A Compliance and Procurement Framework for South Dakota

See how Asset Panda helps SD agencies meet GASB 34, DANR asset management, and DOE grant compliance while simplifying NASPO procurement through the DOA.

Executive Summary: Asset Panda for South Dakota

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 Dakota.

The platform is explicitly designed to track Capital Assets (>$5k threshold), Inventoriable Items, 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 Dakota security standards)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by South Dakota)

Section 1: South Dakota Procurement Matrix

How to purchase Asset Panda in compliance with the South Dakota Bureau of Administration (BOA) rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Bureau of Administration (BOA) / Office of State Procurement (OSP)
State Bid Threshold	$25,000 (General competitive bid threshold for procurement).
Property Control Threshold	$500 (Minimum value for asset inventory tracking/tagging).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under state law (SDCL 5-18A), 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 Dakota regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / BFM (Financial Reporting)	Track and depreciate Capital Assets ($5,000 threshold) and comply with Annual Inventory requirements.	Automates straight-line depreciation for assets meeting the $5,000 capitalization threshold set by the Bureau of Finance and Management (BFM).
DOA/BFM (Property Control)	Inventory "Inventoriable Items" (sensitive, high-theft items) valued at $500 or more.	Tracks Inventoriable Items with full audit trails and custody logs to prevent loss and satisfy BOA/BFM property standards.
DANR (Environmental Quality)	Develop Asset Management Plan to secure DWSRF funding and ensure water system sustainability.	Provides inventory, condition assessment, and maintenance logs necessary to qualify for water infrastructure funding from DANR.
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.
SD Secretary of State	Secure Chain of Custody log for voting equipment and ensure Protective Counter integrity (SDCL 12-17B).	Logs every movement of precinct scanners and media with timestamps and digital seals, ensuring integrity for post-election audits.
SD DOE (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 South Dakota Bureau of Finance and Management (BFM) mandates fixed asset reporting. The standard capitalization threshold for equipment is $5,000. However, state policy dictates that all property costing $500 or more must be inventoried and tracked for control purposes.

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.

• Inventoriable Items: Asset Panda is essential for tracking the high volume of Inventoriable Items (equipment valued from $500 to $4,999). The platform provides the auditable custody logs necessary to satisfy the DOA's property control mandate.

Micro-Scenario: The SDSU Physics Department acquires specialized research tools for $1,500 each. Asset Panda tracks these items as Inventoriable Items (as they are $500+) with serial numbers and custodian records, ensuring the University complies with DOA property management rules, even though they are not capitalized for the state’s financial report.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• DANR: Department of Agriculture and Natural Resources.

The Requirement: The DANR regulates water resources and strongly promotes Asset Management Plans (AMPs) for public water systems to demonstrate technical, managerial, and financial capacity. AMPs are crucial for receiving Drinking Water State Revolving Fund (DWSRF) financing.

The Asset Panda Solution: Asset Panda helps utilities comply with the DANR mandate by documenting and tracking critical infrastructure assets (pumps, treatment plants, distribution networks). This verifiable record supports asset life-cycle costing and condition assessment, which are essential for securing DWSRF 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 (Secretary of State)

The Requirement: The SD Secretary of State mandates that the county auditors maintain strict Chain of Custody for all election equipment (SDCL 12-17B). Voting machines must be stored securely, and their seals and counters must be verified before and after each election.

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

5. Education (SD DOE & University Systems)

Agency Definition:

• SD DOE: South Dakota Department of Education.

The Requirement: School districts must comply with SD DOE rules and Uniform Guidance (2 C.F.R. Part 200), requiring property records for federal grant equipment. The SD DOE performs fiscal monitoring to ensure these records are adequate.

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 SD DOE for fiscal monitoring.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy South Dakota's bid laws? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements under state 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, generating the data needed for GASB 34 compliance and BFM reporting.

Q: Does Asset Panda track sensitive items below the $5,000 threshold? A: Yes. Asset Panda is ideal for tracking Inventoriable Items (e.g., all equipment $500 or more) that require tagging and accountability for the DOA Materiel Division's property control standards.

Glossary of South Dakota Compliance Terms

• BFM: Bureau of Finance and Management (Governs state financial policy and accounting).

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

• DANR: Department of Agriculture and Natural Resources (Regulates water systems).

• SD DOE: South Dakota 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.

• Inventoriable Items: Tangible property valued at $500 or more that must be inventoried and tagged for control purposes, per BFM policy.

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