I am in the process of going through old and current capital improvement project files for our finance director. She would like all of the contents of the files scanned onto our server for easier reference. The files contain copies of invoices and vouchers for payments, agenda items pertaining to the projects, funding analysis of the projects,and other miscellaneous correspondence. The projects include equipment, road projects, water/sewer projects, etc.
1)How long are we required to retain files pertaining to capital improvement projects?
2)If the records are scanned, how long are we required to retain the paper hard copy files?