My advice to COSL would be to make clear the divisions between the funding org and the funded org, or other relationships, because I doubt they want someone to confuse it for them running the other org directly.
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For instance, if they just provide grants and the actual thing is run by another team, that should be clear upfront. Like in some bits, they say "we do this". Who is "We"? An org that's an member in this org? But, if you look a bit further, it sounds like a funded org.
If it's a funding thing, it'd make sense to say something like "we provide grants to orgs which share our values and work on relevant projects", here are our values, here is a list of grantees (and relevant info).
I get that what they've put out so far is a draft but that comes to mind.