Section 4.2084  Record Retention

a)         Procurement information, including, without limitation, that pertaining to the Procurement Bulletin, and performance and payment under contracts and subcontracts shall be maintained in accordance with the State Records Act [5 ILCS 160].  Books and records that relate to performance of a contract, including subcontracts, and that support amounts charged shall be maintained:

1)         by a vendor, for three years from the date of final payment under the prime contract; and for such longer period of time as is necessary to complete ongoing or announced audits or to comply with federal requirements.

2)         by a subcontractor for three years from the date of final payment under the subcontract or completion of the subcontract, and for such longer period of time as is necessary to complete ongoing or announced audits.

b)         All contracts and subcontracts shall provide for all books and records required to be maintained by subsection (a) be available for review and audit by the Auditor General, CPO-HE, internal auditor and purchasing university.

c)         Every contract and subcontract shall require the contractor and subcontractor to cooperate fully with any audit or request for information from the Auditor General, CPO-HE, internal auditor and purchasing university.

d)         Failure to maintain books and records required by this Section establishes a presumption in favor of the university for the recovery of any funds paid by the university for which books and records are not available.

(Source:  Amended at 43 Ill. Reg. 1781, effective February 15, 2019)