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Business and Financial Policies and Procedures

Keeping Business Systems Access and Security Records

Definitions

Records - Records are official and trustworthy documents used 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.

OBFS Responsibilities

OBFS retains annual summaries of outstanding debt (debt books) and listings of all debt transactions (bond transcripts) banking and transfers to University Archives for permanent retention.

OBFS retains administrative files related to debt issuance such as debt service calendars, debt service payments, and details of expenditures for capital projects are retained 3 fiscal years past final redemption of the bond issuance.

OBFS also retains electronic copies of submitted Red Flags forms for the current fiscal year and 5 previous fiscal years.

Unit Responsibilities

Your unit does not have responsibilities for long term retention of official investment and banking records or working and temporary documents.

For assistance, consult your unit Records Liaison or records contact, if you have one, or the Records and Information Management Services team.

Additional Resources

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

Last Updated: April 11, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: January 2002

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