Civic Intelligence

Ball State University Foundation Inc

EIN 35-6024566 • 501(c)3 • Muncie, IN

Profile

Our mission is to maximize sustainable support for ball state university by obtaining, investing, and administering private gift support and prudently discharging its fiduciary obligations to the university, donors, and designated beneficiaries. The ball state university foundation will support the continuing development of ball state university by continuing to be a foundation of excellence, promoting and facilitating a culture of philanthropy, service, volunteer leadership, and exemplary fiduciary responsibility.

2800 W Bethel AvenueMuncie, IN 47304

www.bsu.edu/BSUFOUNDATION

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

15th percentile

0.04x

Higher debt load relative to assets than 15% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

29th percentile

0.25x

Higher debt load relative to revenue than 29% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

94th percentile

55%

Higher net margin than 94% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

66th percentile

$1,270,369

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

88th percentile

20%

Faster asset growth than 88% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

98th percentile

234%

Faster revenue growth than 98% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$413,594,191

Up $70,199,960 (+20%) from 2023

Liabilities

Down

$16,689,739

Down $914,607 (-5.2%) from 2023

Net Assets

Up

$396,904,452

Up $71,114,567 (+22%) from 2023

Revenue

Up

$66,942,172

Up $46,927,574 (+234%) from 2023

Expenses

Up

$30,249,612

Up $5,340,002 (+21%) from 2023

Net Income

Up

$36,692,560

Up $41,587,572 (+850%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600M$400M$200M$0Assets 2010: $177,950,237Liabilities 2010: $31,478,271Net Assets 2010: $146,471,9662010Assets 2011: $198,405,348Liabilities 2011: $28,492,412Net Assets 2011: $169,912,9362011Assets 2012: $197,238,328Liabilities 2012: $31,265,743Net Assets 2012: $165,972,5852012Assets 2013: $217,070,523Liabilities 2013: $32,936,678Net Assets 2013: $184,133,8452013Assets 2014: $236,925,941Liabilities 2014: $28,073,446Net Assets 2014: $208,852,4952014Assets 2015: $234,983,239Liabilities 2015: $24,113,429Net Assets 2015: $210,869,8102015Assets 2016: $224,279,356Liabilities 2016: $29,546,319Net Assets 2016: $194,733,0372016Assets 2017: $239,675,559Liabilities 2017: $24,350,082Net Assets 2017: $215,325,4772017Assets 2018: $251,860,304Liabilities 2018: $25,861,543Net Assets 2018: $225,998,7612018Assets 2019: $254,500,113Liabilities 2019: $23,072,770Net Assets 2019: $231,427,3432019Assets 2020: $262,845,495Liabilities 2020: $24,398,991Net Assets 2020: $238,446,5042020Assets 2021: $330,356,166Liabilities 2021: $17,171,758Net Assets 2021: $313,184,4082021Assets 2022: $327,636,932Liabilities 2022: $19,324,740Net Assets 2022: $308,312,1922022Assets 2023: $343,394,231Liabilities 2023: $17,604,346Net Assets 2023: $325,789,8852023Assets 2024: $413,594,191Liabilities 2024: $16,689,739Net Assets 2024: $396,904,4522024

Highlighted filing

2024

Assets$413,594,191
Liabilities$16,689,739
Net Assets$396,904,452

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$80M$60M$40M$20M$0-$20MExpenses 2010: $19,693,2622010Expenses 2011: $18,283,8452011Expenses 2012: $17,524,0552012Expenses 2013: $21,819,4732013Revenue 2014: $26,708,250Expenses 2014: $24,362,121Net Income 2014: $2,346,1292014Revenue 2015: $19,741,254Expenses 2015: $17,876,357Net Income 2015: $1,864,8972015Revenue 2016: $21,631,332Expenses 2016: $23,764,680Net Income 2016: -$2,133,3482016Revenue 2017: $20,276,092Expenses 2017: $21,207,702Net Income 2017: -$931,6102017Revenue 2018: $24,637,040Expenses 2018: $26,740,003Net Income 2018: -$2,102,9632018Revenue 2019: $20,910,153Expenses 2019: $26,786,738Net Income 2019: -$5,876,5852019Revenue 2020: $25,627,270Expenses 2020: $21,926,252Net Income 2020: $3,701,0182020Revenue 2021: $35,478,867Expenses 2021: $24,559,056Net Income 2021: $10,919,8112021Revenue 2022: $39,102,530Expenses 2022: $25,599,448Net Income 2022: $13,503,0822022Revenue 2023: $20,014,598Expenses 2023: $24,909,610Net Income 2023: -$4,895,0122023Revenue 2024: $66,942,172Expenses 2024: $30,249,612Net Income 2024: $36,692,5602024

