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  5. Record Keeping and Retention

Record Keeping and Retention

Directive Statement

Each Educational Business Activity (EBA) must adequately document its activities and maintain records to support expenditures, revenue, billings, and cost transfers.

Reason for Directive

The support for the charges, including documentation of expenses and usage, should be retained by the unit to answer any user inquiries, or in case of an audit.  In the event of an outside audit, unsupported charges are likely to result in repayment of those amounts plus associated Facilities and Administrative (F&A) cost recovery.  Even when there are not costs to a sponsored project, EBA charges represent distribution of costs across all University units, which effects financial reporting and analysis, and most importantly Annual Financial Statements of the University.

Who must comply?

All UF departments.

Departmental Procedures

Educational Business Activities should have written departmental procedures which direct the day-to-day operations.  For example, EBAs may develop the following departmental procedures:

  • Rate development methodology
  • Maintenance of usage logs
  • Invoice Generation
  • Direct business processes of the EBA

EBA departmental guidelines must comply with University policies and procedures.  Where differences exist, the University’s policies and procedures shall take precedence.

Documentation

It is the EBA’s responsibility to maintain detailed records of all charges and to answer inquiries concerning those charges.  Documentation must be retained for a minimum of 8 fiscal years from the date the billing is entered into PeopleSoft.

Documents that must be maintained include, but are not limited to:

  • Work papers showing how the billing rates were calculated
  • Records supporting utilization or level of activity
  • Billing records that identify the service provided to each user
  • Effort reports of service center personnel
  • Any other document required by the University rules and regulations

Definitions

Educational Business Activity

Revenue-generating activity from the provision of goods and/or services.  Such activity enhances, promotes, or supports the University’s instruction, research, public service and campus support functions, and other educational and support functions in order to meet the needs of students, faculty, staff, and members of the public participating in University events and programs.

Last Reviewed

05/01/2020: reviewed content

Contacts

Educational Business Activity/Auxiliary Accounting: (352) 294-7236

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