; (ii) (I) not fewer than 1/3 of the members are persons chosen in accordance with democratic selection procedures adequate to assure that the members referred to in this clause are representative of low-income individuals and families in the service area; and (II) each member who is a representative of low-income individuals and families and is also selected to represent a specific geographic area under subclause (I) resides in such area; and (iii) the remainder of the members are representatives of business, industry, labor, religious, educational, charitable, or other significant private groups in the community. (D) Expertise The organization shall ensure that the members of the board include or have direct access to individuals with expertise in financial management, accounting, and law. (E) Compliance with state requirements and policy The board of a public organization shall ensure that the board operates in a manner that complies with State requirements for open meetings, financial transparency, and State open records policy. (d) Operations and duties of the board The duties of a board described in paragraph (1) or (2) of subsection (c) shall include— (1) in the case of a board for a private, nonprofit organization that is an eligible entity, having legal and financial responsibility for administering and overseeing the eligible entity, including making proper use of Federal funds; (2) establishing terms for officers and adopting a code of ethical conduct, including a conflict of interest policy for board members; (3) participating in each comprehensive community needs assessment, developing and adopting as a policy for the corresponding eligible entity a community action strategic plan, including provisions for the use of funds under this subtitle, and preparing the community action program plan for the use of funds under this subtitle; (4) approving the eligible entity’s operating budget