Highlighted filing

2024

Revenue$66,942,172
Expenses$30,249,612
Net Income$36,692,560

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$414$16.7$397$66.9$30.2$36.7
2023Detailed filing. Detailed filing data is available for this year.$343$17.6$326$20.0$24.9$4.90
2022Detailed filing. Detailed filing data is available for this year.$328$19.3$308$39.1$25.6$13.5
2021Detailed filing. Detailed filing data is available for this year.$330$17.2$313$35.5$24.6$10.9
2020Detailed filing. Detailed filing data is available for this year.$263$24.4$238$25.6$21.9$3.70
2019Detailed filing. Detailed filing data is available for this year.$255$23.1$231$20.9$26.8$5.88
2018Detailed filing. Detailed filing data is available for this year.$252$25.9$226$24.6$26.7$2.10
2017Detailed filing. Detailed filing data is available for this year.$240$24.4$215$20.3$21.2$0.93
2016Detailed filing. Detailed filing data is available for this year.$224$29.5$195$21.6$23.8$2.13
2015Detailed filing. Detailed filing data is available for this year.$235$24.1$211$19.7$17.9$1.86
2014Detailed filing. Detailed filing data is available for this year.$237$28.1$209$26.7$24.4$2.35
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$217$32.9$184$21.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$197$31.3$166$17.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$198$28.5$170$18.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$178$31.5$146$19.7
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 8, 2025
Return Version
2023v6.0
Gross Receipts
$123,913,921
Mission and Program Overview

Mission

Our mission is to optimize sustainable support for Ball State University by obtaining, investing, and managing private gifts wisely while fulfilling our fiduciary responsibilities to Donors, the University, and designated beneficiaries. The Ball State University Foundation will continue to support the University's mission by maintaining its reputation as an institution of excellence while fostering a culture of philanthropy, service, volunteer leadership, and exemplary fiduciary responsibility.

To foster philanthropic support that aligns with Ball State University's mission of engaging students in educational, research, and creative endeavors, enabling them to pursue fulfilling careers and meaningful lives.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$215,843,559$255,059,395▲ $39,215,836
Investments Other Securities$80,302,628$79,924,307▼ $378,321
Savings and Temporary Cash Investments$1,107,923$34,082,217▲ $32,974,294
Pledges and Grants Receivable$22,589,555$25,491,402▲ $2,901,847
Accounts Receivable$10,130,088$10,706,272▲ $576,184
Land, Buildings, and Equipment, Net$228,129$213,568▼ $14,561
Prepaid Expenses and Deferred Charges$217,464$151,505▼ $65,959
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$0--
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Inventories for Sale or Use$0--
Loans From Officers Directors$0$0→ $0
Total Assets$343,394,231$413,594,191▲ $70,199,960
Other Assets Total$12,974,885$7,965,525▼ $5,009,360
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,375,000$8,875,000▼ $500,000
Other Liabilities$3,894,784$3,472,635▼ $422,149
Grants Payable$3,143,049$3,462,703▲ $319,654
Accounts Payable and Accrued Expenses$1,191,513$879,401▼ $312,112
Total Liabilities$17,604,346$16,689,739▼ $914,607
Net Assets / Fund Balance
Net Assets With Donor Restrictions$294,900,062$355,581,547▲ $60,681,485
Net Assets Without Donor Restrictions$30,889,823$41,322,905▲ $10,433,082
Total Net Assets Fund Balance$325,789,885$396,904,452▲ $71,114,567
Total Liabilities and Net Assets / Fund Balance$343,394,231$413,594,191▲ $70,199,960

