diff --git a/backend/package.json b/backend/package.json
index c8cab4a..fb86991 100644
--- a/backend/package.json
+++ b/backend/package.json
@@ -1,6 +1,6 @@
 {
   "name": "hoa-ledgeriq-backend",
-  "version": "0.2.0",
+  "version": "2026.3.2-beta",
   "description": "HOA LedgerIQ - Backend API",
   "private": true,
   "scripts": {
diff --git a/backend/src/modules/projects/projects.service.ts b/backend/src/modules/projects/projects.service.ts
index 392e6c9..11a9faf 100644
--- a/backend/src/modules/projects/projects.service.ts
+++ b/backend/src/modules/projects/projects.service.ts
@@ -20,7 +20,7 @@ export class ProjectsService {
 
   async findForPlanning() {
     const projects = await this.tenant.query(
-      'SELECT * FROM projects WHERE is_active = true AND target_year IS NOT NULL ORDER BY target_year, target_month NULLS LAST, priority',
+      'SELECT * FROM projects WHERE is_active = true ORDER BY target_year NULLS LAST, target_month NULLS LAST, priority',
     );
     return this.computeFunding(projects);
   }
diff --git a/frontend/package.json b/frontend/package.json
index 6e51efc..a165315 100644
--- a/frontend/package.json
+++ b/frontend/package.json
@@ -1,6 +1,6 @@
 {
   "name": "hoa-ledgeriq-frontend",
-  "version": "0.2.0",
+  "version": "2026.3.2-beta",
   "private": true,
   "type": "module",
   "scripts": {
diff --git a/frontend/src/pages/capital-projects/CapitalProjectsPage.tsx b/frontend/src/pages/capital-projects/CapitalProjectsPage.tsx
index 4177652..013b1de 100644
--- a/frontend/src/pages/capital-projects/CapitalProjectsPage.tsx
+++ b/frontend/src/pages/capital-projects/CapitalProjectsPage.tsx
@@ -30,7 +30,7 @@ interface Project {
   fund_source: string;
   funded_percentage: string;
   planned_date: string;
-  target_year: number;
+  target_year: number | null;
   target_month: number;
   status: string;
   priority: number;
@@ -38,6 +38,7 @@ interface Project {
 }
 
 const FUTURE_YEAR = 9999;
+const UNSCHEDULED = -1;  // sentinel for projects with no target_year
 
 const statusColors: Record<string, string> = {
   planned: 'blue', approved: 'green', in_progress: 'yellow',
@@ -49,7 +50,8 @@ const priorityColor = (p: number) => (p <= 2 ? 'red' : p <= 3 ? 'yellow' : 'gray
 const fmt = (v: string | number) =>
   parseFloat(String(v || '0')).toLocaleString('en-US', { style: 'currency', currency: 'USD' });
 
-const yearLabel = (year: number) => (year === FUTURE_YEAR ? 'Future' : String(year));
+const yearLabel = (year: number) =>
+  year === FUTURE_YEAR ? 'Future' : year === UNSCHEDULED ? 'Unscheduled' : String(year);
 
 const formatPlannedDate = (d: string | null | undefined) => {
   if (!d) return null;
@@ -154,7 +156,8 @@ function KanbanColumn({
 }: KanbanColumnProps) {
   const totalEst = projects.reduce((s, p) => s + parseFloat(p.estimated_cost || '0'), 0);
   const isFuture = year === FUTURE_YEAR;
-  const useWideLayout = isFuture && projects.length > 3;
+  const isUnscheduled = year === UNSCHEDULED;
+  const useWideLayout = (isFuture || isUnscheduled) && projects.length > 3;
 
