Whether you buy the pass for yourself or as a gift, the Annual Pass is valid for 12 months from the month of purchase, expiring on the last day of that month.
For example, if you purchase the Annual Pass on any date in August 2022, then your pass will be valid until August 31, 2023. When you receive your pass, you will see a hole has been punched in the card on August and notice the expiration year to the right says 2023; this means the pass is valid until the last day of August 2023.
Picture of the back of the annual pass (no hole has been punched in the card of the month of purchase):
