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Business and Financial Policies and Procedures

1.4.1 University Business and Financial Records Management

The University is subject to and complies with the Illinois State Records Act. The Act requires the University to maintain an active and continuing program for the economical and efficient retention of University records. University records cannot be destroyed or otherwise disposed of without prior approval from University Archives. Contact the Records and Information Management (RIMS) team to receive proper authorization for disposal or transfer of records, in accordance with the State Records Act. The University of Illinois Archives is authorized by Article VI, Section 4 of the General Rules Concerning University Organization and Procedure to acquire official records, publications, and personal papers of the administrative and academic staff and records of faculty and student organizations.

Definitions

Records - Records are official and trustworthy documents used by the University for accountability and transparency. Requirements for retaining records are mandated by federal and state laws and regulations.

Working documents - Working documents are unofficial yet trustworthy documents used to support business activities. Examples include copies of official records retained for your convenience or preliminary planning documents.

Temporary documents - Temporary documents are transitory and not records or working documents. Examples include drafts, reference materials, and routine correspondence.

Record Keeping Requirements

Redesigned sections of the OBFS Business and Financial Policies and Procedures Manual contain a page of record keeping requirements for that section.
Keeping Budget Records
Keeping Payroll Records
Keeping Receivables Records
Keeping Insurance Records
Keeping Payables Records
Keeping Supporting Records
Keeping Cash Handling Records
Keeping Property Accounting Records
Keeping Accounting Records
Keeping Investment and Banking Records
Keeping Travel Records
Keeping Business Systems Access and Security Records
Keeping Identity Management Records
Keeping Merchant Card Records
Keeping Self-Supporting Activities Records

Additional Resources

Records and Information Management Services
Urbana - University Archives
Chicago - University Archives
Springfield - Archives/Special Collections

Last Updated: July 5, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: July 5, 2016

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