Cardinal Properties Inc.

“As of 6/30/2023, jean kramber crosby, stephen wachtmann, and donald ray allen are paid employees of ball state university foundation, a related organization. Geoffrey mearns and alan finn are paid employees of ball state university, a related organization.”

“Delegate control over management duties: cardinal properties has requested that ball state university foundation, a related entity, provide cardinal properties with certain administrative services in order to keep cardinal properties' administrative costs to a minimum. The provision of such services in order to allow cardinal properties to pursue its charitable purposes is in furtherance of the charitable purposes of ball state university foundation. Administrative services provided by ball state university foundation include: fund accounting and auditing, administrative support, clerical support, payroll taxes and employee benefit support, office supplies and equipment use, and office space. All of the properties owned by cardinal properties are contracted to an outside firm to manage, network property services.”

“Members or stockholders: ball state university foundation is the sole member.”

“Process to review the form 990: the form 990 and related schedules are appropriately reviewed by the audit committee and an independent accounting firm. The form 990 and schedules are then provided to the full board prior to submission to the irs.”

“Process for monitoring compliance with conflict of int. Policy: an annual questionnaire is required to be completed by all board members. The questionnaire requires all interested persons to disclose personal conflicts of interest. Upon disclosure of an interest, the board discusses the potential conflict without the interested person present to determine if a conflict actually exists. The board then determines the appropriate action after analyzing the conflict, including recusal from discussions relating to the conflict.”

“Process to review compensation: cardinal properties does not have employees. Per the administrative agreement with ball state university foundation, cardinal properties is provided employees from ball state university foundation.”

“Governing documents available to the public: cardinal properties makes its governing documents, conflict of interest policy, and audited financial statements available to the public upon request.”

“The audited financial statements were prepared in accordance with generally accepted accounting principles on a consolidated basis with ball state university foundation, cardinal funds, and ball state alumni association, inc. Ball state university foundation has established a committee for the oversight of the audit.”