A corporation shall adopt written bylaws that require the corporation’s board of directors to be responsible for: overseeing the management and operation of the residential child care program operated by the corporation; ensuring that the residential child care program operates in compliance with all applicable laws and regulations; approving the residential child care program’s mission statement, long-term goals, policies, procedures, and annual budget; 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; ensuring that the residential child care program responds to all requests from the licensing agency in a timely manner; approving the residential child care program’s service plan and ensuring that services are provided in accordance with the plan; if the corporation is a nonprofit corporation, reviewing annually whether the corporation is satisfying its charitable mission; ensuring that the corporation has liability insurance; requiring that members of the board of directors have training in their responsibilities regarding the governance of the residential child care program; and establishing committees or member assignments to periodically review as warranted, but not less than annually: compensation of officers and staff of the corporation and the residential child care program; quality of services provided to clients, including all incidents harming or potentially harming clients; financial problems and concerns relating to the residential child care program; performance of key staff; nominations of new members of the board of directors; and potential conflicts of interest.