Civic Intelligence

Cardinal Funds Inc.

990 • Fiscal year 2018 • EIN 20-5733080

Jul 01, 2017 to Jun 30, 2018 • Filed on May 15, 2019

2800 W Bethel AvenueMuncie, IN 47304

(765) 285-8312

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

30th percentile

0.02x

Higher debt load relative to assets than 30% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

60th percentile

0.16x

Higher debt load relative to revenue than 60% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

81st percentile

25%

Higher net margin than 81% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

95th percentile

$315,060

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 110.5% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

51st percentile

1.2%

Faster asset growth than 51% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

10th percentile

-30%

Faster revenue growth than 10% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Up

$2,566,447

Up $30,826 (+1.2%) from 2017

Net Assets

Up

$2,522,201

Up $40,957 (+1.7%) from 2017

Liabilities

Down

$44,246

Down $10,131 (-19%) from 2017

Revenue

Down

$285,122

Down $121,096 (-30%) from 2017

Expenses

Down

$212,998

Down $37,770 (-15%) from 2017

Net Income

Down

$72,124

Down $83,326 (-54%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2010: $1,544,880Liabilities 2010: $0Net Assets 2010: $1,544,8802010Assets 2011: $1,985,637Liabilities 2011: $343Net Assets 2011: $1,985,2942011Assets 2012: $1,847,845Liabilities 2012: $13,313Net Assets 2012: $1,834,5322012Assets 2013: $2,136,399Liabilities 2013: $9,517Net Assets 2013: $2,126,8822013Assets 2014: $2,237,253Liabilities 2014: $18,376Net Assets 2014: $2,218,8772014Assets 2015: $2,416,668Liabilities 2015: $23,560Net Assets 2015: $2,393,1082015Assets 2016: $2,368,871Liabilities 2016: $58,935Net Assets 2016: $2,309,9362016Assets 2017: $2,535,621Liabilities 2017: $54,377Net Assets 2017: $2,481,2442017Assets 2018: $2,566,447Liabilities 2018: $44,246Net Assets 2018: $2,522,2012018Assets 2019: $2,706,977Liabilities 2019: $5,366Net Assets 2019: $2,701,6112019Assets 2020: $2,258,555Liabilities 2020: $0Net Assets 2020: $2,258,5552020Assets 2021: $2,617,534Liabilities 2021: $0Net Assets 2021: $2,617,5342021Assets 2022: $2,579,849Liabilities 2022: $0Net Assets 2022: $2,579,8492022Assets 2023: $2,460,905Liabilities 2023: $0Net Assets 2023: $2,460,9052023Assets 2024: $2,828,290Liabilities 2024: $18,652Net Assets 2024: $2,809,6382024

Highlighted filing

2018

Assets$2,566,447
Liabilities$44,246
Net Assets$2,522,201

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2010: $369,4752010Expenses 2011: $268,7602011Expenses 2012: $238,4622012Expenses 2013: $192,2182013Revenue 2014: $406,855Expenses 2014: $168,552Net Income 2014: $238,3032014Revenue 2015: $306,672Expenses 2015: $136,194Net Income 2015: $170,4782015Revenue 2016: $90,044Expenses 2016: $229,438Net Income 2016: -$139,3942016Revenue 2017: $406,218Expenses 2017: $250,768Net Income 2017: $155,4502017Revenue 2018: $285,122Expenses 2018: $212,998Net Income 2018: $72,1242018Revenue 2019: $377,008Expenses 2019: $197,598Net Income 2019: $179,4102019Revenue 2020: $156,608Expenses 2020: $346,972Net Income 2020: -$190,3642020Revenue 2021: $674,194Expenses 2021: $121,373Net Income 2021: $552,8212021Revenue 2022: $86,713Expenses 2022: $124,398Net Income 2022: -$37,6852022Revenue 2023: $25,806Expenses 2023: $144,750Net Income 2023: -$118,9442023Revenue 2024: $476,628Expenses 2024: $127,895Net Income 2024: $348,7332024

Highlighted filing

2018

Revenue$285,122
Expenses$212,998
Net Income$72,124
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 15, 2019
Return Version
2017v2.3
Gross Receipts
$285,122
Mission and Program Overview

Mission

The mission of cardinal funds inc is to hold donor advised funds that primarily support ball state university and ball state university foundation scholarship funds for current students or graduates of the university, indiana academy and burris laboratory school as well as funds for the benefit of other qualified exempt organizations that serve university students, alumni, faculty and staff.

