The West Virginia First Foundation, which is responsible for guiding how the state uses money from opioid litigation settlements, has awarded some of the contracts to support the work.
Following a discussion in closed session, members of the foundation board awarded the work for accounting services to Smith Cochran and Hicks of Charleston.
Banking services were awarded to to West Virginia-headquartered United Bank and investment services were split equally between two banks, WesBanco as the lead and United Bank in support. Each had responded to a request for proposal, representing competitive bidding.
The West Virginia First Foundation board also discussed policies for a newly-constituted expert panel meant to advise it, plus a regional panel meant to provide expertise for local decisions.
“This structure will give us broad geographic understanding and distribution of what’s happening at the local level and will give us subject matter expertise,” said Matthew Christiansen, the state health officer.
The foundation has $220,129,242.95 banked, said board member Jeff Sandy, the state’s former Homeland Security secretary. That includes interest of $2,629,142.
The West Virginia First Foundation is having its meetings at 2 p.m. the first Thursdays of each month. The next one is March 7.