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The Corp Board I am on is a little different. We do not own the house (the Univ owns all of the Greek houses and the actives have agreements with the Univ). The actives are responsible for the rules that controls who lives and they are responsible for filling the house, the University says what occupancy is for each house.
We the house corp mostly buy furniture for the common areas, repair the furniture, clean the carpet in the common areas, interact with the University, etc.
For those where the HCB owns the house, I believe they do collect the rent and pay the bills and keep the housed furnished, employ the house mom, cook, etc and decorate. And they would have to deal with all repairs (plumbing, electrical, etc). Of course, the fraternities might not do all of this as regularly as the sororities do (i.e., decorating is a big deal).
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