar period. We sign our contracts in October or November (the upcoming years budget must be received by homeowners by December 1) January to March are our snow season, and we get the service if 3+ inches have fallen, so by the end of April, we know what we had and if it was below or over budget. That helps with planning for next year because we can look at the last two or three years to look for patterns then plan accordingly, we can also see how our vendor performed and decide if we'll stick around another year or do something else.

Considering when you receive services can also be a factor. Usually there isn't a lot going on in the beginning or end of the year - most of the outdoor work like lawn cars will happen between April and September, so you might be able to adjust your fiscal year accordingly if you want to stick with it.

Oh, and don't forget taxes - that due date will usually be April 15th and so it may be best to go with a calendar year so you can prepare your returns on time

The only "con" I'd see to switching to a budget based on a calendar is that snow and ice budget. There's a chance, during that first year, that you throw your budget a bit off. However, if you must set a large amount aside for snow and ice - and the need never arises to fund removal - your budget (and Reserves) receive a legitimate and nice "bonus" that can be saved, or rolled over for the next year.

It depends on your budgeting philosophy.

Corporate taxes are due March !5 not April 15. This could result in a crunch time impact on accounting services for taxes and year end financials.