I haven't looked at the metaflag feature in a while, but the basic concept is this:

When you first add the Log Item to a contact, the metaflag will show the "yes" label ("current" in your example). Then, when you wish to toggle the metaflag to show the "no" label ("former"), you add the same Log Item to the contact a second time.

It's an even/odd situation. Odd=yes, even=no. So, add the Board log item to a new board member when their term begins. Add it again when their term ends. If they become a board member again in the future, simply add the item a third time and it will toggle "yes" again.

The date of when you add each item will automatically be stored in the Date Added field and be visible to you. If you need more information to be recorded in the Log Item about the beginning/ending of a board member's term,
I'd recommend using the General or another layout for Edit and View for the log code. This will give you the ability to put in any specific notes about that board member's start or end.

For instance it might be helpful to put in "Term Start" in the Item Description for the log item that marks the term beginning and "Term End" when adding it the second time at the end. These can then be shown in the Recent Items portal on the Overview screen. Also, you can use the Note field to record more anecdotal details you might have about the start/end of that board members term for future reference (like if they were elected again or unexpectedly removed from the board for some reason).

Barry Madore
Saint Paul, MN