Image of Karen L. Angell

Karen L. Angell

Partner Emeritus, CPA
612 876 4624

Karen Angell has been in the accounting industry for more than twenty-five years.  A partner emeritus in the higher education/not-for-profit/governmental services group of Baker Tilly Virchow Krause, LLP, she specializes in serving private colleges/universities and other not-for-profit organizations. Karen has extensive experience in providing financial auditing and accounting services as well as benchmarking studies and operations reviews.


  • Partner-in-charge of accounting and financial auditing engagements for numerous private colleges/universities and other not-for-profit organizations, including radio and television stations
  • Partner-in-charge of single audit services as required by various governmental audit standards
  • Serves as the firm’s specialist on government relations related to federal awards received by not-for-profit organizations
  • Calculates financial ratios and provides benchmarking information for private colleges/ universities
  • Performs operating and efficiency reviews for not-for-profit organizations including the following areas: business offices, human resource/payroll offices, registrar’s offices, institutional advancement offices, financial aid offices, and cash management procedures


  • American Institute of Certified Public Accountants
  • Minnesota Society of Certified Public Accountants
  • California Society of Certified Public Accountants
  • Central Association of College and University Business Officers
  • Eastern Association of College and University Business Officers
  • Minnesota Association of Financial Aid Administrators
  • National Association of College and University Business Officers
  • National Association of Student Financial Aid Administrators
  • Southern Association of College and University Business Officers
  • Western Association of College and University Business Officers

Honors & Awards

  • Women in Business Industry Leaders Award (2012) – Minneapolis/St. Paul Business Journal
  • Top Women in Finance Award (2007) – Finance & Commerce
  • Distinguished Service Award (2001) – Luther College
  • Minnesota’s Super CPA Award (2002 and 2001) – Twin Cities Business Monthly and Minnesota Law and Politics

Thought Leadership

  • Speaks on accounting and financial reporting topics, financial ratios, and federal award program requirements to college and university associations at annual conferences and regional meetings.
  • Co-author of a paper published in 1997 titled, “Toward the 21st Century: Lutheran Higher Education in the 1990’s – A Financial Analysis”


Luther College (Decorah, Iowa)
Bachelor of Arts in accounting

Continuing Education

AICPA National Not-for-Profit Conference (annually)
MNCPA Not-for-Profit Conference
Baker Tilly Virchow Krause College Updated (annually)
Department of Education Fiscal Management Training
Numerous Single Audit Training Sessions
Baker Tilly Virchow Krause GAO Independence Rules
Baker Tilly Virchow Krause IRS Audits: Interest Rate Swaps
The Sarbanes-Oxley Act of 2002 and Higher Education
Baker Tilly Virchow Krause Not-for-Profit Tax Preparation Update
Baker Tilly Virchow Krause Governmental Auditing Update
NACUBO Accounting Forum (annually)
Ethics for CPAs (annually)
NACUBO webcasts on various accounting topics