A Compliance and Procurement Framework for Vermont

See how Asset Panda helps VT agencies meet GASB 34, DEC asset management, and AOE grant compliance while simplifying NASPO procurement through BGS.

Executive Summary: Asset Panda for Vermont

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 Vermont.

The platform is explicitly designed to track Capital Assets (>$5k 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 Vermont security and data standards)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by Vermont)

Section 1: Vermont Procurement Matrix

How to purchase Asset Panda in compliance with the Vermont Department of Buildings & General Services (BGS) rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of Buildings & General Services (BGS) Office of Purchasing & Contracting (OPC)
Vendor Portal	VTBuys / VISION (State financial and procurement systems)
Local Bid Threshold	$3,500 (Single purchase limit for local purchase orders under BDA-1).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under state law, streamlining the acquisition of IT software and cloud services for state agencies, local government, and schools.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Vermont regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / DFM (Financial Reporting)	Track and depreciate 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).
DFM (Property Management)	Maintain records for Controllable Items (high-risk assets $1,000–$4,999) for management control.	Tracks Controllable Items (e.g., IT equipment, portable devices) with full audit trails and location data to satisfy DFM inventory requirements.
VT DEC (Environmental Conservation)	Develop Asset Management Program (AMP) for public water system sustainability and SRF financing.	Provides inventory, condition assessment, and long-term funding data necessary to meet DEC 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.
VT Secretary of State	Maintain secure Chain of Custody log for all ballots, memory devices, and containers (V.S.A. Title 17).	Logs every movement of election equipment with timestamps and security seals, guaranteeing the asset's integrity for recounts and audits.
VT Agency of Education (AOE)	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 Department of Finance and Management (DFM), which manages the VISION accounting system, mandates fixed asset reporting. The general capitalization threshold for equipment is $5,000. Furthermore, agencies must track Controllable Items (or "sensitive assets") down to a locally determined threshold (often $1,000 or lower).

The Asset Panda Solution:

• Capital Assets: Asset Panda is the specialized 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 reporting standards.

• Controllable Items: Asset Panda is the tool for tracking Controllable Items (e.g., cell phones, tablets, cameras) valued below the capitalization threshold, providing the auditable record required by the DFM for internal control and loss prevention.

Micro-Scenario: The Vermont Agency of Transportation (VTrans) acquires $4,000 worth of specialty field surveying equipment. Asset Panda tags and tracks this as a Controllable Item, recording the custodian and department so that the asset is protected and accounted for during the required Annual Inventory.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• VT DEC: Vermont Department of Environmental Conservation.

The Requirement: The VT DEC requires public drinking water systems to develop and implement Asset Management Programs (AMPs) to address aging infrastructure, meet service goals, and qualify for financing (e.g., DWSRF loans).

The Asset Panda Solution: Asset Panda helps utilities comply with the DEC mandate by documenting and tracking critical infrastructure assets (pumps, treatment plants, distribution networks). This digital record is necessary for AMPs, supporting the system's ability to achieve Technical, Managerial, and Financial (TMF) capacity.

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 VT Secretary of State mandates stringent security for elections. V.S.A. Title 17, § 2590 requires town clerks to safely store sealed ballot containers and seals and ensure they are not removed or tampered with, except under court order.

The Asset Panda Solution: Asset Panda is used by town clerks to implement digital chain of custody procedures. It creates a timestamped audit log documenting the movement and sealing status of voting machines, guaranteeing the asset's integrity and complying with the state's storage and transfer laws.

5. Education (AOE & University Systems)

Agency Definition:

• AOE: Vermont Agency of Education.

The Requirement: School districts must comply with AOE rules and federal grant compliance, requiring property records and detailed inventory for equipment purchased with federal funds (E-Rate, ESSER, Title I).

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 AOE for fiscal monitoring.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy Vermont'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 DFM reporting.

Q: Does Asset Panda track sensitive items below the $5,000 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 managed by DFM policy.

Glossary of Vermont Compliance Terms

• BGS: Department of Buildings & General Services (Central procurement authority).

• DFM: Department of Finance and Management (Governs financial policy and the VISION accounting system).

• VT DEC: Vermont Department of Environmental Conservation (Regulates water systems).

• AOE: Vermont Agency 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 under the capitalization threshold that must be inventoried due to risk of loss or containing sensitive data.

• VISION: The state's central financial management system.

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