GENERAL PRINCIPLES - Shivaji University

1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901
1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901
1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901
1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901
CHAPTER - IV
STORE
ACCOUNTS
INTRODUCTION -
Shivaji University has developed a software system for acquisition, use and
disposition of stores, equipments and to maintain internal controls to safeguard the
same. The combination of accurate accounting records and strong internal controls are
intended to protect University property against unauthorized use.
The term ‘Stores’ applies generally to all articles and materials purchased or
otherwise acquired for the use of the University, including not only expendable and non
expendable articles in use or accumulated for specific purposes but also articles of dead
stock, of the nature of plant, machinery, instruments, furniture, equipment, fixtures etc.
RESPONSIBILITIES -
Each department / section has the primary responsibility for the custody, care,
maintenance, records and control of all property assigned to it. It shall maintain up-todate
departmental / sectional records and initiate the appropriate actions or forms to
fully inform the Stock Verification Section of all transactions involving said property so
that the Stock Verification Section’s responsibilities may be properly carried out. Warranty
information and supporting documentation is to be maintained by the owning department
/ section. Inventoried equipment may have minimal backup information maintained in
the Dead Stock records. The information maintained in the Dead Stock records is not
the primary source of warranty information. Responsibilities of each one is as mentioned
below -
4.1 HOD / Director / Co-ordinator / Chief Rector/ Head of the Section’s
Responsibilities:
The HOD/Director/Coordinator/Chief Rector/Head of the Section of each
department/administrative unit will designate a property coordinator, for their
department/ section. Maintenance of record and annual physical verification of the
assets is the primary responsibility of these officers.
4.2 Property Co-ordinator’s Responsibilities
Ensure the proper use and maintenance of all property and equipment assigned
to the department /section. He shall promptly report, receipt of equipment that is
to be tagged and any loss, damage, misuse or transfer of property or equipment,
44
1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901