December 11, 2023
IES Shifts Its Fiscal Year
Officers and other volunteers extend current terms by six months
The Illuminating Engineering Society (IES) has implemented a change in its operational framework by shifting its fiscal year. This change, approved by the IES Board of Directors, transitions the fiscal year from the current July 1 - June 30 schedule to a January 1 - December 31 timeframe, effective January 1, 2024. This adjustment aims to enhance the efficiency and effectiveness of the annual budgeting process, as stated by Colleen Harper, Executive Director of IES.
A direct consequence of this shift is the extension of terms for current officers and other volunteers. Billy Tubb, the current IES President whose term started on July 1, 2023, will have his term extended by six months, serving until December 31, 2024, instead of the originally scheduled June 30, 2024. This extension also applies to other officer and Board of Director positions, where 12-month terms will now become 18 months and 2-year terms will extend to 30 months.
The next Annual Report, covering the one-year period ending June 30, 2022, is expected to be published in early 2023. Harper told us the goal is to release the Annual Report in January 2024. The subsequent 'stub' period, spanning July 1 to December 31, 2023, will be reported as part of IES's Form 990 for the 2023 calendar year, a requirement for non-profit organizations. However, no formal report, akin to an annual report, is expected for this period. The fiscal year 2024, aligning with the full calendar year of 2024, will have its annual report published in mid-2025.
Fiscal Year 2022 - 2023
| Jul '22 | Aug | Sep | Oct | Nov | Dec | Jan '23 | Feb | Mar | Apr | May | Jun '23 |
- Twelve month period ended June 30, 2023
- Annual report expected in early 2024
Stub Period 2023
| Jul '23 | Aug | Sep | Oct | Nov | Dec '23 |
- 6-month financial period
- The period will be reported as part of the IES' Form 990 for calendar year 2023, an IRS requirement of 501(c)3 non-profit organizations
- No formal report, similar to an annual report, is expected to be issued by the IES for this period
Fiscal Year 2024
| Jan '24 | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec '24 |
- Twelve month period aligns with full 2024 calendar year
- Annual report expected in mid-2025
LightFair, a significant revenue source for the IES, will now better align with the organization’s financial reporting. LightFair 2023 was part of the FY 2022-23. Notably, there will be no LightFair event in the 'stub' period (July 1 - December 31, 2023) or in FY 2024. This shift comes after a unique scenario where LightFair occurred twice in fiscal year ending June 30, 2022 due to COVID-19 related postponements.
