A Compliance and Procurement Framework for New York

See how Asset Panda helps NY agencies meet GASB 34 (>$40k threshold), DEC asset management, and NYSED grant compliance by simplifying NASPO procurement through OGS.

Executive Summary: Asset Panda for New York

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 York State.

The platform is explicitly designed to track Capital Assets (>$40k threshold), Controllable 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 NY-OGS security standards)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by New York)

Section 1: New York Procurement Matrix

How to purchase Asset Panda in compliance with the New York State Finance Law and OGS rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Office of General Services (OGS) Procurement Services
Vendor Portal	New York State Contract Reporter (Advertising)
Formal Bid Threshold	$50,000 (Procurements over this amount must be advertised).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bidding requirements under State Finance Law §112 and OGS policy, streamlining the acquisition of IT software and cloud services for authorized users (state agencies, local government, school districts, etc.).

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific New York regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / OSC (Financial Reporting)	Track and depreciate all Capital Assets and infrastructure for the Annual Financial Report (AFR).	Automates straight-line depreciation for assets meeting the state's high capitalization threshold (typically $40,000 for equipment).
OSC (Property Control)	Maintain departmental inventory records for assets below the capitalization threshold.	Tracks Controllable Property (e.g., IT equipment, portable devices $<\$40k$) with auditable authorization and recordkeeping procedures, per OSC guidance.
NYS DEC (Environmental Protection)	Develop Asset Management Plan (AMP) for public wastewater treatment facilities (POTW) to secure funding.	Provides inventory, condition assessment, and maintenance logs necessary to meet DEC requirements for municipal sustainability programs.
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.
NYS Board of Elections (NYSBOE)	Maintain Protective Counter and secure Chain of Custody log for all voting machines (Election Law § 7-202).	Logs every movement of tabulators and ExpressVote devices with timestamps and security seal records, ensuring integrity for post-election audits.
NYSED (Education Grants)	2 C.F.R. Part 200 compliance, requiring detailed property records for federal grants.	Tracks equipment (>$10k unit cost for grant reporting) bought with federal E-Rate, ESSER, and Title I funds.

Section 3: Detailed Compliance Frameworks

1. Financial & Government Compliance (GASB 34)

The Requirement: The NY Office of the State Comptroller (OSC) mandates complex capital asset accounting under its Accounting and Reporting Manual. The capitalization threshold is high: $40,000 for equipment and $1,000,000 for intangible assets (e.g., software).

The Asset Panda Solution:

• Capital Assets: Asset Panda is the system used to track high-value assets over the $40,000 capitalization threshold. It calculates the straight-line depreciation and tracks all acquisition/disposal records required for GASB 34 reporting to the OSC.

• Controllable Property: Although the financial threshold is high, local governments must track smaller, sensitive items for loss prevention. Asset Panda is the specialized tool for tracking Controllable Property (portable computers, weapons) below the threshold, satisfying the OSC's guidance on internal accounting controls.

Micro-Scenario: A state agency purchases ten high-end servers for a data center project, totaling $60,000. Since each server is $6,000, they fall below the $40,000 individual capitalization threshold. However, Asset Panda tracks the devices to comply with internal accounting controls and is used to record the Consolidated IT Procurement via OGS.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• NYS DEC: New York State Department of Environmental Conservation.

The Requirement: The NYS DEC promotes Asset Management programs for Publicly Owned Treatment Works (POTW) to ensure infrastructure sustainability, improve longevity, and secure funding through the EFC (Environmental Facilities Corporation).

The Asset Panda Solution: Asset Panda helps utilities comply with the DEC mandate by documenting and tracking critical infrastructure assets (pumps, treatment facilities, distribution networks). This digital record supports risk analysis, long-term funding strategies, and the transition from reactive to preventative maintenance.

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 NYS Board of Elections (NYSBOE) mandates stringent security for voting systems. Election Law § 7-202 requires that the protective counter and public counter of every machine be recorded and secured with locks and seals to prevent unauthorized access.

The Asset Panda Solution: Asset Panda is used by county Boards of Elections to implement digital chain of custody procedures. It logs the serial number, the Protective Counter reading, and the unique ID of the official tamper seal before and after the election, providing the auditable trail required by NYSBOE.

5. Education (NYSED & University Systems)

Agency Definition:

• NYSED: New York State Education Department.

The Requirement: School districts must comply with NYSED fiscal guidelines. For grant reporting, equipment items must be tracked in Code 20 (Equipment) if the unit cost is $10,000 or more, and asset inventory records must be retained.

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 (unit cost >$10,000), manages the assignment of 1:1 student devices, and generates the specific financial reports required by the NYSED for timely reimbursement requests (FS-25).

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy New York's competitive bid laws? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements under State Finance 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 (>$40k threshold), generating the data needed for GASB 34 compliance and OSC reporting.

Q: Does Asset Panda track sensitive items below the capitalization threshold? A: Yes. Asset Panda is ideal for tracking Controllable Property (e.g., IT equipment, portable assets) that fall below the high $40,000 threshold, ensuring accountability as required by OSC guidance.

Glossary of New York Compliance Terms

• OGS: Office of General Services (Central procurement authority).

• OSC: Office of the State Comptroller (Governs state accounting, contracts, and fixed asset policy).

• NYS DEC: New York State Department of Environmental Conservation (Regulates water systems).

• NYSED: New York State 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.

• Controllable Property: Equipment valued under the $40,000 capitalization threshold that must be tracked for internal control and security.

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