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The West Virginia First Foundation, which is responsible for guiding how the state spends opioid litigation settlements, was part of the agreement to support this effort.
After discussion in closed session, foundation board members awarded the accounting services job to Smith Cochran and Hicks of Charleston.
Banking operations were handled by West Virginia-based United Bank, while investment services were split evenly between the two banks, led by WesBanco and supported by United Bank. Each had responded to requests for proposals through competitive bidding.
The West Virginia First Foundation Board of Directors also announced the creation of a newly established expert committee intended to advise it, as well as regional committee policy aimed at providing expertise in regional decisions. Discussed.
“This structure allows us to have a broad geographic understanding and distribution of what’s happening at the local level and provides subject matter expertise,” said Matthew Christiansen, state health officer. Stated.
The foundation has $220,129,242.95 in deposits, said board member and former Homeland Security Secretary Jeff Sandys. This includes interest he owes $2,629,142.
The West Virginia First Foundation meets on the first Thursday of each month at 2 p.m. The next one will be on March 7th.
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