Although I suppose you both just want to do the "right" thing here, I'd point out that "moderator" has an entirely different function than "board member".
Moderators keep discussions flowing smoothly and more-or-less on-topic. They move posts to more appropriate threads, close out flamewars, and boot chronic trolls.
A Board, presumeably, decides the general direction to take the organization. They might plot a course, but don't directly trim the sails.
Ego non quaero te in nomine Patris, sed in nomine Signali.