[EricH]

Speaking from the standpoint of a college student:

My Aero Design team does something very similar--all officer elections are held at the end of the spring semester (if possible--it's been held in the beginning of the fall semester a couple of times). All current student team members are eligible to vote. That includes both graduating seniors and incoming members for the next year who might not have been around very long. Advisors cannot vote, but can provide input on candidates.