A Compliance and Procurement Framework for Minnesota

See how Asset Panda helps MN agencies meet GASB 34, MPCA asset management, and MDE grant compliance by simplifying NASPO procurement through the CPV.

Executive Summary: Asset Panda for Minnesota

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 Minnesota.

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

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

Section 1: Minnesota Procurement Matrix

How to purchase Asset Panda in compliance with the Minnesota Department of Administration (DOA) rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of Administration (DOA) / Office of State Procurement (OSP)
Vendor Portal	SWIFT / Cooperative Purchasing Venture (CPV)
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements, allowing agencies to bypass the need for lengthy solicitations for IT software and cloud services, leveraging state-level pricing through the CPV program.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Minnesota regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / MMB (Financial Reporting)	Track and depreciate all Capital Assets for the Annual Comprehensive Financial Report (ACFR).	Automates straight-line depreciation for assets meeting the state's high capitalization threshold (typically $30,000 for equipment).
MMB (Property Control)	Inventory "Inventoriable Property" (assets below threshold) for accountability and loss prevention.	Tracks personal property and sensitive items (e.g., IT equipment) below the $30,000 threshold with full audit trails to satisfy MMB internal control requirements.
MPCA (Environmental Quality)	Implement Asset Management Plan to secure funding and ensure water system sustainability.	Provides inventory, condition assessment, and maintenance logs necessary to meet MPCA Project Priority List (PPL) criteria for State Revolving Fund (SRF) grants.
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.
MN Secretary of State	Secure Chain of Custody log for all voting equipment and media (M.S. 206).	Logs every movement of election equipment with timestamps and digital seal records, meeting the state's security and auditing requirements.
MDE (Education Grants)	Uniform Guidance (2 C.F.R. Part 200) compliance, requiring detailed property records for federal grants.	Provides auditable inventory records, tracking equipment under the UFARS system used by MDE for fiscal monitoring.

Section 3: Detailed Compliance Frameworks

1. Financial & Government Compliance (GASB 34)

The Requirement: Minnesota Management and Budget (MMB) sets high capitalization thresholds (e.g., $30,000 for equipment) and requires agencies to report fixed assets for the ACFR. Agencies must also track Inventoriable Property even if not capitalized.

The Asset Panda Solution:

• Capital Assets: Asset Panda is the system used to track assets over the $30,000 capitalization threshold. It automates the depreciation schedule and ensures compliance with MMB's GAAP reporting standards.

• Inventoriable Property: Due to the high capitalization threshold, most IT and small equipment are Inventoriable Property. Asset Panda is the specialized tool for tracking these assets with granular accountability and loss prevention records.

Micro-Scenario: The Department of Natural Resources (DNR) purchases 20 high-value GPS units ($1,500 each). Although they are not capitalized, Asset Panda ensures each is tracked, logged by project, and managed through an audit-ready inventory system, satisfying MMB internal control mandates.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• MPCA: Minnesota Pollution Control Agency.

The Requirement: The MPCA oversees water quality and requires local entities seeking funding for infrastructure projects (Wastewater, Stormwater) to meet criteria for the Project Priority List (PPL), which incentivizes strong Asset Management.

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 MPCA 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 MN Secretary of State mandates stringent security for elections. M.S. 206 requires rigorous pre-election testing and securing the care and custody of all voting equipment and memory devices.

The Asset Panda Solution: Asset Panda is used by county election officials to implement digital chain of custody procedures. It creates a timestamped audit log documenting the serial number and seal number of election equipment and media, guaranteeing the asset's integrity for the required post-election reviews.

5. Education (MDE & University Systems)

Agency Definition:

• MDE: Minnesota Department of Education.

The Requirement: School districts must comply with MDE rules and Uniform Guidance (2 C.F.R. Part 200), requiring property records and detailed inventory for equipment purchased with federal funds under the UFARS (Uniform Financial Accounting and Reporting Standards) system.

The Asset Panda Solution: Asset Panda is a powerful tool for E-Rate and federal grant 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 MDE for fiscal monitoring.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy Minnesota's procurement laws? A: Yes. Purchasing through the Cooperative Purchasing Venture (CPV) contract satisfies competitive bid requirements, streamlining the acquisition of IT software and cloud services for state and local entities.

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 MMB reporting.

Q: Does Asset Panda track sensitive items below the $30,000 threshold? A: Yes. Asset Panda is ideal for tracking Inventoriable Property (e.g., IT equipment, portable assets) that require inventory and accountability, ensuring compliance with MMB policy.

Glossary of Minnesota Compliance Terms

• DOA: Department of Administration (Central procurement authority).

• MMB: Minnesota Management and Budget (Governs statewide financial and fixed asset policy).

• MNIT: Minnesota IT Services (Sets state IT security and policy standards).

• MPCA: Minnesota Pollution Control Agency (Regulates water systems).

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

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

• Inventoriable Property: Tangible property that must be tagged and tracked for accountability, especially those below the high $30,000 capitalization threshold.

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