Back to Top
Business and Financial Policies and Procedures

Keeping Supporting Records

Record retention is a critical element needed to ensure that transactions and resource balances are adequately supported. Further, such records are necessary to enable financial reporting.


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.

Office of University Audits Responsibilities

The Office of University Audits retains records of internal audits conducted with your unit. Materials prepared or compiled by internal audit activities of the University are exempt from the Illinois Freedom of Information Act (FOIA) (5 ILCS 140/7(1)(m).

OBFS Responsibilities

OBFS maintains the official financial system of record (data resides within the Banner system) in accordance with University records retention policy.

Unit Responsibilities

The unit maintains detail level transaction support records in accordance with record retention policy. To determine unit responsibilities for keeping records of a specific transaction, consult the "Keeping Records" page in the appropriate section of the OBFS Policies and Procedures Manual.

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

Additional Resources

Illinois Freedom of Information Act
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: December 2014

Give us feedback about this page Submit Feedback