A Compliance and Procurement Framework for West Virginia

See how Asset Panda helps WV agencies meet GASB 34, WVDEP asset management, and WVDE grant compliance while simplifying NASPO procurement through WVDAS.

Executive Summary: Asset Panda for West 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 West Virginia.

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

Section 1: West Virginia Procurement Matrix

How to purchase Asset Panda in compliance with the West Virginia Purchasing Division rules.

Component	Detail
State Contract Vehicle	NASPO ValuePoint Cooperative Purchasing Organization
Procurement Authority	Department of Administration (WVDAS) / Purchasing Division
Vendor Portal	wvOASIS Vendor Self-Service (VSS)
Formal Bid Threshold	$50,000 (Purchases over this amount require central Purchasing Division involvement).
Small Bid Threshold	$5,000 (Purchases up to $5k require no bid; $5k–$20k require verbal bids).
Procurement Advantage	Using the NASPO ValuePoint contract satisfies competitive bid requirements under W. Va. Code § 5A-3-8, allowing state and local agencies to bypass formal bid processes and leverage volume pricing.

Section 2: Compliance & Standards Matrix

How Asset Panda satisfies specific West Virginia regulatory mandates.

Regulatory Body / Standard	Requirement	Asset Panda Solution
GASB 34 / WVDAS (Financial Reporting)	Track and depreciate Capital Assets ($5,000 threshold) and ensure compliance with the Annual Inventory.	Automates straight-line depreciation for assets meeting the $5,000 capitalization threshold.
WVDE / DFM (Property Control)	Track Fixed Assets (W. Va. Code § 12-5-1) and Controllable Fixed Assets for internal audits.	Tracks Controllable Assets (e.g., IT equipment, portable devices $<\$5k$) with full audit trails and location logs.
WVDEP (Environmental Protection)	Develop Asset Management Plan (AMP) as mandated for State Revolving Fund (SRF) recipients (WRRDA).	Provides inventory, condition assessment, and maintenance logs necessary to meet WVDEP requirements for securing infrastructure loans.
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.
WV Secretary of State	Maintain strict Chain of Custody log for all voting equipment and electronic poll books (W. Va. Code 3-4A).	Logs every movement and seal status of election equipment with timestamps and digital seals, ensuring integrity for post-election audits.
WVDE (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.

Section 3: Detailed Compliance Frameworks

1. Financial & Government Compliance (GASB 34)

The Requirement: The West Virginia Department of Administration (WVDAS) mandates the use of the wvOASIS Fixed Assets module for tracking state-owned assets. The capitalization threshold is typically $5,000; however, state policy allows for tracking Controllable Fixed Assets (assets under $5,000) for control purposes.

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, ensuring compliance with GASB 34 reporting requirements.

• Controllable Fixed Assets: Asset Panda is the specialized tool for tracking Controllable Fixed Assets (e.g., portable IT, specialized equipment). This satisfies the WVDAS mandate for enhancing internal controls and safeguarding assets below the formal capitalization threshold.

Micro-Scenario: The WV Department of Education (WVDE) requires a detailed inventory of all assets $5,000 or greater. Asset Panda provides the precise asset data needed to be imported into the wvOASIS Fixed Assets module for annual reconciliation.

2. Public Works, Utilities & Infrastructure

Agency Definitions:

• WVDEP: West Virginia Department of Environmental Protection.

The Requirement: The WVDEP requires recipients of State Revolving Fund (SRF) loans (for clean water and drinking water) to develop and implement a Fiscal Sustainability Plan (FSP), which includes a comprehensive Asset Management Plan (AMP).

The Asset Panda Solution: Asset Panda helps utilities comply with the WVDEP mandate by documenting and tracking critical infrastructure assets (pumps, treatment plants, distribution networks). This verifiable record supports the required Fiscal Sustainability Plan, 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 (Secretary of State)

The Requirement: The WV Secretary of State mandates stringent security for elections. W. Va. Code § 3-4A-28 requires that electronic voting devices and electronic poll books be sealed and inspected and that all Voter-Verified Paper Ballots be counted manually in case of a discrepancy exceeding 1%.

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 serial number and seal status of voting devices, guaranteeing the asset's integrity for the required post-election audits and manual recounts.

5. Education (WVDE & University Systems)

Agency Definition:

• WVDE: West Virginia Department of Education.

The Requirement: School districts must comply with WVDE rules and Uniform Guidance (2 C.F.R. Part 200), requiring detailed property records for equipment purchased with federal funds. The WVDE uses the West Virginia Education Information System (WVEIS) for asset tracking.

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 WVDE for fiscal monitoring.

6. Healthcare Compliance

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

Q: Does Asset Panda satisfy West Virginia'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 WVDAS reporting.

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

Glossary of West Virginia Compliance Terms

• WVDAS: West Virginia Department of Administration (Central procurement authority).

• WVDEP: West Virginia Department of Environmental Protection (Regulates water systems).

• WVDE: West 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.

• Controllable Fixed Assets: Tangible property valued under the capitalization threshold that must be inventoried due to risk of loss or sensitive data.

• wvOASIS: West Virginia's official state enterprise resource planning (ERP) system.

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