University of Illinois System

Business and Financial Records Retention Schedule

NOTICE

The information contained on this schedule is the minimum State-required retention period for each specific category. This does NOT authorize disposal action. State approval is expressly required prior to each disposal of records, regardless of format or volume, unless the documents are specifically categorized as non-records. Contact the RIMS office to initiate a records disposal or for the State approved retention period of any items not listed below.

 

No record should be held for more than one (1) year beyond its listed mandatory minimum retention period. If further retention is needed and there is a documented business need, please contact RIMS for a variance. However, if your records are subject to a legal hold or pending legal action, you will need to follow the retention recommended by legal counsel. RIMS should be notified of any decisions to keep records past their minimum retention.


Upon completion of the retention period for business and finance records they will either be deleted, destroyed, or transferred to the University Archives. Before the retention period expires, please follow the records storage guidelines. For questions or more clarification about the correct process for these actions, please contact the RIMS office.


The categories of Business and Financial Records are:

Budget Planning Records

Budget Planning Records consist of documents that are used to develop university budgets and to monitor the university’s financial assets.

Examples of Budget Planning Records include but are not limited to: annual budget summaries, chart of accounts and associated request forms, expenditure reports, acquisition reports, statements of state fund budget allocations, and summary reports.

Retain for 5 years after generation, then transfer to the University Archives:

  • All budget planning records created or maintained by a Vice President, Chancellor, Vice Chancellor for Academic Affairs and Provost, Vice Chancellor for Research, or Vice Chancellor for Student Affairs.

Retain for 5 years after generation, then obtain state approval to dispose:

  • All budget planning records from other offices.

Comptroller Annual Reports

Comptroller Annual Reports include details regarding the planning and allocation of expenditures in support of university activities.

Examples of Comptroller Annual Reports include but are not limited to: schedules and summaries about teaching and research each fiscal year.

Upon generation, transfer a copy to the University Archives:

  • All Comptroller Annual Reports.

Insurance Records

Insurance Records include documents related to a variety of claim types and insurance policies and reports.

Examples of Insurance Records include but are not limited to: certificates of insurance, insurance policies, insurance policy audits, insurance policy reports, insurance policy underwriting data, insurance carrier reports and loss runs, and insurance claims files (including workers compensation claims).

Retain for 5 years past date of last possible claim, then obtain state approval to dispose:

  • Insurance policies
  • Insurance reports.

Retain for 5 years past close of claim, then obtain state approval to dispose:

  • Insurance claims files.

Tax Records

Tax Records consist of a variety of Federal and State Tax reports and forms.

Examples of Tax Record documents include but are not limited to: Federal and State payroll and benefits forms 1042, 941, 941X, 1099, 8109, W-2, W-4, W-9, W-9S, and sales tax files.

Retain for 5 years after end of calendar year, then obtain state approval to dispose:

  • All tax records.

Financial Transaction Records

Financial Transaction Records consist of any documents used to execute or monitor the receipt or expenditure of university funds or other property.

Examples of Financial Transaction Records include but are not limited to: accounts payable and receivable, automatic clearing house (ACH) registers, balance sheets, bank account statements, services expenditure reports, cash deposit vouchers, receipt slips, register tapes, validation receipts, check stubs, cost accounting allocation plans, indirect rates, negotiated agreements, proposals, reports, service activity reviews, credit card applications, receipts, general ledgers, invoices (including packing slips), payment authorizations, payroll adjustments, authorizations, deductions, reconciliations, timecards, timesheets, reimbursements, approvals, travel, and vehicle mileage.

Retain for 5 years after date of transaction or date of completion, then obtain state approval to dispose:

  • All routine operation financial transactions records.

Retain for 5 years after date of end of service or claim period, whichever is later, then obtain state approval to dispose:

  • Fixed assets transfers
  • Loan agreements
  • Material transfer agreements.

Retain for 5 years after expiration of last renewal, then obtain state approval to dispose:

  • Purchase and request proposals
  • Solicitations
  • Invitations for bid (IFBs)
  • Sole source (SS)
  • Requests for information (RFI).

Retain 3 years after end date of the fiscal year in which the project is closed out or for the period of time specified by the funding body, whichever is longer, then obtain state approval to dispose:

  • Grant funded research project financial transactions.

Year End Payroll Statements

Year End Payroll Statements encompass all reports that provide information about employee wages and benefits. These records are maintained at the University System Offices and are not expected to be retained by departments.

Examples of Year End Payroll Statements include but are not limited to: statements detailing wages earned, leave balances, and other benefits accrued or expended.

Retain 65 years from last date of employment or 3 years past first distribution of retirement benefits, whichever comes first, then obtain state approval to dispose:

  • Annual statements documenting deductions
  • Annual statements documenting leave
  • Annual statements documenting wages
  • Related information used to determine retirement benefits

Retain for 40 years from last date of employment or 3 years past first distribution of retirement benefits, whichever comes first, then obtain state approval to dispose:

  • Summary year to date reports.

Contracts

Contracts consist of legal documents between the university and external entities conveying a “promise supported by consideration”.

Examples of Contracts include but are not limited to: contracting with a business for catering an event, leasing a building to or from someone, contracting for non-disclosure, contracting for collaboration on research, contracting for outside services.

Retain 3 years past the end date determined by the funding body, then obtain state approval to dispose:

  • Funded research contracts

Retain for 10 years past the date of completion, then obtain state approval to dispose:

  • Non-disclosure agreements
  • Research collaboration agreements
  • All other contracts

Funded Research Grant Proposals and Reports

Funded Research Grant Proposals and Reports consist of documents related to approved externally-funded research projects developed for and submitted to the funding body by the project principle investigator(s).

Examples of Funded Research Grant Proposals and Reports include but are not limited to: grant proposals for funded projects, executed agreements, and final reports for funded research.

Retain for 6 years, then transfer to the University Archives:

  • Proposals for funded grants
  • Executed agreements
  • Final reports for funded grants.

Retain for 3 years past date determined by funding body, then obtain state approval to dispose:

  • Supporting documentation for funded grants.

Unsuccessful Research Grant Proposals and Reports

Unsuccessful Research Grant Proposals and Reports consist of documents related to rejected applications for externally-funded sponsored research projects. These are categorized as non-records, which do not need state approval prior to disposal.

Retain 1-3 years after submission of the proposal or application, depending on business or reference needs, then properly dispose of the files:

  • All unfunded or rejected grant proposals.

Identification Card Records

Identification Card Records consist of documents related to the issuance, maintenance, and termination of identification cards to university students, faculty, and guests.

Examples of Identification Card Records include but are not limited to: documents related to the issuance or termination of ID-cards, identification card authorization records, logs showing daily activity, lost/stolen reports, lost/stolen cards, monthly and annual identification card detail reports (listing names, ID numbers, photographs, and meal plan information).

Retain 3 years after completion of service or date of creation, whichever applies, then obtain state approval to dispose:

  • Documents related to the issuance of ID cards
  • Documents related to the termination of ID cards
  • Authorization records for ID cards
  • Daily activity logs for ID cards
  • Lost/stolen card reports
  • Monthly and annual ID card detail reports.

Retain for 5 years from creation of agreement, then transfer or provide digital copies to the University Archives:

  • Model agreements for ID card usage.

Primary Audience

This schedule will specifically help staff who support financial planning, who engage in some level of financial transaction management, and/or are responsible for financial reporting: such as those working in a department or college-level business office or the Office of Business and Financial Services.