What is the primary purpose of the board's fiscal year?

The primary purpose of the board's fiscal year is to allocate budget and resources for operations. A fiscal year defines the period for which an organization prepares its financial statements and budgets, allowing for the tracking of income and expenditures over a consistent time frame. By establishing a fiscal year, the board can effectively plan for necessary resources, manage operating costs, and monitor financial performance.

This systematic approach enables the board to set financial goals, allocate funding to various programs, and ensure that the chiropractic practice operates within its financial means. It connects to long-term strategic planning, making resource allocation more efficient and targeted. Understanding this concept is crucial for anyone involved in managing or overseeing the financial aspects of chiropractic practices and institutions.