Cardinal funds inc is organized to hold funds to support ball state university foundation and their missions.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$518,896$373,845▼ $145,051
Accounts Receivable$113,601$63,425▼ $50,176
Prepaid Expenses and Deferred Charges$2,047$1,710▼ $337
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$2,535,621$2,566,447▲ $30,826
Other Assets Total$1,901,077$2,127,467▲ $226,390
Liabilities
Accounts Payable and Accrued Expenses$54,377$44,246▼ $10,131
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$54,377$44,246▼ $10,131
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,719,411$1,736,092▲ $16,681
Permanently Rstr Net Assets$652,563$655,777▲ $3,214
Unrestricted Net Assets$109,270$130,332▲ $21,062
Total Net Assets Fund Balance$2,481,244$2,522,201▲ $40,957
Total Liabilities and Net Assets / Fund Balance$2,535,621$2,566,447▲ $30,826

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$2,127,467--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$2,028,577$23,387▲ $129,808$41,384$2,063,107
2016$1,903,382$29,041▲ $168,859-$2,028,577
2015$1,952,022$63,678▼ $31,495-$1,903,382
2014$1,908,703$17,375▲ $88,231-$1,952,022
2013$1,806,043$11,800▲ $156,881$9,651$1,908,703
Compensation and Service Providers

Employees

NameTitleOtherTotal
Tracy Curtis Began 2018Secretary/treasurer$134,398$134,398
Jean Kramer CrosbyEx-officio$128,326$128,326

Board Members and Trustees

NameTitle
Jan W PassmorePresident
Mark ErvinPresident Elect
Marla TempletonVice President
Bente Fein WeitekampBoard Memeber
CHERI O'NEILLBoard Memeber
Charles H HarperBoard Memeber
Matthew E SmithBoard Memeber
Terry KingFormer Board Memeber
Anthony SmithEx-officio
David Mark HelmusEx-officio
Geoffrey MearnsEx-officio
Randy PondEx-officio
Jeffrey R LangTreasurer (left 11/2017)
Revenue and Support

Revenue Composition

Contributions and Grants
$140,147
Program Service Revenue
$0
Investment Income
$144,975
Other Revenue
$0
All Other Contributions
$140,147
Change in Net Assets
$72,124

Audited Revenue Reconciliation

Revenue per Audited Statements
$253,955
Revenue Not Reported on Financial Statements
$31,167
Other Revenue Adjustments
$31,167
Total Revenue per Audited Statements
$253,955
Total Revenue per Form 990
$285,122
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$106,817
Grants and Similar Amounts Paid$106,181
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$106,181--$106,181
Other Expenses$51,589--$51,589
Fees for Services Accounting$0$11,866$0$11,866
Information Technology$7,500--$7,500
Insurance-$2,203-$2,203
All Other Expenses$465--$465
Office Expenses-$66-$66
Occupancy-$7-$7
Total Functional Expenses$198,856$14,142$0$212,998

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$212,998
Total Expenses per Audited Statements$212,998
Total Expenses per Form 990$212,998
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Ball State UniversityMuncie, IN115Scholarship Funding$106,181
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes
Filing and Contact Details

Filer

Filer Name
Cardinal Funds Inc
EIN
20-5733080
In Care Of
% BALL STATE UNIVERSITY FDN
Phone
7652858312
Address
2800 W BETHEL AVENUE, MUNCIE, IN 47304

Signing Officer

Name
Thomas Heck
Title
Treasurer
Phone
7652858312
Signed
2019-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Marla Templeton
Formed
2008
Legal Domicile
In
Voting Board Members
13
Independent Board Members
8
Employees
0
Volunteers
8

Preparer

Firm
Bkd Llp
Address
200 E Main St Suite 700, Fort Wayne, IN 46802
Preparer
Lauren R Denton
Phone
2604604000
Supplemental Narrative

Additional Explanations

Audited Financial Statements

Part iv, question 12 & part xii, questions 2a & 2b the audited financial statements were prepared in accordance with generally accepted accounting principles on a consolidated basis with ball state university foundation, cardinal properties, and ball state alumni association, inc. Ball state university foundation has established a committee for the oversight of the audit.

Number of Independent Board Members

Part vi, question 1b as of 6/30/2018, tracy curtis, cheri o'neill, jean kramer crosby, and david mark helmus are paid employees of ball state university foundation, a related organization. Geoffrey mearns is a paid employee of ball state university, a related organization.

