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Just to add a bit of clarification to @Kate‘s reply to #1 — if the project has a “board,” that group has no legal or fiduciary responsibilities. Those all roll up to the sponsor’s fiduciary Board of Directors. Some sponsors require an “advisory board” which can operate in any number of ways (it can be more informal advisory or operate a bit more formally — but it’s important to remember that it ultimately has very little-to-no authority to govern the project’s activities).