Thanks Florence. I agree that the financial relationship, if there is a formal one, between the Foundation and Chapters should be clarified as soon as possible.
I'll throw out a couple of reasons why the Chapters receive less attention to their finances, though:
1) the chapters have no assets other than donations, i.e. no control over Wikimedia projects 2) laws regulating the chapters are known only to those who are likely to be members, and may have no relation to what I at least am familiar with regarding US law 3) discussions about controls and etc. are probably more likely to be found on chapter mailing lists, rather than Foundation-l. 4) If a Chapter crashes and burns and its founders go to jail, the effect on the Foundation will be in the area of public relations only, and then possibly not significant. (aside from any lost donation income from that chapter).
There are others, I'm sure. Still, I think clarifying the expectations of the community and Foundations regarding management issues is important. The power of the Foundation may be no more than formal disassociation and revoking, if possible, permission to use marks of Wikimedia. That, at least, will help with any PR fallout.
Nathan