Administrative Services Provided by Ball State University Foundation

Part vi, question 3 cardinal funds has requested that ball state university foundation, a related entity, provide cardinal funds with certain administrative services in order to keep cardinal funds' administrative costs to a minimum. The provision of such services in order to allow cardinal funds 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 management and investment; fund accounting and auditing; administrative support; clerical support; payroll taxes and employee benefit support; office supplies and equipment use; and office space.

Members

Part vi, question 6 ball state university foundation is the sole member.

COPY OF FORM 990 PROVIDED TO ORGANIZATION'S GOVERNING BODY

Part vi, question 11b the form 990 and related schedules are thoroughly reviewed by the board of directors and an independent accounting firm prior to submission to the irs.

Conflict of Interest Policy

Part vi, question 12c an annual questionnaire is completed by all board members. The questionnaire requires all interested persons to disclose potential 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.

Compensation Review and Approval

Part vi, question 15a &15b cardinal funds does not have employees. Per the administrative agreement with ball state university foundation, cardinal funds is provided employees from ball state university foundation.

Governing Documents, Conflict of Interest, and Financial Statements

Part vi, question 19 cardinal funds makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Reconciliation of Net Assets

Part xi, line 9 pledge adjustment: $(31,167)

Financial Statement Notes

Part V, Line 4

THE ORGANIZATION IS THE BENEFICIARY OF CHARITABLE REMAINDER TRUSTS AND VARIOUS PERPETUAL TRUSTS ADMINISTERED BY OUTSIDE PARTIES. THE ORGANIZATION'S ENDOWMENT CONSISTS OF NUMEROUS INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING SCHOLARSHIPS AND FINANCIAL AID EXPENSES, FACULTY COMPENSATION AND SUPPORT EXPENSES, ACADEMIC PROGRAM EXPENSES, RESEARCH EXPENSES, PUBLIC SERVICE EXPENSES, ATHLETICS, RECRUITMENT, PUBLIC SERVICE, EXTERNAL RELATIONS, ARTWORK, LIBRARY MATERIALS AND OTHER PROGRAMS MANAGED PER THE DONOR AGREEMENT. THE ORGANIZATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS AND OTHER ITEMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT. ASC 740 FOOTNOTE Management has evaluated their income tax positions under the guidance included in ASC 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.

Part XI, Line 4B

Pledge adjustment $28,128

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER (LEFT 11/2017)
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IRS990/MissionDesc0THE MISSION OF CARDINAL FUNDS INC IS TO HOLD DONOR ADVISED FUNDS THAT PRIMARILY SUPPORT BALL STATE UNIVERSITY AND BALL STATE UNIVERSITY FOUNDATION SCHOLARSHIP FUNDS FOR CURRENT STUDENTS OR GRADUATES OF THE UNIVERSITY, INDIANA ACADEMY AND BURRIS LABORATORY SCHOOL AS WELL AS FUNDS FOR THE BENEFIT OF OTHER QUALIFIED EXEMPT ORGANIZATIONS THAT SERVE UNIVERSITY STUDENTS, ALUMNI, FACULTY AND STAFF.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.83$0.02$2.81$0.48$0.13$0.35
2023Detailed filing. Detailed filing data is available for this year.$2.46$0.00$2.46$0.03$0.14$0.12
2022Detailed filing. Detailed filing data is available for this year.$2.58$0.00$2.58$0.09$0.12$0.04
2021Detailed filing. Detailed filing data is available for this year.$2.62$0.00$2.62$0.67$0.12$0.55
2020Detailed filing. Detailed filing data is available for this year.$2.26$0.00$2.26$0.16$0.35$0.19
2019Detailed filing. Detailed filing data is available for this year.$2.71$0.01$2.70$0.38$0.20$0.18
2018Detailed filing. Detailed filing data is available for this year.$2.57$0.04$2.52$0.29$0.21$0.07
2017Detailed filing. Detailed filing data is available for this year.$2.54$0.05$2.48$0.41$0.25$0.16
2016Detailed filing. Detailed filing data is available for this year.$2.37$0.06$2.31$0.09$0.23$0.14
2015Detailed filing. Detailed filing data is available for this year.$2.42$0.02$2.39$0.31$0.14$0.17
2014Detailed filing. Detailed filing data is available for this year.$2.24$0.02$2.22$0.41$0.17$0.24
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.14$0.01$2.13$0.19
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.85$0.01$1.83$0.24
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.99$0.00$1.99$0.27
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.54$0.00$1.54$0.37