; (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 eligible entity 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 tax-exempt and other requirements The board of a private, nonprofit organization shall ensure that the board operates and conducts activities under the subgrant made under section 679(a)(1)(B) in a manner that complies with— (i) the requirements for maintaining tax-exempt status under section 501(a) of the Internal Revenue Code of 1986 ( 26 U.S.C. 501(a) ) regarding the governance of charities under section 501(c)(3) of the Internal Revenue Code of 1986 ( 26 U.S.C. 501(c)(3) )