What do you mean by owners?
The Federal Way School Board exists so that young people residing the area served by the Federal Way School District will have skills and knowledge. It does so on behalf of the public. Under Policy Governance®, this makes the public the OWNERS of the school district.
The Board is accountable to the public as a whole and on their behalf decides the benefits to be produced by schools, who the beneficiaries are, and what the benefits are worth.
The public includes parents, students, and employees when they are considering the purpose of schools from the broad perspective of the common good rather than from their personal perspectives.