Index: src/bp-core/bp-core-caps.php
===================================================================
--- src/bp-core/bp-core-caps.php
+++ src/bp-core/bp-core-caps.php
@@ -264,8 +264,15 @@
 	if ( bp_is_user_inactive( $user_id ) )
 		return $caps;
 
-	// Only users that can 'manage_options' on this site can 'bp_moderate'
-	return array( 'manage_options' );
+	// check explicitly for the 'bp_moderate' cap
+	$user = new WP_User( $user_id );
+	if ( ! empty( $user->allcaps['bp_moderate'] ) ) {
+		return $caps;
+
+	// 'bp_moderate' cap does not exist; do not allow
+	} else {
+		return array( 'do_not_allow' );
+	}
 }
 add_filter( 'map_meta_cap', '_bp_enforce_bp_moderate_cap_for_admins', 10, 4 );