When I look at Groups or the School Year choices in Academics/Extracurricular, there is an option for School Year for example 2016-2017 - Current and 2016-2017- All Year.
The Current Year designation is designated by your Current Terms. If you navigate to Core >Settings > School information > Years and Terms > School Level > You can see the Term Dates listed out. For example if 1st Tri is 8/22-11/25 and 2nd Tri is 11/28-3/10. The Current Year is designated by the Current Term for example if today is 8/1 and the term Starts on 8/22 all courses would be listed in All Year. Once 8/22 turns over you will see all courses during 8/22-11/25 as Tri 1 in the Current Year option, anything outside of the 8/11-11/25 option will display as All Year.