   return (
     <Paper
@@ -167,7 +170,11 @@ function KanbanColumn({
         flexShrink: 0,
         display: 'flex',
         flexDirection: 'column',
-        backgroundColor: isDragOver ? 'var(--mantine-color-blue-0)' : undefined,
+        backgroundColor: isDragOver
+          ? 'var(--mantine-color-blue-0)'
+          : isUnscheduled
+            ? 'var(--mantine-color-orange-0)'
+            : undefined,
         border: isDragOver ? '2px dashed var(--mantine-color-blue-4)' : undefined,
         transition: 'background-color 150ms ease, border 150ms ease',
       }}
@@ -178,6 +185,9 @@ function KanbanColumn({
       <Group justify="space-between" mb="sm">
         <Title order={5}>{yearLabel(year)}</Title>
         <Group gap={6}>
+          {isUnscheduled && projects.length > 0 && (
+            <Badge size="xs" variant="light" color="orange">needs scheduling</Badge>
+          )}
           <Badge size="sm" variant="light">{fmt(totalEst)}</Badge>
         </Group>
       </Group>
@@ -311,10 +321,10 @@ export function CapitalProjectsPage() {
   });
 
   const moveProjectMutation = useMutation({
-    mutationFn: ({ id, target_year, target_month }: { id: string; target_year: number; target_month: number }) => {
+    mutationFn: ({ id, target_year, target_month }: { id: string; target_year: number | null; target_month: number }) => {
       const payload: Record<string, unknown> = { target_year };
       // Derive planned_date based on the new year
-      if (target_year === FUTURE_YEAR) {
+      if (target_year === null || target_year === FUTURE_YEAR) {
         payload.planned_date = null;
       } else {
         payload.planned_date = `${target_year}-${String(target_month || 6).padStart(2, '0')}-01`;
@@ -353,7 +363,7 @@ export function CapitalProjectsPage() {
     form.setValues({
       status: p.status || 'planned',
       priority: p.priority || 3,
-      target_year: p.target_year,
+      target_year: p.target_year ?? currentYear,
       target_month: p.target_month || 6,
       planned_date: p.planned_date || '',
       notes: p.notes || '',
@@ -376,7 +386,7 @@ export function CapitalProjectsPage() {
   const handleDragStart = useCallback((e: DragEvent<HTMLDivElement>, project: Project) => {
     e.dataTransfer.setData('application/json', JSON.stringify({
       id: project.id,
-      source_year: project.target_year,
+      source_year: project.target_year ?? UNSCHEDULED,
       target_month: project.target_month,
     }));
     e.dataTransfer.effectAllowed = 'move';
@@ -400,7 +410,7 @@ export function CapitalProjectsPage() {
       if (payload.source_year !== targetYear) {
         moveProjectMutation.mutate({
           id: payload.id,
-          target_year: targetYear,
+          target_year: targetYear === UNSCHEDULED ? null : targetYear,
           target_month: payload.target_month || 6,
         });
       }
@@ -413,15 +423,20 @@ export function CapitalProjectsPage() {
 
   // Always show current year through current+4, plus FUTURE_YEAR if any projects have it
   const baseYears = Array.from({ length: 5 }, (_, i) => currentYear + i);
-  const projectYears = [...new Set(projects.map((p) => p.target_year))];
+  const projectYears = [...new Set(projects.map((p) => p.target_year).filter((y): y is number => y !== null))];
   const hasFutureProjects = projectYears.includes(FUTURE_YEAR);
+  const hasUnscheduledProjects = projects.some((p) => p.target_year === null);
 
   // Merge base years with any extra years from projects (excluding FUTURE_YEAR for now)
   const regularYears = [...new Set([...baseYears, ...projectYears.filter((y) => y !== FUTURE_YEAR)])].sort();
-  const years = hasFutureProjects ? [...regularYears, FUTURE_YEAR] : regularYears;
+  const years = [
+    ...(hasUnscheduledProjects ? [UNSCHEDULED] : []),
+    ...regularYears,
+    ...(hasFutureProjects ? [FUTURE_YEAR] : []),
+  ];
 
-  // Kanban columns: always current..current+4 plus Future
-  const kanbanYears = [...baseYears, FUTURE_YEAR];
+  // Kanban columns: Unscheduled + current..current+4 + Future
+  const kanbanYears = [UNSCHEDULED, ...baseYears, FUTURE_YEAR];
 
