A corporation shall adopt written bylaws that require the corporation’s board of directors to be responsible for:

(1)    overseeing the management and operation of the residential child care program operated by the corporation;

(2)    ensuring that the residential child care program operates in compliance with all applicable laws and regulations;

(3)    approving the residential child care program’s mission statement, long-term goals, policies, procedures, and annual budget;

(4)    defining and prohibiting circumstances that would create a financial or personal conflict of interest for members of the board of directors, corporate officers, employees, agents, assigns, and volunteers;

(5)    ensuring that the residential child care program responds to all requests from the licensing agency in a timely manner;

(6)    approving the residential child care program’s service plan and ensuring that services are provided in accordance with the plan;

(7)    if the corporation is a nonprofit corporation, reviewing annually whether the corporation is satisfying its charitable mission;

(8)    ensuring that the corporation has liability insurance;

(9)    requiring that members of the board of directors have training in their responsibilities regarding the governance of the residential child care program; and

(10)    establishing committees or member assignments to periodically review as warranted, but not less than annually:

(i)    compensation of officers and staff of the corporation and the residential child care program;

(ii)    quality of services provided to clients, including all incidents harming or potentially harming clients;

(iii)    financial problems and concerns relating to the residential child care program;

(iv)    performance of key staff;

(v)    nominations of new members of the board of directors; and

(vi)    potential conflicts of interest.