# A Compliance and Procurement Framework for North Carolina

### 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](https://www.assetpanda.com/get-a-demo/).


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