Professional Investment Team

Staff members boast over 120 years of cash management and public investment experience. Three staff members hold Certified Public Accountant designations with experience ranging from public accounting, investment management, treasury cash management operations, and governmental accounting.


Kara Hughes
(304-340-1564)
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Executive Director Kara Hughes holds a Bachelor of Science in Business Administration and an Executive Masters of Business Administration from West Virginia University. Kara is a Certified Public Accountant and Certified Fraud Examiner with more than 24 years of experience in public and governmental accounting. Her experience includes public accounting with Deloitte & Touche, Director of Accounting and Investments with the West Virginia Board of Investments, and Coordinator of School Finance with the West Virginia Department of Education. She also served 7 years as the Chief Financial Officer with the West Virginia Board of Treasury Investments.

Professional Organizations:
West Virginia Society of Certified Public Accountants
Member of Government Finance Officers Association (GFOA)
Association of Certified Fraud Examiners
Association of Financial Professionals

 

Karl Shanholtzer
(304-340-1590)
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Chief Financial Officer Karl Shanholtzer holds a Bachelor of Science in Business Administration from West Virginia State University. Karl is a Chartered Financial Analyst, Certified Public Accountant and a Certified Internal Auditor with over 23 years of experience in accounting and auditing. His experience includes Director of Internal Auditing for the West Virginia State Treasurer’s Office and Internal Auditor for the West Virginia Board of Treasury Investments. He also worked as an auditor for Smith, Cochran & Hicks public accounting firm.

Professional Organizations:
CFA Institute

 

Steve Smith
(304-341-0735)
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Steve Smith serves as the Internal Auditor. Steve holds a Bachelor of Science in Accounting from West Virginia University Institute of Technology. Steve is a Certified Public Accountant and a Certified Internal Auditor with more than 15 years of experience in public and private accounting and auditing. He has served as an auditor for Suttle & Stalnaker and Smith, Cochran & Hicks public accounting firms. His private accounting work experience was as a partnership accountant for EnerVest Operating LLC.

Professional Organizations:
Institute of Internal Auditors
West Virginia Society of Certified Public Accountants

 

Denise Baker
(304-340-1561)
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Director of Operations, Denise Baker, has more than 21 years of experience with the state’s investment pools including the West Virginia Board of Investments; West Virginia Trust Fund; West Virginia Investment Management Board; and the West Virginia Board of Treasury Investments since its inception in 2005. Denise was formerly a banking professional for more than eight years with Charleston National Bank. Denise holds an Associate of Applied Science in Finance from West Virginia State University and is a graduate of the American Institute of Banking

Professional Organizations:
Member of Association of Finance Professionals (AFP)

 

Holly Garner
(304-341-0733)
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Holly Garner holds a Bachelor’s of Business Administration with a concentration in Accounting from Marshall University. She has 13 years of experience, including CMIA Accountant for the State Treasurer’s Office and Senior Accountant for the WV Higher Education Policy Commission.

 

Randy Covert
(304-340-1567)
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Randy Covert has more than 24 years of public service. Randy formerly worked in the State Treasurer’s Cash Management and Unclaimed Property Divisions. Prior to the Treasurer’s Office, Randy worked nine years for the West Virginia Housing Development Fund as a Foreclosure and Bankruptcy Specialist. 

 

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