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.