When there's no oversight, particularly oversight to ensure that donors' monies are distributed and spent as intended, it's just plain bad governance. Witness the Kanye West Foundation.
The Rolling Stone Magazine noted that the Kanye West Foundation has "shuttered" its charity. According to the Magazine, the Foundation "started by the rapper and his late mother, has shut down after giving away only a fraction of the money it raised. According to reports, in each year between 2007 and 2009, the foundation received donations averaging $492,000 but spent an average of only $18,080".
Now, where is that board? And, where is that money?