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 2024, then your pass will be valid until August 31, 2025. 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 2025; this means the pass is valid until the last day of August 2025.