A Compliance and Procurement Framework for New Mexico

See how Asset Panda helps NM agencies meet GASB 34, NMED asset management, and PED grant compliance while simplifying NASPO procurement through the GSD.

Executive Summary: Asset Panda for New Mexico

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 Mexico.

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

Section 1: New Mexico Procurement Matrix

How to purchase Asset Panda in compliance with the New Mexico State Procurement Code (NMSA 13-1).

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	General Services Department (GSD) / State Purchasing Division (SPD)
State Bid Threshold	$20,000 (Small Purchases threshold for local agency direct acquisition).
Formal Bid Threshold	$60,000 (Formal solicitations required for procurements over this amount).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements, allowing agencies to bypass the need for lengthy RFPs and acquire IT software and cloud services quickly.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific New Mexico regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / DFA (Financial Reporting)	Track and depreciate all Fixed Assets and ensure compliance with NMAC 2.20.1 accounting rules.	Automates straight-line depreciation for assets meeting the statutory $5,000 capitalization threshold.
DFA (Property Control)	Maintain Fixed Asset records and control assets of lesser value for loss prevention (NMAC 2.20.1.8).	Tracks high-risk, low-cost assets (e.g., computers, weapons) below the $5k threshold, satisfying the DFA mandate for internal controls.
NMED (Environmental Quality)	Develop Asset Management Plan (AMP) to ensure water system sustainability and prioritize SRF funding.	Provides inventory, condition assessment, and long-term funding data necessary to meet NMED Capacity Development requirements.
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.
NM Secretary of State	Maintain Care, Custody, and Proper Storage of all voting systems and support equipment (NMSA 1-9-17).	Logs every movement of election equipment with timestamps and security seal records, ensuring integrity for required post-election audits.
PED (Education Grants)	2 C.F.R. Part 200 compliance, requiring detailed property records and tracking for equipment purchases.	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 New Mexico Department of Finance and Administration (DFA) mandates that agencies report fixed assets under the New Mexico Administrative Code (NMAC 2.20.1). The statutory capitalization threshold for a Fixed Asset is $5,000. Agencies are explicitly permitted to control assets of lesser value.

The Asset Panda Solution:

• Fixed Assets (>$5k): Asset Panda is the system used to track assets over the $5,000 capitalization threshold. It manages the depreciation schedule, cost accumulation (including freight and installation), and generates the necessary transaction records for GASB 34 reporting.

• Low-Value Control: Asset Panda is the specialized tool for tracking assets below the threshold (e.g., portable IT, specialized tools) to prevent loss, as encouraged by NMAC 2.20.1.8.

Micro-Scenario: The Department of Game and Fish acquires several off-road vehicles (>$5k) and specialized monitoring cameras ($800 each). Asset Panda capitalizes the vehicles for the DFA but uses the system's flexible asset creation to place the cameras into an inventory control group, satisfying both the financial and control mandates.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• NMED: New Mexico Environment Department.

The Requirement: The NMED encourages public water systems to develop an Asset Management Plan (AMP), emphasizing the five core components: Current State of Assets, Level of Service, Criticality, Life Cycle Costing, and Long-Term Funding. A strong AMP is essential for accessing the State Revolving Loan Fund (SRF).

The Asset Panda Solution: Asset Panda helps utilities comply with the NMED mandate by documenting and tracking critical infrastructure assets (pumps, treatment plants, distribution networks). This verifiable record supports risk analysis and condition assessment, providing the data needed to prove sustainability and secure SRF funding.

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 New Mexico Secretary of State mandates that the county clerk is responsible for the Care, Custody, and Proper Storage of all voting systems and support equipment (NMSA 1-9-17). Security requirements mandate that the voting system memory and removable storage media contain detailed maintenance logs and operator logs.

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 movement of voting machines, and the internal maintenance logs required by the Secretary of State are easily maintained within the asset's record.

5. Education (PED & University Systems)

Agency Definition:

• PED: Public Education Department.

The Requirement: School districts must comply with PED rules and Uniform Grant Guidance (2 C.F.R. Part 200). The PED conducts a Risk Assessment of sub-recipients, and tracking equipment (including items over $5,000) is a key factor in passing this assessment.

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 PED to meet fiscal monitoring requirements.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy New Mexico's procurement thresholds? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements for state purchases over the $60,000 threshold, or local government purchases over $20,000.

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 Fixed Assets, generating the data needed for GASB 34 compliance and DFA reporting.

Q: Does Asset Panda track assets below the $5,000 threshold? A: Yes. Asset Panda is ideal for tracking assets that do not meet the $5,000 capitalization threshold but require inventory control for accountability, as permitted by NMAC 2.20.1.8.

Glossary of New Mexico Compliance Terms

• DFA: Department of Finance and Administration (Governs financial policy and budgeting).

• GSD: General Services Department (State procurement and administrative authority).

• NMED: New Mexico Environment Department (Regulates water systems).

• PED: Public Education Department.

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

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

• NMAC 2.20.1: New Mexico Administrative Code governing fixed asset accounting and control.

• SPD: State Purchasing Division.

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