Cardinal Funds Inc.

“Part iii, question 3 the in house donor advised funds program was outsourced to a third party administrator during fy20. As of 6/30/20, cardinal funds no longer manages donor advised funds. 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 6/30/2020, thomas heck, 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.”

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

“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.”

“Part vi, question 12c 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.”

“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.”

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

“Donor advised funds transfer adjustment $(252,692)”