Roosevelt Island Operating Corporation (Corporation) is responsible for the development, operation, security and maintenance of a planned community on Roosevelt Island, which is located in the East River in New York City. In audit 2007-S-13, we identified a number of weaknesses in the Corporation’s controls over its equipment and vehicles. In particular, the Corporation was not performing periodic physical inventories to account for the items and update its inventory records, and the records themselves were outdated and incomplete. Corporation policies also did not provide sufficient guidance to staff on how to maintain proper controls and inventory records. When we followed up on these matters, we found Corporation officials made significant progress in addressing the matters we previously identified.