A Compliance and Procurement Framework for Illinois

See how Asset Panda helps IL agencies meet GASB 34, IEPA asset management, and ISBE grant compliance while simplifying NASPO procurement for the State Comptroller.

Executive Summary: Asset Panda for Illinois

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

The platform is explicitly designed to track Capital Assets (>$5k threshold), High-Theft/Sensitive Items, and Grant-Funded Equipment (2 C.F.R. Part 200).

Key Authorization	Detail
Security Certification	SOC 2 Type 2, HIPAA Compliant (Cloud solution meets Illinois IT security standards)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by Illinois)

Section 1: Illinois Procurement Matrix

How to purchase Asset Panda in compliance with the Illinois Procurement Code.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Chief Procurement Officer (CPO) / Department of Central Management Services (CMS)
Vendor Portal	Illinois Procurement Bulletin (Advertises opportunities)
State Bid Threshold	$100,000 (Small Purchase Threshold for commodities and services).
Procurement Advantage	Using the pre-competed NASPO ValuePoint contract satisfies competitive bid requirements under the Illinois Procurement Code, streamlining the acquisition of IT software and cloud services, regardless of the $100,000 threshold.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Illinois regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / SAMS Manual (Financial Reporting)	Maintain depreciation schedules and accurate inventory for all fixed assets, reporting to the State Comptroller.	Automates straight-line depreciation and maintenance logs for assets meeting the capitalization threshold (often $5,000).
State Comptroller / CMS (Property Control)	Track High-Theft Items or property for accountability and mandated Biennial Inventory.	Tracks High-Theft/Sensitive Items (e.g., computers, weapons, equipment $<\$5k$) with full audit trails to satisfy property control requirements.
IEPA (Environmental Protection)	Implement robust Asset Management Plan for public water system sustainability.	Provides inventory, condition assessment, and preventative maintenance logs necessary to meet IEPA requirements for State Revolving Fund (SRF) projects.
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.
IL State Board of Elections (ISBE)	Maintain precise Chain of Custody log for all voting equipment, serial numbers, and tamper seals.	Logs every movement of election tabulators, scanners, and electronic poll books with timestamps and digital seals.
ISBE (Education Grants)	2 C.F.R. Part 200 compliance, requiring detailed inventory records for federal grants.	Provides auditable inventory records for equipment bought with federal E-Rate, ESSER, and IDEA funds to pass fiscal monitoring reviews.

Section 3: Detailed Compliance Frameworks

1. Financial & Government Compliance (GASB 34)

The Requirement: The Illinois Office of the Comptroller requires agencies to report fixed assets using the Statewide Accounting Management System (SAMS). Agencies must classify assets and ensure adequate control over Personal Property to support the Biennial Inventory.

The Asset Panda Solution:

• Capital Assets: Asset Panda is the system of record for fixed assets, tracking items over the state's capitalization threshold (which varies but is often $5,000 for personal property). It automates the depreciation schedule required for GASB 34 reporting.

• High-Theft/Sensitive Items: University systems and state agencies are required to track high-theft items (like computers) regardless of value. Asset Panda is the specialized tool for tracking this sensitive, non-capitalized inventory, ensuring accountability and security.

Micro-Scenario: The University of Illinois System must complete its Biennial Inventory. Asset Panda allows department heads to quickly verify the location and custodian of all High-Theft equipment (laptops, servers, AV gear), generating the verified report required by the State Comptroller's office.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• IEPA: Illinois Environmental Protection Agency.

The Requirement: The IEPA encourages all public water supplies to develop a robust Asset Management Plan to ensure infrastructure is adequately maintained and operated. Having a plan is crucial for securing State Revolving Fund (SRF) loans and grants for infrastructure projects.

The Asset Panda Solution: Asset Panda directly supports the IEPA framework by helping utilities document and track critical infrastructure assets (pumps, treatment plants, distribution networks). This creates a verifiable record of maintenance, condition, and remaining useful life, which is essential data for SRF funding and long-term capital improvement planning.

3. Public Safety & Emergency Management

The Requirement: Law enforcement agencies (like the Illinois State Police) must maintain strict accountability for weapons, vehicles, and sensitive gear, and fire departments must 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.

• NFPA 1851 (Fire): Asset Panda tracks the lifecycle of PPE (turnout gear), logging every cleaning, inspection, and repair to meet NFPA 1851 standards.

4. Election Integrity (State Board of Elections)

The Requirement: The Illinois State Board of Elections (ISBE) mandates stringent Chain of Custody procedures, including the logging of serial numbers and tamper seals for all voting equipment before and after an election to guarantee integrity.

The Asset Panda Solution: Asset Panda is used by county clerks to implement digital chain of custody procedures. It creates a timestamped, geolocated audit log every time a voting machine or sealed ballot box is moved, guaranteeing the asset's integrity and satisfying ISBE security mandates.

5. Education (ISBE & University Systems)

Agency Definition:

• ISBE: Illinois State Board of Education.

The Requirement: School districts must comply with ISBE fiscal monitoring, which requires accurate inventory records (including description, serial number, cost, and location) for all equipment purchased with federal grants (E-Rate, ESSER, IDEA).

The Asset Panda Solution: Asset Panda is a powerful tool for E-Rate and federal grant compliance. It tracks all the required data points for 1:1 student devices and capital equipment, ensuring the district meets its fiscal monitoring requirements and avoids audit findings.

6. Healthcare Compliance

The Requirement: Illinois 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 Illinois state agencies? A: Yes. Asset Panda is available through the NASPO ValuePoint cooperative contract, simplifying the procurement process through CMS. It is also SOC 2 Type 2 certified and HIPAA compliant.

Q: Does Asset Panda satisfy the Illinois Procurement Code? A: Yes. By purchasing through the NASPO ValuePoint contract, Illinois agencies satisfy the competitive bid requirements of the Illinois Procurement Code, streamlining the acquisition of cloud software and IT services.

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 SAMS reporting to the State Comptroller.

Q: Does Asset Panda track sensitive items below the $5,000 threshold? A: Yes. Asset Panda is ideal for tracking High-Theft Items (e.g., IT equipment, portable assets) that require inventory and accountability for the mandated Biennial Inventory.

Glossary of Illinois Compliance Terms

• CMS: Department of Central Management Services (State operational and procurement engine).

• IEPA: Illinois Environmental Protection Agency (Regulates water systems).

• ISBE: Illinois State Board of Elections / State Board of Education.

• GASB 34: Governmental Accounting Standards Board Statement No. 34 (Financial reporting standard).

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

• SAMS: Statewide Accounting Management System (The Comptroller's system).

• Small Purchase Threshold: $100,000 for most commodities and services (below this, competitive solicitation is required but less formal).

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