A Compliance and Procurement Framework for New Jersey

See how Asset Panda helps NJ agencies meet GASB 34, NJDEP asset management, and DOE grant compliance while simplifying NASPO procurement through DPP and NJStart.

Executive Summary: Asset Panda for New Jersey

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 New Jersey.

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 NJ security and data standards)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by New Jersey)

Section 1: New Jersey Procurement Matrix

How to purchase Asset Panda in compliance with the NJ Department of Treasury (DOT) rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of Treasury (DOT) / Division of Purchase and Property (DPP)
Vendor Portal	NJStart (The state's eProcurement system)
Local Bid Threshold	$44,000 (Local Public Contract Law competitive bidding threshold, adjusted annually).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under New Jersey law (N.J.S.A. 52:34), streamlining the acquisition of IT software and cloud services for state and local agencies.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific New Jersey regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / DOT (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).
DOT / OMB (Property Control)	Maintain records for Controllable Assets (theft-prone items) for accountability (N.J.A.C. 17:16).	Tracks Controllable Assets (e.g., IT equipment, portable devices $<\$5k$) with full audit trails to safeguard assets against loss and theft.
NJDEP (Environmental Protection)	Implement formal Asset Management Plan for public water system sustainability and Water Bank financing.	Provides inventory, condition assessment, and long-term funding data necessary to meet NJDEP requirements for utility financing.
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.
NJ Division of Elections	Maintain strict Chain of Custody log for voting systems, including electronic poll books (N.J.S.A. 19:48).	Logs every movement of election equipment with timestamps and digital seals, meeting the state's security and auditing requirements.
NJDOE (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 NJ Department of Treasury (DOT), through the Office of Management and Budget (OMB), governs fixed asset accounting. The typical threshold for Capital Assets (equipment) is $5,000. All agencies must implement controls to safeguard assets.

The Asset Panda Solution:

• Capital Assets: Asset Panda is the system used to track assets over the $5,000 capitalization threshold. It automates the depreciation schedule and ensures compliance with GASB 34 reporting standards.

• Controllable Assets: New Jersey policy emphasizes internal controls for sensitive property that does not meet the capitalization threshold. Asset Panda is the specialized tool for tracking Controllable Assets (laptops, cameras, etc.) with a full, auditable chain of custody.

Micro-Scenario: A municipal police department purchases a dozen new dash cameras ($1,500 each). Asset Panda immediately tags and tracks these as Controllable Assets, logging their assignment to vehicles and officers to prevent loss and satisfy municipal audit requirements under the Local Public Contract Law.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• NJDEP: New Jersey Department of Environmental Protection.

The Requirement: The NJDEP manages the New Jersey Water Bank (State Revolving Fund) and encourages public water systems to develop formal Asset Management Plans to prove system sustainability and qualify for low-interest loans.

The Asset Panda Solution: Asset Panda helps utilities comply with the NJDEP mandate by documenting and tracking critical infrastructure assets (pumps, treatment plants, distribution networks). This digital record supports the shift from reactive to proactive maintenance, providing the reliable data needed for Water Bank financing applications.

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 (Division of Elections)

The Requirement: The NJ Division of Elections mandates stringent security for elections. N.J.S.A. 19:48-3.1 requires local election officials to securely store and maintain all voting equipment and supplies under strict Chain of Custody protocols.

The Asset Panda Solution: Asset Panda is used by local election officials to implement digital chain of custody procedures. It creates a timestamped audit log documenting the movement and sealing status of voting machines, poll books, and media, guaranteeing the asset's integrity for the required security checks.

5. Education (NJDOE & University Systems)

Agency Definition:

• NJDOE: New Jersey Department of Education.

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

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 NJDOE for fiscal monitoring.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy New Jersey's competitive bid laws? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements under New Jersey law, 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 DOT 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 DOT/OMB policy.

Glossary of New Jersey Compliance Terms

• Controllable Assets: Tangible property valued under the $5,000 capitalization threshold that must be inventoried due to risk of loss or sensitive data, per N.J.A.C. 17:16.

• DOT: Department of Treasury (Central financial and policy authority).

• DPP: Division of Purchase and Property (Central procurement authority).

• NJDEP: New Jersey Department of Environmental Protection (Regulates water systems).

• NJDOE: New Jersey Department 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.

• NJStart: New Jersey’s vendor registration and procurement portal.

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