A Compliance and Procurement Framework for Utah

See how Asset Panda helps UT agencies meet GASB 34, UDEQ asset management, and USBE grant compliance while simplifying NASPO procurement through DAS.

Executive Summary: Asset Panda for Utah

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 Utah.

The platform is explicitly designed to track Capital Assets (>$5k threshold), Controlled Assets, and Grant-Funded Equipment (2 C.F.R. Part 200).

Key Authorization	Detail
Security Certification	SOC 2 Type 2, HIPAA Compliant (Vetted under State IT Security Policy)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by Utah)

Section 1: Utah Procurement Matrix

How to purchase Asset Panda in compliance with the Utah Public Contracting Code and DAS rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of Administrative Services (DAS) State Procurement
Vendor Portal	Utah Public Procurement Place (UP3) / Cooperative Purchasing
State Capital Threshold	$5,000 (General Equipment/Asset threshold).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under the Utah Public Contracting Code, streamlining the acquisition of IT software and cloud services for state and local agencies.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Utah regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / Division of Finance (Financial Reporting)	Track and depreciate all Capital Assets ($5,000 threshold) and comply with Annual Inventory requirements.	Automates straight-line depreciation for assets meeting the state's capitalization threshold (typically $5,000 for equipment).
NRS 353A / Division of Audits (Property Control)	Implement uniform internal controls and safeguard Controlled Assets (firearms, IT).	Provides auditable authorization and recordkeeping procedures to effectively control high-risk assets, per NAC 353A and UCA 63A.
UDEQ (Environmental Quality)	Develop formal Asset Management Plan (AMP) to secure SRF funding and ensure water system sustainability.	Provides inventory, condition assessment, and long-term funding plan data necessary to meet UDEQ capacity development 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.
UT Lieutenant Governor's Office	Maintain uninterrupted Chain of Custody log for all ballots and equipment (UCA 20A-3a-401.1).	Logs every batch movement of ballots and voting equipment with timestamps and digital seals, guaranteeing the asset's integrity for recounts.
USBE (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 managed in the Utah Grants system.

Section 3: Detailed Compliance Frameworks

1. Financial & Government Compliance (GASB 34)

The Requirement: The Utah Division of Finance mandates compliance with NRS 353A and sets the general capitalization threshold for equipment at $5,000. The state requires a system of internal accounting and administrative control to protect resources against waste, loss, and misuse.

The Asset Panda Solution:

• Capital Assets: Asset Panda is the system used to track assets over the $5,000 capitalization threshold. It manages the depreciation schedule, cost accumulation, and asset status, ensuring compliance with GASB 34 and Division of Finance reporting standards.

• Controlled Assets: Utah law requires tracking Controlled Assets (e.g., firearms, portable devices, and sensitive IT equipment) below the threshold. Asset Panda provides the digital audit trails necessary to meet these internal control requirements.

Micro-Scenario: The Utah Division of Wildlife Resources (DWR) acquires specialized field equipment for $3,000. Asset Panda tags and tracks this as a Controlled Asset, recording the custodian and location, satisfying the internal control mandate under NRS 353A and the Division of Finance.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• UDEQ: Utah Department of Environmental Quality (Division of Drinking Water).

The Requirement: The UDEQ requires public water systems to develop and maintain an Asset Management Plan (AMP), which is crucial for demonstrating the system's financial, managerial, and technical capacity. A strong AMP is essential for accessing State Revolving Fund (SRF) financing.

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

3. Public Safety & Emergency Management

The Requirement: Law enforcement agencies must maintain strict accountability for weapons, vehicles, and equipment, including federal grant equipment (2 C.F.R. Part 200).

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 (Lieutenant Governor's Office)

The Requirement: The Utah Lieutenant Governor's Office mandates stringent security for elections. UCA 20A-3a-401.1 requires an uninterrupted Chain of Custody log for all ballots, recording the removal of ballots from batches, and logging the identity and time of every handling event.

The Asset Panda Solution: Asset Panda is used by county clerks to implement digital chain of custody procedures. It creates a timestamped audit log documenting the batch number, the identity of the poll workers, and the time the ballots were handled, ensuring integrity for all post-election audits and compliance with UCA 20A.

5. Education (USBE & University Systems)

Agency Definition:

• USBE: Utah State Board of Education.

The Requirement: School districts must comply with USBE rules and federal grant compliance, requiring detailed property records and accountability for all equipment managed in the Utah Grants system.

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 USBE Fiscal Monitoring unit.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy Utah's competitive 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 Division of Finance reporting.

Q: Does Asset Panda track sensitive items below the $5,000 threshold? A: Yes. Asset Panda is ideal for tracking Controlled Assets (e.g., firearms, portable IT equipment) that require inventory and accountability to safeguard against loss, as defined by NRS 353A.

Glossary of Utah Compliance Terms

• DAS: Department of Administrative Services (Central procurement authority).

• UDEQ: Utah Department of Environmental Quality (Regulates water systems).

• USBE: Utah State Board 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.

• Controlled Asset: Property requiring enhanced accountability, such as all firearms and IT equipment, tracked under NRS 353A and NAC 353A.

• Utah Grants: The state's Electronic Grants Management System (EGMS).

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