A Compliance and Procurement Framework for Rhode Island

See how Asset Panda helps RI agencies meet GASB 34, DEM asset management, and RIDE grant compliance while simplifying NASPO procurement through the Division of Purchases.

Executive Summary: Asset Panda for Rhode Island

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 Rhode Island.

The platform is explicitly designed to track Capital Assets (>$10k threshold), Controllable Items (>$1k threshold), and Grant-Funded Equipment (2 C.F.R. Part 200).

Key Authorization	Detail
Security Certification	SOC 2 Type 2, HIPAA Compliant (Cloud solution meets RI security and data standards)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by Rhode Island)

Section 1: Rhode Island Procurement Matrix

How to purchase Asset Panda in compliance with the Rhode Island Division of Purchases (DP) rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Division of Purchases (DP) / Department of Administration (DOA)
Vendor Portal	Ocean State Procures (OSP) System
Local Bid Threshold	$10,000 (General purchasing threshold for most contracts).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under RI General Law § 37-2, streamlining the acquisition of IT software and cloud services for state agencies, cities, and towns.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Rhode Island regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / Accounts & Control (Financial Reporting)	Track and depreciate Capital Assets and comply with the state's updated capitalization thresholds.	Automates straight-line depreciation for assets meeting the $10,000 capitalization threshold.
Accounts & Control (Property Management)	Maintain Controllable Items (high-risk assets $1,000–$9,999) for management control.	Tracks Controllable Items (e.g., IT equipment, portable devices) with full audit trails and location data to satisfy DOA inventory requirements.
RI DEM / DOH (Environmental Quality)	Develop Asset Management Plan to secure SRF funding and ensure water system sustainability.	Provides inventory, condition assessment, and long-term funding data necessary to meet DEM and DOH regulatory 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.
RI Board of Elections	Secure Chain of Custody log for mail-in ballots and voting apparatus (RIGL Title 17).	Logs every movement of election equipment, providing verifiable timestamps and signatures required for ballot certification and audit.
RIDE (Education Grants)	2 C.F.R. Part 200 compliance, requiring physical inventory every two years 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 Rhode Island Office of Accounts and Control mandates strict adherence to GASB 34. The capitalization threshold for equipment is increasing to $10,000 (effective July 1, 2024). Agencies must also track Controllable Items that fall below this threshold.

The Asset Panda Solution:

• Capital Assets: Asset Panda is the system used to track high-value assets over the $10,000 capitalization threshold. It manages depreciation, and tracks acquisition and disposal records required for the Fixed Asset Control and Tracking System (FACTS).

• Controllable Items: RI policy requires agencies to inventory all property costing $1,000 or more for internal control. Asset Panda is the specialized tool for tracking these Controllable Items (laptops, cameras, tools) that don't meet the financial threshold but require management control.

Micro-Scenario: The Department of Administration (DOA) initiates an RFP for fixed asset inventory verification. Asset Panda tracks all agency assets, providing the accurate Controllable Item list needed to satisfy the reconciliation requirements of the DOA's Office of Accounts and Control.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• RI DEM: Rhode Island Department of Environmental Management.

• DOH: Department of Health.

The Requirement: The RI DEM and DOH encourage Asset Management Plans (AMPs) for public water and wastewater systems to address aging infrastructure and secure funding through the Clean Water State Revolving Fund (SRF).

The Asset Panda Solution: Asset Panda helps utilities comply with the DEM/DOH mandate by documenting and tracking critical infrastructure assets (pumps, treatment facilities, distribution networks). This verifiable record supports asset life-cycle costing and condition assessment, which are prerequisites for securing SRF and other financial assistance.

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 (Board of Elections)

The Requirement: The RI Board of Elections mandates strict Chain of Custody for ballots and voting equipment. RIGL § 17-20-26 requires careful handling and sealing of mail ballots, and public inspection of records related to recounts and protests.

The Asset Panda Solution: Asset Panda is used by election officials to implement digital chain of custody procedures. It creates a timestamped audit log documenting the movement and sealing status of voting machines and media, ensuring integrity for the required post-election audits and potential recounts.

5. Education (RIDE & University Systems)

Agency Definition:

• RIDE: Rhode Island Department of Education.

The Requirement: School districts must comply with RIDE rules and federal grant compliance. This requires maintaining records for all equipment with a useful life of more than one year and following the proper disposition procedures.

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 RIDE for fiscal monitoring.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy Rhode Island's bid laws? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements, 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 DOA reporting.

Q: Does Asset Panda track sensitive items below the $10,000 threshold? A: Yes. Asset Panda is ideal for tracking Controllable Items (e.g., IT equipment, portable assets) valued at $1,000 or more for inventory control, as required by DOA policy.

Glossary of Rhode Island Compliance Terms

• DOA: Department of Administration (Central financial authority).

• DP: Division of Purchases (Central procurement authority).

• RI DEM: Rhode Island Department of Environmental Management (Regulates utility and water quality).

• RIDE: Rhode Island 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.

• Controllable Items: Tangible property valued at $1,000 or more but below the capitalization threshold, tracked for management control.

• OSP: Ocean State Procures (RI’s e-procurement system).

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