   // ---- Loading state ----
 
@@ -441,12 +456,11 @@ export function CapitalProjectsPage() {
           <Stack align="center" gap="md" maw={420}>
             <IconClipboardList size={64} color="var(--mantine-color-dimmed)" stroke={1.2} />
             <Title order={3} c="dimmed" ta="center">
-              No projects in the capital plan
+              No projects yet
             </Title>
             <Text c="dimmed" ta="center" size="sm">
-              Capital Planning displays projects that have a target year assigned.
               Head over to the Projects page to define your reserve and operating
-              projects, then assign target years to see them here.
+              projects. They'll appear here for capital planning and scheduling.
             </Text>
             <Button
               variant="light"
@@ -472,7 +486,9 @@ export function CapitalProjectsPage() {
         </Text>
       ) : (
         years.map((year) => {
-          const yearProjects = projects.filter((p) => p.target_year === year);
+          const yearProjects = year === UNSCHEDULED
+            ? projects.filter((p) => p.target_year === null)
+            : projects.filter((p) => p.target_year === year);
           if (yearProjects.length === 0) return null;
           const totalEst = yearProjects.reduce((s, p) => s + parseFloat(p.estimated_cost || '0'), 0);
           return (
@@ -503,16 +519,18 @@ export function CapitalProjectsPage() {
                       <Table.Td fw={500}>{p.name}</Table.Td>
                       <Table.Td>{p.category || '-'}</Table.Td>
                       <Table.Td>
-                        {p.target_year === FUTURE_YEAR
-                          ? 'Future'
-                          : (
-                            <>
-                              {p.target_month
-                                ? new Date(2000, p.target_month - 1).toLocaleString('default', { month: 'short' })
-                                : ''}{' '}
-                              {p.target_year}
-                            </>
-                          )
+                        {p.target_year === null
+                          ? <Text size="sm" c="dimmed" fs="italic">Unscheduled</Text>
+                          : p.target_year === FUTURE_YEAR
+                            ? 'Future'
+                            : (
+                              <>
+                                {p.target_month
+                                  ? new Date(2000, p.target_month - 1).toLocaleString('default', { month: 'short' })
+                                  : ''}{' '}
+                                {p.target_year}
+                              </>
+                            )
                         }
                       </Table.Td>
                       <Table.Td>
@@ -558,10 +576,14 @@ export function CapitalProjectsPage() {
     <ScrollArea type="auto" offsetScrollbars>
       <Group align="flex-start" wrap="nowrap" gap="md" py="sm" style={{ minWidth: kanbanYears.length * 300 }}>
         {kanbanYears.map((year) => {
-          // Future bucket: collect projects with target_year === 9999 OR beyond the 5-year window
-          const yearProjects = year === FUTURE_YEAR
-            ? projects.filter((p) => p.target_year === FUTURE_YEAR || p.target_year > maxPlannedYear)
-            : projects.filter((p) => p.target_year === year);
+          // Unscheduled: projects with no target_year
+          // Future: projects with target_year === 9999 OR beyond the 5-year window
+          // Otherwise: exact year match
+          const yearProjects = year === UNSCHEDULED
+            ? projects.filter((p) => p.target_year === null)
+            : year === FUTURE_YEAR
+              ? projects.filter((p) => p.target_year === FUTURE_YEAR || (p.target_year !== null && p.target_year > maxPlannedYear))
+              : projects.filter((p) => p.target_year === year);
           return (
             <KanbanColumn
               key={year}
diff --git a/frontend/src/pages/settings/SettingsPage.tsx b/frontend/src/pages/settings/SettingsPage.tsx
index 85f5de0..2bf1929 100644
--- a/frontend/src/pages/settings/SettingsPage.tsx
+++ b/frontend/src/pages/settings/SettingsPage.tsx
@@ -117,7 +117,7 @@ export function SettingsPage() {
             </Group>
             <Group justify="space-between">
               <Text size="sm" c="dimmed">Version</Text>
-              <Badge variant="light">0.2.0 MVP_P2</Badge>
+              <Badge variant="light">2026.3.2 (beta)</Badge>
             </Group>
             <Group justify="space-between">
               <Text size="sm" c="dimmed">API</Text>