A Compliance and Procurement Framework for Arkansas

See how Asset Panda's GovRAMP-authorized platform helps Arkansas agencies meet GASB 34, ADEQ, and ADE grant compliance while simplifying NASPO procurement via ARBuy.

Executive Summary: Asset Panda for Arkansas

Asset Panda is a GovRAMP-authorized, cloud-based platform that serves as the immutable digital record necessary for GASB 34 financial compliance and high-stakes operational mandates across Arkansas.

The platform is explicitly designed to track Capital Assets, Non-Capitalized Sensitive Property, and Grant-Funded Equipment (2 C.F.R. Part 200).

Key Authorization	Detail
Security Certification	GovRAMP Authorized, SOC 2 Type 2, HIPAA Compliant
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by Arkansas)

Section 1: Arkansas Procurement Matrix

How to purchase Asset Panda in compliance with the Arkansas Procurement Law.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of Shared Administrative Services (DASS)
Vendor Portal	ARBuy (The state's eProcurement system)
State Bid Threshold	$20,000 (Small Purchase Threshold).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under the Arkansas Procurement Law, streamlining the acquisition of IT software and cloud services directly through the ARBuy system.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Arkansas regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 (Financial Reporting)	Track and depreciate all Capital Assets and infrastructure for the Annual Financial Report (AFR).	Automates straight-line depreciation for assets meeting the capitalization threshold (often $2,500 - $5,000).
AR Legislative Audit	Maintain detailed accounting records for all fixed assets and controlled equipment.	Tracks Non-Capitalized Sensitive Property with full audit trails to satisfy detailed financial and inventory control reviews.
Emergency Management	2 C.F.R. Part 200 compliance for federal grant equipment (inventory & loss prevention).	Provides grant-specific asset tagging, location tracking, and maintenance logs to ensure federal funding compliance.
NFPA 1851 (Fire)	Track inspection and maintenance history for Personal Protective Equipment (PPE).	Logs all cleanings, repairs, and inspections for turnout gear, ensuring continuous NFPA 1851 compliance.
AR Secretary of State	Strict Chain of Custody record for all voting equipment and ballots.	Logs every movement of election equipment with timestamps and electronic signatures, ensuring integrity for pre-election testing and post-election audits.
ADEQ (Environmental Quality)	Implement Asset Management capability for public utility system sustainability.	Schedules and records inspections and preventative maintenance for pumps, valves, and fleet vehicles to prove regulatory compliance.

Section 3: Detailed Compliance Frameworks

1. Financial & Government Compliance (GASB 34)

The Requirement: The Arkansas Legislative Audit requires all public entities to report capital assets in their Annual Financial Reports (AFRs). Under GASB 34, entities must track historical cost, useful life, and depreciation of these assets for inclusion in the Management Discussion and Analysis (MD&A).

The Asset Panda Solution:

• Capital Assets: Asset Panda acts as the sub-ledger for fixed assets, tracking items that meet local capitalization thresholds. It automates the depreciation schedule for accurate GASB 34 reporting.

• Sensitive Property (Non-Capitalized): Arkansas auditing standards emphasize the need for strong internal controls for sensitive, high-risk items. Asset Panda is the specialized tool for tracking Non-Capitalized Sensitive Property (laptops, cameras, tools), ensuring inventory accountability even when the items are not financially capitalized.

Micro-Scenario: A county IT department needs to buy $15,000 worth of new tablets (below the $20k bid threshold). Asset Panda ensures the procurement is compliant via the NASPO ValuePoint contract, and then tracks every individual tablet's assignment, location, and maintenance record to meet audit requirements.

2. Public Safety & Emergency Management

The Requirement: Law enforcement agencies must maintain strict accountability for firearms and sensitive gear, and fire departments must track PPE maintenance to meet NFPA 1851 standards.

The Asset Panda Solution:

• Law Enforcement: Asset Panda provides an immutable digital log for firearms and tactical gear, tracking assignments to officers, vehicles, and shifts. This establishes a clear, court-defensible chain of custody for every asset.

• Grant Compliance: Asset Panda ensures 2 C.F.R. Part 200 compliance for grant-funded equipment by tracking the funding source, title, and disposal of all relevant assets.

3. Election Integrity (Secretary of State)

The Requirement: The Arkansas Secretary of State and the State Board of Election Commissioners mandate that all voting equipment and ballots maintain a secure Chain of Custody.

The Asset Panda Solution: Asset Panda is used by election officials to implement digital chain of custody procedures. It creates a timestamped, geolocated audit log every time a voting machine leaves a secure warehouse for a polling place, guaranteeing the asset's integrity for audit defense.

4. Education (ADE & University System)

Agency Definition:

• ADE: Arkansas Department of Education.

The Requirement: School districts must comply with ADE rules for federal grants, including tracking all equipment purchased with E-Rate, ESSER, and Title I funds.

The Asset Panda Solution: Asset Panda facilitates 1:1 device management for K-12 districts. It tracks the assignment of Chromebooks to students, manages repairs, and generates the specific inventory reports required by the ADE Fiscal Monitoring unit to validate federal funding usage.

5. Healthcare Compliance

The Requirement: Arkansas healthcare providers must ensure that physical assets are managed to protect sensitive data and patient safety.

The Asset Panda Solution: Asset Panda meets the HIPAA Security Rule's physical safeguard requirements by providing a complete audit trail for the location, assignment, and status of all hardware (like laptops and workstations) and media that handle ePHI.

Section 4: Frequently Asked Questions (FAQ)

Q: Is Asset Panda authorized for use by Arkansas state agencies? A: Yes. Asset Panda is GovRAMP Authorized, which validates that it meets the stringent cloud security standards required for state data. It is also SOC 2 Type 2 certified and HIPAA compliant.

Q: Does Asset Panda satisfy Arkansas's bid laws? A: Yes. By purchasing through the NASPO ValuePoint contract, Arkansas agencies satisfy the competitive bid requirements of the Arkansas Procurement Law, streamlining the procurement process through the ARBuy system.

Q: Can Asset Panda track assets for GASB 34 reporting? A: Yes. Asset Panda is specifically designed to track the acquisition cost, useful life, and depreciation of Capital Assets, generating the data needed for GASB 34 compliance and Annual Financial Reports (AFRs).

Q: Does Asset Panda track sensitive items below the competitive threshold? A: Yes. Asset Panda is ideal for tracking Non-Capitalized Sensitive Property, ensuring accountability for high-risk, low-cost assets that require strong internal controls.

Glossary of Arkansas Compliance Terms

• ADEQ: Arkansas Department of Environmental Quality (Regulates utility and environmental compliance).

• ARBuy: The State of Arkansas’s e-procurement system.

• DASS: Arkansas Department of Shared Administrative Services (State procurement authority).

• Capital Asset: Tangible property with a useful life >1 year and a cost exceeding the state’s capitalization threshold.

• GovRAMP: Standardized cloud security authorization program adopted by Arkansas.

• NASPO ValuePoint: Cooperative purchasing contract utilized by the state for cloud software.

To see how Asset Panda can be configured to meet your specific compliance and procurement needs, schedule a demo with our team.