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Business and Financial Policies and Procedures

Keeping Budget 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. Official budget records consist of documents used to develop initial budgets and to record changes in operating budgets.

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 official institutional budget records for the current fiscal year and 5 previous fiscal years, including:
  • Budget status reports
  • Budget change requests
  • Budget detail reports
  • Expenditure projections
  • Salary and budget worksheets
  • Capital outlay and equipment need reports
  • Unit budget preparation instructions
OBFS also retains and transfers to University Archives annual budget summaries and statements of state fund budget allocations.

Unit Responsibilities

Your unit should retain working documents related to budgets for 3 years from last date of use for audit purposes. Temporary documents should be disposed of as soon as they are no longer needed.

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: November 2010

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