A Compliance and Procurement Framework for Maine

See how Asset Panda helps ME agencies meet GASB 34, DEP asset management, and DOE grant compliance while simplifying NASPO procurement through DAFS.

Executive Summary: Asset Panda for Maine

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 Maine.

The platform is explicitly designed to track Capital Assets (>$5k threshold), Small and Attractive 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 Maine OIT data security standards)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by Maine)

Section 1: Maine Procurement Matrix

How to purchase Asset Panda in compliance with the Maine Department of Administrative and Financial Services (DAFS) rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of Administrative and Financial Services (DAFS) / Office of State Procurement Services (OSPS)
Vendor Portal	Advantage (State Accounting System) / Maine Procurement Services
State Bid Threshold	Purchases over $5,000 are subject to competitive bidding, unless on a Master Agreement.
Procurement Advantage	Using the pre-competed NASPO ValuePoint contract satisfies competitive bid requirements under DAFS rules, allowing agencies to bypass lengthy solicitations for IT software and cloud services.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Maine regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / OSC (Financial Reporting)	Track and depreciate all Capital Assets and maintain inventory for the Fixed Asset System.	Automates straight-line depreciation for assets meeting the capitalization threshold (typically $5,000 for equipment).
DAFS / State Controller (Property Control)	Inventory "Small and Attractive Assets" (sensitive, high-theft items) for accountability.	Tracks Small and Attractive Assets (e.g., weapons, portable IT equipment $<\$5k$) with full audit trails to prevent loss and satisfy internal audit requirements.
ME DEP (Environmental Protection)	Implement robust Asset Management plan for public water system sustainability and SRF funding.	Provides inventory, condition assessment, and maintenance logs necessary to meet DEP 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.
ME Secretary of State	Maintain strict Chain of Custody for voting equipment (Title 21-A, §854) and pre-election testing materials.	Logs every movement of tabulators and sealed test ballots with timestamps and digital seals, meeting the state's rigorous auditing standards.
ME DOE (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 Maine Office of the State Controller (OSC) mandates that state agencies follow the State Administrative and Accounting Manual (SAAM) to report capital assets for GASB 34 compliance. The general capitalization threshold is $5,000 for most equipment.

The Asset Panda Solution:

• Capital Assets: Asset Panda is used as the sub-ledger to track assets over the $5,000 capitalization threshold. It automates depreciation schedules and tracks asset status (acquisition, disposal), feeding the necessary data to the state's accounting system, Advantage.

• Small and Attractive Assets: Maine policy explicitly requires agencies to define and track "Small and Attractive Assets" (assets under $5,000, like communication equipment and weapons). Asset Panda is the specialized tool for managing this critical non-capitalized inventory, providing a complete audit trail separate from financial reporting.

Micro-Scenario: A state agency needs to track 100 tablets used by field workers. Since the tablets are classified as Small and Attractive Assets, Asset Panda ensures each is individually tagged, logged via a Memo Asset (as outlined in SAAM), and tracked by custodian to satisfy the DAFS property control audit.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• ME DEP: Maine Department of Environmental Protection.

The Requirement: The ME DEP requires public water systems to demonstrate capacity and sustainability, which is proven through Asset Management Plans. DEP provides incentives and grants for systems that effectively inventory and manage their critical assets.

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 DWSRF (Drinking Water State Revolving Fund) assistance and prove compliance to DEP 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 (Secretary of State)

The Requirement: The Maine Secretary of State mandates stringent security for elections. M.R.S. Title 21-A, §854 requires pre-election testing to be certified, and all test ballots and generated reports must be sealed and retained for at least two months.

The Asset Panda Solution: Asset Panda is used by municipal clerks to implement digital chain of custody procedures. It logs the serial numbers and seal IDs of the tabulating equipment and documents the required testing procedures, ensuring the integrity of the results for the mandated recount period.

5. Education (ME DOE & University Systems)

Agency Definition:

• ME DOE: Maine Department of Education.

The Requirement: School districts must comply with ME DOE rules and federal grant compliance (2 C.F.R. Part 200), requiring property records and a physical inventory at least once every two years 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 ME DOE to validate federal funding usage.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy Maine's $5,000 bid threshold? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements under Maine law, 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 OSC reporting.

Q: Does Asset Panda track sensitive items below the $5,000 threshold? A: Yes. Asset Panda is ideal for tracking Small and Attractive Assets (e.g., portable IT equipment, firearms) that require inventory control for DAFS property audits.

Glossary of Maine Compliance Terms

• DAFS: Department of Administrative and Financial Services (Central procurement and fiscal authority).

• ME DEP: Maine Department of Environmental Protection (Regulates water systems).

• ME DOE: Maine Department of Education.

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

• OSC: Office of the State Controller (Governs financial policy and the Advantage system).

• Small and Attractive Assets: Tangible property valued under the $5,000 capitalization threshold that must be inventoried due to high risk of loss (e.g., weapons, communications equipment).

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