We get our annual allotment of points on February 1st, and they are good until January 31st.
lots of us talk like this, but actually our pts for your 2014 use year are already in our accounts if you look online.
the basics of UY are:
1) UY tells you when the pts are valid for stays - a feb UY means your 2013 UY runs from feb 1, 2013 to jan 31, 2014.
2) you can only bank or borrow pts to move them 1 time...up or back 1 use year.
so your feb 2013 pts can be borrowed into your 2012 UY for stays as early as feb 1, 2012, or banked into your 2014 UY for stays as late as the night of jan 31, 2015...but that's it. (and once you move the pts, they can never be put back.)
3) UY has nothing to do with calling to book. you can call to book 11 months from check-in at your home resort.
you just need to make sure you have enough pts (banked + current + borrowed) in order to pay for the stay.
so if you've used all of your 2012 and 2013 pts, but want to stay feb 1, 2013, you could still have called as early as march 1, 2012 to book that stay at your home resort even if all you have access to is borrowed pts from 2014...
4) UY month determines when your banking window closes. traveling after your banking window closes limits your options if you need to cancel, as you may have to scramble to use current UY pts before they expire...
here's a good thread to bookmark for info about use year:
Understanding Use Year