Section 200-RICR-20-05-5.4 - GovernanceA. Each cooperative shall establish a governing board whose membership shall consist of at least one representative from each participating district to oversee the performance and delivery of services and/or programs agreed upon by the participating school districts, and it shall be invested with the authority to carry out the provisions of its Articles of Agreement.B. Cooperative boards empowered by the Articles of Agreement to receive and expend local, state and federal dollars shall establish a depository for such monies. However, cooperative boards are empowered to incur only such costs, debts, and liabilities which are approved by the participating school committees. Boards shall provide for a financial accounting and reporting of such funds consistent with the Regents accounting standards. Such reports shall be submitted to the Department of Education and the cooperating districts.200 R.I. Code R. 200-RICR-20-05-5.4