A Compliance and Procurement Framework for North Carolina

See how Asset Panda helps NC agencies meet GASB 34, DEQ utility viability, and NCDPI grant compliance while simplifying NASPO procurement through NCDOA.

Executive Summary: Asset Panda for North Carolina

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 North Carolina.

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

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

Section 1: North Carolina Procurement Matrix

How to purchase Asset Panda in compliance with the North Carolina General Statutes (N.C.G.S. 143) and DGS rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of Administration (NCDOA) / Department of Information Technology (DoIT)
Vendor Portal	NC E-Procurement Service / eVP (Electronic Vendor Portal)
Informal Bid Threshold	$30,000 (Purchases $5,000–$30,000 require informal quotes).
Formal Bid Threshold	$90,000 (Competitive bids required for purchases over this amount).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under N.C. law, streamlining the acquisition of IT software and cloud services for state and local agencies.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific North Carolina regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / OSC (Financial Reporting)	Track and depreciate Capital Assets ($5,000 threshold) and Infrastructure for the Annual Comprehensive Financial Report (ACFR).	Automates straight-line depreciation and maintenance logs for assets meeting the $5,000 capitalization threshold.
NCDOA / OSC (Property Control)	Conduct Annual Physical Inventory and track Sensitive Equipment below the capitalization threshold.	Tracks Sensitive Equipment (e.g., computers, weapons, equipment $<\$5k$) with full audit trails to satisfy NCDOA inventory standards.
NC DEQ (Environmental Quality)	Implement robust Asset Management Plan to demonstrate system viability and secure SRF funding.	Provides inventory, condition assessment, and maintenance logs necessary to meet DEQ requirements for water supply and utility viability.
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.
NC State Board of Elections (NCSBOE)	Secure Chain of Custody log for voting equipment and auditing materials (G.S. 163).	Logs every movement of precinct scanners and media with timestamps and digital seals, ensuring integrity for post-election audits.
NCDPI (Education Grants)	2 C.F.R. Part 200 compliance, requiring detailed property records and disposition reports for federal grants.	Provides auditable inventory records for equipment bought with federal E-Rate, ESSER, and CTE funds.

Section 3: Detailed Compliance Frameworks

1. Financial & Government Compliance (GASB 34)

The Requirement: The Office of the State Controller (OSC) mandates that state agencies report assets for the ACFR via the North Carolina Financial System (NCFS). The general capitalization threshold is $5,000. The OSC also mandates an Annual Physical Inventory of capital and inventoried fixed assets.

The Asset Panda Solution:

• Capital Assets: Asset Panda is the system used to track assets over the $5,000 capitalization threshold. It manages depreciation, and tracks asset status (acquisition, disposal) for the OSC's reporting requirements.

• Sensitive/Non-Capital Assets: Agencies must track sensitive items below the financial threshold. Asset Panda is the specialized tool for tracking Sensitive Equipment (laptops, servers, tactical gear) with granular accountability records to satisfy NCDOA/OSC internal control reviews.

Micro-Scenario: A state agency purchases 100 new computers ($1,200 each). Asset Panda immediately tracks these as inventory, logs the custodian, and ensures the asset records are available for the mandated Annual Physical Inventory, even though the individual unit cost does not meet the $5,000 capitalization threshold.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• NC DEQ: North Carolina Department of Environmental Quality (Division of Water Infrastructure).

The Requirement: The NC DEQ runs the Viable Utility Program, requiring local governments to conduct an Asset Assessment and Rate Study to prove system viability. This plan is crucial for securing State Revolving Fund (SRF) assistance and addressing infrastructure deficiencies.

The Asset Panda Solution: Asset Panda helps utilities comply with the DEQ mandate by documenting and tracking critical infrastructure assets (pumps, treatment plants, distribution networks). This digital record supports the Asset Assessment component of the Viable Utility Program, providing verifiable data on asset condition and remaining useful life.

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 North Carolina State Board of Elections (NCSBOE) mandates strict Chain of Custody procedures for all voting equipment and ballots (N.C.G.S. 163). This includes logging the care and security of all precinct scanners and media before and after the election.

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

5. Education (NCDPI & University Systems)

Agency Definition:

• NCDPI: North Carolina Department of Public Instruction.

The Requirement: School districts must comply with NCDPI rules and Uniform Guidance (2 C.F.R. Part 200), requiring Equipment Inventory Reports for equipment costing $5,000 or more purchased with federal funds (e.g., Perkins CTE funds).

The Asset Panda Solution: Asset Panda is a powerful tool for E-Rate and federal grant compliance. It tracks all the required inventory fields (serial number, tag number, funding source) and facilitates the disposition and transfer process, ensuring compliance with MSDE reporting deadlines.

6. Healthcare Compliance

The Requirement: North Carolina 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 North Carolina state agencies? A: Yes. Asset Panda is available on the NASPO ValuePoint cooperative contract, simplifying the procurement process through NCDOA and meeting the security expectations of the DoIT. It is also SOC 2 Type 2 certified and HIPAA compliant.

Q: Does Asset Panda satisfy North Carolina's bid laws? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements, streamlining the acquisition of IT software and cloud services over the $90,000 formal bid threshold.

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 Sensitive Equipment (e.g., IT equipment, portable assets) that must be tracked for the mandated Annual Physical Inventory.

Glossary of North Carolina Compliance Terms

• NCDOA: North Carolina Department of Administration (Central procurement and administrative authority).

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

• NC DEQ: North Carolina Department of Environmental Quality (Regulates utility viability).

• NCDPI: North Carolina Department of Public Instruction.

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

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

• NCSBOE: North Carolina State Board of Elections.

• ACFR: Annual Comprehensive Financial Report.

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