Stock Verification Committee (SVC)

Objectives

This committee aims at physical stock verification which involves actual counting, measuring, weighing of all items in stock and assess the requirement of consumables and non-consumables.

Composition

Functions

• To maintain correct valuation of assets and liabilities.
• To conduct stock verification regular interval. Surprise checks on stocks have to be carried out by the regular interval and the report to be submitted to Principal.
• Apart from surprise checks, annual verification has to be carried out before the end of the academic year and the report to be submitted to Principal.
• Discrepancy, if any, noticed during stock verification should be reported to the Principal immediately for further action.
• To verify & update the stock records whenever necessary.
• To determine the mutilated and worn out items in the stock
• The following stock registers have to be maintained
• To maintain Consumables stock register
• Non-consumables/valuables stock register should be maintained
• To maintain Other register(s) based on the requirement of the Department concerned. 
• Any breakage or damage of an item during its use should be immediately recorded in the stock register against that item in the remark’s column. This should include the reason, for the damage and any breakage fees to be collected from the staff member / student, whoever is responsible for the damage. In case of expensive items, the issue should be reported to the Principal immediately for the recovery of the breakage fees. For inexpensive items, the breakage fee should be collected after the practical classes are over of the concerned semester. 
• Loss of any item shall also be recorded in the register and shall be reported to the Principal for recovery of the cost from person responsible for the loss 
• After the recovery of the costs and on the specific orders from the Principal the item lost / damaged has to be removed from the stock register
• If any old item is beyond repair and cannot be put into the use, the same can be condemned after obtaining approval from the Principal. This has to be entered in the stock register. 
• No transfer of an equipment / material from one lab to another lab (even within the same Department) should take place without prior permission of the Principal. As and when such a transfer is made a note should be made in the respective stock register of the laboratory against the item regarding the date of issue, date of receipt and other relevant particulars. 
• If any equipment is not functioning within the guarantee period, the committee may be pulled up for rectification and it must be set right at the earliest.
• Periodic service and maintenance of equipments / machines is must. 
• To take any assignments furnished by the principal

Tenure: 2 Years 

Meetings: At least twice in a Semester and record minutes of the same and submit a copy to the IQAC.