A Compliance and Procurement Framework for Tennessee

See how Asset Panda helps TN agencies meet GASB 34, TDEC asset management, and TDOE grant compliance while simplifying NASPO procurement through the CPO.

Executive Summary: Asset Panda for Tennessee

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 Tennessee.

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

Section 1: Tennessee Procurement Matrix

How to purchase Asset Panda in compliance with the Tennessee Central Procurement Office (CPO) rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of General Services (DGS) / Central Procurement Office (CPO)
Vendor Portal	TN Smart Shop / GO-BID
Formal Bid Threshold	$50,000 (County/LEA threshold with centralized purchasing).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under T.C.A. § 12-3-1212, streamlining the acquisition of IT software and cloud services for state and local agencies.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Tennessee regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / Comptroller (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.
Comptroller (Property Control)	Track Sensitive Minor Equipment (items $100–$5,000) and all weapons, regardless of cost.	Tracks Sensitive Minor Equipment (e.g., computers, weapons, equipment $<\$5k$) with full audit trails and location records.
TDEC (Environmental Quality)	Develop Asset Management Plan (AMP) to secure SRF funding and meet WRRDA requirements.	Provides inventory, condition assessment, and maintenance logs necessary to qualify for water infrastructure funding from TDEC.
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.
TN Coordinator of Elections	Maintain strict Care and Custody of voting machines, keys, and seals (T.C.A. 2-9-105).	Logs every movement of election tabulators with timestamps and digital seals, ensuring integrity for pre-election testing.
TDOE (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 Tennessee Comptroller of the Treasury mandates fixed asset accounting policies based on GASB 34. The state definition of Equipment is often items with a unit cost of $5,000 or more with a useful life of three years or more. However, Sensitive Minor Equipment (items $100–$5,000, like computers and weapons) must also be tracked.

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, fulfilling GASB 34 and Comptroller reporting requirements.

• Sensitive Minor Equipment: Asset Panda is the specialized tool for tracking Sensitive Minor Equipment below the financial threshold, providing auditable custody logs, serial numbers, and maintenance records to satisfy property control audits.

Micro-Scenario: The Department of Safety purchases new body cameras ($1,200 each). Asset Panda tracks these as Sensitive Minor Equipment, logging the officer assigned, maintenance history, and ensuring the asset is accounted for during the required biennial inventory.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• TDEC: Tennessee Department of Environment and Conservation.

The Requirement: The TDEC Division of Water Resources requires recipients of State Revolving Fund (SRF) loans (for clean water and drinking water) to develop and implement an Asset Management Plan (AMP), as mandated by the Water Resources Reform and Development Act (WRRDA).

The Asset Panda Solution: Asset Panda helps utilities comply with the TDEC mandate by documenting and tracking critical infrastructure assets (pumps, treatment plants, distribution networks). This verifiable record supports the required Fiscal Sustainability Plan (FSP), providing the data needed to secure SRF 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 (Coordinator of Elections)

The Requirement: The Tennessee Coordinator of Elections mandates strict security for voting machines. T.C.A. § 2-9-105 requires that all machines be sealed with a pre-numbered seal, and a written certificate recording the protective counter and seal number must be filed with the County Election Commission.

The Asset Panda Solution: Asset Panda is used by county election commissions 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, providing the exact certified documentation required by the Coordinator of Elections.

5. Education (TDOE & University Systems)

Agency Definition:

• TDOE: Tennessee Department of Education.

The Requirement: School districts must comply with TDOE rules and Uniform Guidance (2 C.F.R. Part 200), requiring property records and a physical inventory at least once every two years for equipment purchased with federal funds.

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 TDOE for fiscal monitoring.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy Tennessee's procurement laws? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements (T.C.A. § 12-3-1212), 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 Comptroller reporting.

Q: Does Asset Panda track sensitive items below the $5,000 threshold? A: Yes. Asset Panda is ideal for tracking Sensitive Minor Equipment (e.g., computers, weapons, portable assets $100–$5,000) that require inventory and accountability for the Comptroller's property control standards.

Glossary of Tennessee Compliance Terms

• CPO: Central Procurement Office (Division of the DGS).

• DGS: Department of General Services (State procurement authority).

• TDEC: Tennessee Department of Environment and Conservation (Regulates water systems).

• TDOE: Tennessee 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.

• Sensitive Minor Equipment: Tangible property valued between $100 and $5,000 that requires specific tracking and monitoring for accountability.

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