I used to mod another popular producer community...see idk how FP does it, but moderators have mod privileges to a certain extent with sections and not all the time the whole board...through something the mod control panel, or thread tools..."at least that's the way vbulletin did it then". Sometimes other moderators can see bad threads, but they can only report them...and the rightful mod to that section has the control over it to delete/archive along with one of the admins who can control everything.
Reported threads get sent to its own section, but not deleted or anything yet...It gets put under review for the admin and mods to discuss if they should delete the thread ban the user etc...so its not always like everyone is slacking sometimes they just cant delete them, and the rightful mod to that section is not online....but like I said I dont know if FP does it that way...