A Compliance and Procurement Framework for South Carolina

See how Asset Panda helps SC agencies meet GASB 34, SCDES asset management, and SCDE grant compliance while simplifying NASPO procurement through SC DOA.

Executive Summary: Asset Panda for South 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 South 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 South Carolina security standards)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by South Carolina)

Section 1: South Carolina Procurement Matrix

How to purchase Asset Panda in compliance with the South Carolina Consolidated Procurement Code.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Cooperative Program	COSTARS (Used by local public procurement units - LPPU)
Procurement Authority	Department of Administration (SC DOA) / Office of State Procurement (OSP)
State Bid Threshold	$50,000 (General bid threshold for competitive solicitation).
Procurement Advantage	Using the NASPO ValuePoint contract, often accessible through COSTARS, satisfies competitive bid requirements under state 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 South Carolina regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / Comptroller (Financial Reporting)	Track and depreciate Capital Assets ($5,000 threshold) and ensure compliance with Annual Inventory requirements.	Automates straight-line depreciation for assets meeting the $5,000 capitalization threshold.
SC DOA (Property Control)	Track Sensitive Equipment and maintain continuous accountability for high-risk assets (weapons, IT).	Tracks Sensitive Equipment (e.g., computers, weapons, equipment $<\$5k$) with full audit trails to prevent loss and satisfy DOA inventory standards.
SCDES (Environmental Quality)	Implement robust Asset Management Plan and perform Asset Assessment to secure SRF funding.	Provides inventory, condition assessment, and maintenance logs necessary to qualify for water infrastructure funding from SCDES.
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.
SC State Election Commission (SCSEC)	Secure Chain of Custody log for all voting equipment seals and protective counters (SC Code 7-13).	Logs every movement of precinct scanners and media with timestamps and digital seals, ensuring integrity for post-election audits.
SCDE (Education Grants)	2 C.F.R. Part 200 compliance, requiring detailed property records 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 SC Office of the Comptroller General mandates that agencies report fixed assets. The general capitalization threshold for equipment is $5,000. Furthermore, agencies must track items designated as Sensitive Equipment for accountability.

The Asset Panda Solution:

• Capital Assets: Asset Panda is the system used to track individual assets over the $5,000 capitalization threshold. It manages depreciation and tracks asset status, fulfilling GASB 34 reporting requirements.

• Sensitive Equipment: South Carolina policy mandates enhanced tracking for Sensitive Equipment (e.g., firearms, IT equipment, cameras) below the financial threshold. Asset Panda provides the digital audit trail and detailed records required for internal control.

Micro-Scenario: The University of South Carolina needs to complete its Annual Inventory validation. Asset Panda allows auditors to quickly reconcile physical assets, including Sensitive Equipment used for research and education, ensuring compliance with the $5,000 capitalization rule and the internal control mandate.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• SCDES: South Carolina Department of Environmental Services (Regulates utility viability and water resources).

The Requirement: The SCDES strongly encourages the development of an Asset Management Plan through programs like the Asset Inventory and Assessment (AIA) Grant. This is a prerequisite for securing federal State Revolving Fund (SRF) assistance for water and wastewater infrastructure projects.

The Asset Panda Solution: Asset Panda helps utilities document and track critical infrastructure assets (pumps, treatment plants, distribution networks). This digital record is essential for SCDES compliance, supporting the data required for the AIA Grant application and demonstrating long-term system viability.

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 Election Commission)

The Requirement: The SC State Election Commission (SCSEC) mandates stringent security and chain of custody procedures. This includes logging the care and security of all precinct scanners and media before and after the election (SC Code 7-13).

The Asset Panda Solution: Asset Panda is used by local Boards of Voter Registration and 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 (SCDE & University Systems)

Agency Definition:

• SCDE: South Carolina Department of Education.

The Requirement: School districts must comply with SCDE 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 acquisition and disposal process, ensuring compliance with SCDE reporting deadlines.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy South Carolina's bid laws? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements under the Consolidated Procurement Code, 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 (>$5k threshold), generating the data needed for GASB 34 compliance and Comptroller 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 South Carolina Compliance Terms

• SC DOA: South Carolina Department of Administration (Central procurement and financial authority).

• SCSEC: South Carolina State Election Commission.

• SCDES: South Carolina Department of Environmental Services (Regulates utility viability and water resources).

• SCDE: South Carolina 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.

• COSTARS: The Commonwealth's cooperative purchasing program for local public entities.

• Sensitive Equipment: Tangible property valued under the $5,000 capitalization threshold that requires enhanced tracking for security and internal control purposes.

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