Whether or not the Inner Arbor Trust (IAT) is required by law to operate with the same transparency as its funder, CA, is beside the point. Columbia lien-payers, who are the ultimate source of IAT's funds, have the right to be fully informed — in real time — about IAT's deliberations and actions. In other words, the right to observe IAT board meetings and to have timely access to documents under consideration by the board.
Any attempt to curtail these rights can only cause the public to wonder what it is that IAT seeks to hide. The CA board — elected representatives of Columbia's lien-payers — would be well-advised to inform IAT that it is expected to operate with the same transparency as CA (or more) if it receives public funds.