Time in The Wizard's Wardrobe progresses in real time. This means that one day IC = one day IRL, and September 1 IC = September 1 OOC. Our world began in the 1985-1986 school year, a year that is notable because there were no feature characters attending Hogwarts that year. Thus 1985 = 2002.
We realize that our members have real lives and are not able to be online every day or as often as their characters. Because of this, time is in a constant state of flux and may be bent as needed. A strand that spans one IC hour may actually take several IRL days to complete, and by contrast, several IC days may be roleplayed over the course of one IRL afternoon.
Because of this, live chat experiences (classes, Quidditch games, etc.) will also be accompanied by MB counterparts so members who could not make the live roleplay due to IRL difficulties can still roleplay as if they had been in IC attendance.