What is the difference between “年”(Nen) and “年度”(Nendo)?

Most of you probably know the word “年”(Nen), but have you ever heard the word “年度”(Nendo) before?
I’ll show you one example.

3月5日に2020年度修了式がありました。
We held a graduation ceremony of 2020年度 on March 5th.

The ceremony was actually held on March 5th 2021, but why 2020年度?
Can you guess the meaning of 年度?

Here is the answer to the question.
年(Nen)：January 1st to December 31st of a specific year.
年度(Nendo)：It means school year, business year and fiscal year.

In Japan, most companies and schools standardize the business/school year to begin on April 1st and end on March 31st. That’s why graduation ceremonies are held every March and entrance ceremonies are held every April. Generally Japanese people visualize cherry blossoms from the word “新年度”(Shin-Nendo, “新” means “new”)
In contrast, many of other countries set September or October as the beginning of the school year. What comes to your mind when you think of 新年度?