39.  The Finance Committee shall consist of the IMA legal advisor or his representative, the IMA-WF treasurer and three additional members of the Executive Committee, to be elected by such Committee (two of whom shall be Israeli and two of whom shall be non-Israeli). The IMA legal advisor shall serve as chairman of the committee. The WF chair shall serve as an ex-officio member.

40.  The Finance Committee shall prepare the IMA-WF budget for approval by the Executive Committee and shall handle any other issues pertaining to the IMA-WF budget, shall oversee IMA-WF accounting and shall initiate new policies regarding financing of IMA-WF activities and grants.

       In addition to the above, all expenses in the IMA-WF budget allocated to the IMA must be approved by the IMA Secretariat or any other body determined by them.

41.   The Finance Committee shall convene yearly, or as needed, and shall submit an annual report to the Executive Committee.