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Kay Freund, Distinguished Service Award

Rachel Kats | October/November 2022 Footnote

Editor's note: Updated September 30, 2022

Success can be measured in a lot of ways. For Kay Freund — who has had a long and impressive accounting career — success is measured by what she has done to help others succeed.

It’s her enthusiasm for the profession, generosity and service to others that has earned Kay the MNCPA’s highest honor, which is given to those who have made exceptional contributions over time.

“It means a lot to me to be chosen for the MNCPA Distinguished Service Award,” she said. “My passion for the accounting and CPA profession just naturally has me doing what I can to promote it.” 

Planting the seeds

For some, it takes decades to find their calling, if they find it at all. That wasn’t the case for Kay, who became interested in accounting early in life.
“In late elementary school I had a friend whose father was a CPA. At the time I thought this sounded like a very distinguished designation,” she said.

A high school bookkeeping course further propelled her interest in the topic. She went on to receive a bachelor’s degree in accounting from the University of Minnesota, her CPA license, and then a master’s in business administration with a concentration in finance from the University of St. Thomas.

During her career she worked for two multinational companies in the field of tax: Honeywell from 1979–99 and Medtronic from 1999–2020. She also made time to be involved in two professional organizations, the MNCPA and the Minnesota Chapter of the Tax Executives Institute, Inc.
“I never would have imagined when I started my career that I would have had the opportunities I had over my 42 years of working,” she said.

Taking root and helping others grow

Since joining the MNCPA in 1987, Kay has made major contributions, which include serving as chair of the MNCPA board of directors and as a member of the Tax Committee. She was also instrumental in developing the recently launched Build Your Own Personal Board of Directors program.

“My motto — as described in the Personal Board of Directors presentation that I did — is that ‘Success in my career is measured by how I helped others be successful in their careers,” she said.

Given that, it’s not surprising that her favorite MNCPA activities have centered on teaching others about the profession, which she did through her work on the Accounting Careers Committee and through the Talk to the Students program, in which CPAs speak to high school students about careers in accounting. 

She also spread her knowledge to older students as an adjunct professor at two local universities. From 2009–16, Kay taught evening classes in financial accounting at Metropolitan State University, and from 2010–19, she co-taught the transfer pricing class for the master’s in business taxation for the Carlson School of Management at the University of Minnesota. 

“Because of the passion I had for the accounting profession and my work experience in taxation, I truly enjoyed teaching university courses because that allowed me to share my knowledge with others,” she said.

Bringing accounting voices to the table

With lawmakers enacting policies that will impact taxpayers, it’s critical to have experts at the table giving feedback. Kay has been one of those experts. She participates in CPA Day at the Capitol to keep policymakers informed of accounting, finance and tax-related issues. She also testified at a legislative hearing on the importance of teaching high school students about financial literacy.

“It took a lot of hard work and dedication to earn an accounting degree and pass the CPA exam. The next step for me was to be part of a professional organization of my peers,” she said. “I didn’t want to be a passive member.”

Another reason Kay became involved was to broaden her network beyond her immediate co-workers and company. It also offered her an opportunity to learn about others’ roles and improve her own job performance.

“You never know when you might need a resource in another field of accounting, so having built personal connections with CPAs that have other areas of expertise is invaluable,” she said.

A new season

Now in retirement, Kay has made more time for her hobbies and interests, which include gardening, canning, sharing those canned goods with others, bird watching and reading. She also conducts Polish genealogy research and serves on the board of directors of the Polish Genealogical Society of Minnesota.

Even in retirement, Kay continues to embrace lifelong learning and make time to connect with individuals she’s mentored.
“Keep in touch with individuals you mentored during your working years,” she said. “They value your input, and it gives you a feeling of self-worth to help them travel through their careers.”