Keeping Cash Handling Records

Definitions

Office of the Vice President, Chief Financial Officer & Comptroller (CFO)

CFO retains cash handling records for the current fiscal year and five previous fiscal years, including records such as sales tax reports, including sales to customers in other states.

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. Cash handling records consist of documentation of sales, deposits, reconciliations, and summary reports.

Temporary Documents

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

Unit Responsibilities

Approved Cash Handling Units should retain cash handling records for three 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, units should consult their Records Liaison or records contact, if one exists, or the Records and Information Management Services team.

Working Documents

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

Additional Resources

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

First Published: February 2008 | Last Updated: March 2023 | Last Reviewed: March 2023