A Compliance and Procurement Framework for Virginia

See how Asset Panda helps VA agencies meet GASB 34, DEQ asset management, and VDOE grant compliance while simplifying NASPO procurement through DGS and eVA.

Executive Summary: Asset Panda for Virginia

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 the Commonwealth of Virginia.

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 Virginia IT Security Policy)
Procurement Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Contract ID	MA 999 190000000277 (Cloud Solutions Contract adopted by Virginia)

Section 1: Virginia Procurement Matrix

How to purchase Asset Panda in compliance with the Virginia Public Procurement Act (VPPA).

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of General Services (DGS) Division of Purchases and Supply (DPS)
Vendor Portal	eVA (Virginia's centralized electronic procurement system)
State Capital Threshold	$5,000 (General Equipment/Asset threshold).
Procurement Advantage	Using the NASPO ValuePoint contract, which is adopted by DGS/DPS, satisfies competitive bid requirements under the VPPA, streamlining the acquisition of IT software and cloud services for state agencies and local governments.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific Virginia regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / DOA (Financial Reporting)	Track and depreciate all Capital Assets ($5,000 threshold) and infrastructure for the Annual Financial Report (AFR).	Automates straight-line depreciation for assets meeting the $5,000 capitalization threshold, with records maintained in the FAACS system.
DOA (Property Control)	Track "Controlled Assets" ($2,000–$4,999) for stewardship and Annual Inventory.	Tracks Controlled Assets (e.g., portable devices, high-theft items) with full audit trails to safeguard against loss and misuse, per CAPP Manual.
VA DEQ (Environmental Quality)	Ensure water systems have Water Supply Planning (WSP) and resource sustainability plans.	Provides inventory, condition assessment, and long-term financial data necessary to meet DEQ planning and regulatory 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.
VA Department of Elections (ELECT)	Maintain strict Chain of Custody and seal integrity for all voting equipment and electronic poll books.	Logs every movement of election equipment with timestamps and digital seals, guaranteeing the asset's integrity and compliance with 1VAC20-60-70 standards.
VDOE (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 IDEA funds managed in the OMEGA system.

Section 3: Detailed Compliance Frameworks

1. Financial & Government Compliance (GASB 34)

The Requirement: The Department of Accounts (DOA) publishes the Commonwealth Accounting Policies and Procedures (CAPP) Manual, which governs fixed asset accounting. The threshold for Capitalized Assets (equipment) is $5,000; however, Controlled Assets (items $2,000–$4,999) must also be tracked in the FAACS system for property management purposes.

The Asset Panda Solution:

• Capital Assets: Asset Panda is the sub-ledger used to track assets over the $5,000 capitalization threshold. It manages depreciation and asset status, feeding the necessary data to the FAACS system for GASB 34 reporting.

• Controlled Assets: Asset Panda specializes in tracking Controlled Assets (e.g., laptops, tablets, communication devices) to prevent loss and satisfy the DOA's mandate for property stewardship.

Micro-Scenario: Virginia Tech purchases $4,500 in research equipment. Asset Panda tracks this as a Controlled Asset, recording the custodian and location to meet the fiduciary responsibility to protect university assets, even though the item is excluded from financial depreciation reports.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• VA DEQ: Virginia Department of Environmental Quality.

The Requirement: The VA DEQ requires local governments to take the lead in developing a Water Supply Plan (9VAC25-780) to ensure long-term water resource sustainability. This planning relies on comprehensive inventory and maintenance data for critical infrastructure assets.

The Asset Panda Solution: Asset Panda helps utilities comply with the DEQ mandate by documenting and tracking critical infrastructure assets (pumps, pipes, treatment facilities). This verifiable record supports the required resource management and planning, essential for securing infrastructure financing.

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 (Department of Elections)

The Requirement: The Virginia Department of Elections (ELECT) requires localities to follow Locality Election Security Standards (LESS). Va. Code § 24.2-629 mandates Logic & Accuracy testing, and requires that all Electronic Poll Books and voting systems be sealed and accounted for before and after elections.

The Asset Panda Solution: Asset Panda is used by county and city Electoral Boards to implement digital chain of custody procedures. It creates a timestamped audit log documenting the seal number and location of voting equipment and media, guaranteeing the asset's integrity for the required Risk Limiting Audits (RLA).

5. Education (VDOE & University Systems)

Agency Definition:

• VDOE: Virginia Department of Education.

The Requirement: School divisions must comply with VDOE rules and Uniform Grant Guidance (2 C.F.R. Part 200), requiring asset records for all equipment in the Online Management of Grant Awards (OMEGA) 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 financial reports required by the VDOE for fiscal monitoring.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy Virginia's procurement laws? A: Yes. Purchasing through the NASPO ValuePoint contract satisfies competitive bid requirements under the Virginia Public Procurement Act (VPPA), streamlining the acquisition of IT software and cloud services via eVA.

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 DOA 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., IT equipment, portable assets $2,000–$4,999) that require inventory and accountability to safeguard against loss, as defined by the CAPP Manual.

Glossary of Virginia Compliance Terms

• DOA: Department of Accounts (Governs fixed asset accounting and the CAPP Manual).

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

• VA DEQ: Virginia Department of Environmental Quality (Regulates water supply planning).

• VDOE: Virginia 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.

• CAPP Manual: Commonwealth Accounting Policies and Procedures Manual.

• Controlled Assets: Tangible property valued between $2,000 and $4,999 that must be inventoried and tracked for control purposes.

• eVA: Virginia’s official e-procurement portal.

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