A Compliance and Procurement Framework for Kentucky

See how Asset Panda helps KY agencies meet GASB 34, EEC asset management, and KDE grant compliance while simplifying NASPO procurement through the Finance Cabinet.

Executive Summary: Asset Panda for Kentucky

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 Kentucky.

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

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

Section 1: Kentucky Procurement Matrix

How to purchase Asset Panda in compliance with the Kentucky Finance and Administration Cabinet (FAC) rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Finance and Administration Cabinet (FAC) / Commonwealth Office of Technology (COT)
Vendor Portal	eProcurement System (Administered by the FAC)
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under Kentucky law, streamlining the acquisition of IT software and cloud services for all state and local agencies.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Kentucky 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 (typically $5,000 for equipment).
Fixed Asset Accounting Manual	Maintain Controllable Assets (sensitive, high-theft items) for accountability and audit control.	Tracks Controllable Assets (e.g., IT equipment, portable devices $<\$5k$) with full audit trails to safeguard against loss, as required by the FAC.
EEC (Environmental Quality)	Implement robust Asset Management plan for public water system sustainability and SRF funding.	Provides inventory, condition assessment, and maintenance logs necessary to meet EEC requirements for utilities.
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.
KY Board of Elections	Maintain strict Chain of Custody log for all voting equipment seals and reports (KRS 117.375).	Logs every movement and action on voting machines with timestamps and digital seals, meeting the state's security and auditing requirements.
KDE (Education Grants)	2 C.F.R. Part 200 compliance, requiring detailed property records for federal grants.	Provides auditable inventory records for equipment bought with federal E-Rate, ESSER, and Title I funds.

Section 3: Detailed Compliance Frameworks

1. Financial & Government Compliance (GASB 34)

The Requirement: The Kentucky Finance and Administration Cabinet (FAC) mandates that state and local agencies follow the Fixed Asset Accounting Manual. The general capitalization threshold for equipment is $5,000. Agencies must also track theft-prone items (Controllable Assets) below this threshold.

The Asset Panda Solution:

• Capital Assets: Asset Panda is the system used to track assets over the $5,000 capitalization threshold. It automates the straight-line depreciation required for GASB 34 reporting, ensuring compliance with the Kentucky Model Chart of Accounts (COA).

• Controllable Assets: Asset Panda is the specialized tool for tracking Controllable Assets (laptops, cameras, tools) that fall below the financial threshold but require inventory control for internal audits.

Micro-Scenario: The Kentucky State Police (KSP) purchases 50 tactical radios ($800 each). Asset Panda immediately tags and tracks these as Controllable Assets, logging their assignment to vehicles and officers to prevent loss and satisfy FAC property control requirements.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• EEC: Energy and Environment Cabinet / Department for Environmental Protection (DEP).

The Requirement: The EEC regulates water quality and requires public water systems to maintain managerial and financial capacity. Robust Asset Management is key to securing State Revolving Fund (SRF) financing and meeting DEP regulatory standards.

The Asset Panda Solution: Asset Panda helps utilities document and track critical infrastructure assets (pumps, treatment plants, distribution networks). This creates a verifiable record of maintenance, condition, and remaining useful life, providing the data needed to secure SRF assistance and prove system sustainability to EEC regulators.

3. Public Safety & Emergency Management

The Requirement: Law enforcement agencies must maintain strict accountability for weapons, vehicles, and equipment. 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, service history, and inspection dates, supporting operational efficiency and compliance.

• NFPA 1851 (Fire): For fire departments, 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 Kentucky State Board of Elections (KSBE) mandates stringent security for elections. KRS 117.375 requires strict sealing and reporting protocols for voting machines before and after elections, ensuring the integrity of the count.

The Asset Panda Solution: Asset Panda is used by county election officials to implement digital chain of custody procedures. It documents the serial number, seal number, and certification signature every time a voting machine is prepared, moved, and returned, providing the auditable trail required by the KSBE.

5. Education (KDE & University Systems)

Agency Definition:

• KDE: Kentucky Department of Education.

The Requirement: School districts must comply with KDE rules and federal grant compliance (2 C.F.R. Part 200), requiring property records and detailed inventory for equipment purchased with federal funds (E-Rate, ESSER, Title I).

The Asset Panda Solution: Asset Panda is a powerful tool for E-Rate compliance. It tracks the detailed inventory required for assets, manages the assignment of 1:1 student devices, and generates the specific reports required by the KDE to validate federal funding usage.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy Kentucky's procurement laws? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements under Kentucky Statute, streamlining the acquisition of IT software and cloud 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 AFR reporting.

Q: Does Asset Panda track sensitive items below the $5,000 threshold? A: Yes. Asset Panda is ideal for tracking Controllable Assets (e.g., IT equipment, portable assets) that require inventory and accountability to safeguard against loss, as defined by the Fixed Asset Accounting Manual.

Glossary of Kentucky Compliance Terms

• Controllable Assets: Theft-prone tangible property valued under the $5,000 capitalization threshold that must still be tracked for inventory control.

• EEC: Energy and Environment Cabinet (Regulates water systems).

• FAC: Finance and Administration Cabinet (Central procurement authority).

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

• KDE: Kentucky Department of Education.

• KSBE: Kentucky State Board of Elections.

• 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.