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$29,773$1,046,113$1,075,886
Buildings$84,025$97,875$181,900
Land$99,770-$99,770
Other Securities$51,121,345--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$240,937,291$5,906,397▲ $20,754,996$1,213,494$258,797,422
2022$244,087,219$6,632,027▼ $6,330,458$242,147$240,937,291
2021$242,459,242$11,775,233▼ $6,295,862$282,741$244,087,219
2020$205,878,913$7,150,360▲ $32,708,200-$242,459,242
2019$203,245,977$5,089,651▲ $2,447,736-$205,878,913
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jean Kramer CrosbyPresidentFT$269,572$33,308$302,880
David Mark HelmusChief Advancement OfficerFT$215,153$32,243$247,396
Donald Ray AllenVP of DevelopmentFT$204,035$26,179$230,214
Stephen WachtmannAvp of Finance & TreasurerFT$165,597$30,303$195,900
Lola MauerAvp for Alumni EngagementFT$158,880$24,520$183,400
Carmella HiseAvp for DevelopmentFT$134,710$19,248$153,958
Mary SerineSr Exec Director of AdvancementFT$107,354$9,599$116,953
Beth AlexanderAssistant SecretaryFT$101,669$10,411$112,080

Board Members and Trustees

NameTitle
Michael C RayChair
Patrick J AldericeChair Elect
Marla K TempletonImmediate Past Chair
Geoffrey MearnsEx-officio Vice Chair & Pres.
Bente M WeitekampBoard Member
Betsy M RossBoard Member
Charles a BarthBoard Member
Damita J WilliamsBoard Member
Daniel J TowrissBoard Member
Donald D Dumoulin IiBoard Member
Dwight D SmithBoard Member
E Renae ConleyBoard Member
Eric J FossBoard Member
Henry HallBoard Member
James R WilliamsBoard Member
Jill S LacyBoard Member
Jo Ann M GoraBoard Member
Julie K GriffithBoard Member
Katherine M DoerksenBoard Member
Katherine a ArbuckleBoard Member
Keith a RobinsonBoard Member
Kelli a LawrenceBoard Member
Kyle J WilliamsBoard Member
Marsha J CaseyBoard Member
Michael D McdanielBoard Member
Michael E EarleyBoard Member
Michelle a RyanBoard Member
Randy D PhillipsBoard Member
Richard J HallBoard Member
Robert S KasparBoard Member
Sheri L KendallBoard Member
Thomas B BryanBoard Member
Timothy M AndrewsBoard Member
Vince M BertramBoard Member
W Craig DobbsBoard Member
David W HeeterSecretary
Alan FinnVP of Finance & Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Goldman SachsInvestment Advisor71 Wacker Dr, Suite 1200, Chicago, IL 60606$723,910
AgilityInvestment Advisor7979 E TUFTS AVENUE, SUITE 700, Denver, CO 80237$511,671
Revenue and Support

Revenue Composition

Contributions and Grants
$65,701,692
Program Service Revenue
$1,106
Investment Income
$1,238,078
Other Revenue
$1,296
All Other Contributions
$63,903,233
Change in Net Assets
$36,692,560

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded36$3,681,903Other - Stock Quote
Works of Art9$982,951Other - Appraisal
Other Non Cash Contri Table4$76,393Cost
Other Non Cash Contri Table16$15,472Cost
Total Noncash Contributions65$4,756,719-

Audited Revenue Reconciliation

Revenue per Audited Statements
$65,248,461
Revenue Not Reported on Financial Statements
$1,693,711
Revenue Not Reported on Form 990
$34,422,007
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$99,670,468
Total Revenue per Form 990
$66,942,172
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$18,696,553
Salaries, Compensation, and Employee Benefits$7,209,803
Total Fundraising Expense$4,373,817
Other Expenses$4,343,256
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$18,696,553--$18,696,553
Other Salaries and Wages-$2,798,777$1,887,389$4,686,166
Fees for Service Investment Mgmnt Fees$1,693,711--$1,693,711
Other Employee Benefits-$587,195$350,500$937,695
Current Officers, Directors, Trustees, and Key Employees-$364,832$246,029$610,861
Pension Plan Contributions-$311,812$186,123$497,935
Office Expenses-$121,447$331,789$453,236
Information Technology-$6,215$427,857$434,072
Payroll Taxes-$232,153$138,573$370,726
Conferences and Meetings-$236,448$118,772$355,220
Depreciation Depletion-$28,055$112,727$140,782
Comp Disqual Persons-$106,420-$106,420
Fees for Services Accounting-$97,135-$97,135
Other Expenses-$5,920$62,184$68,104
Fees for Services Legal-$30,160$21,840$52,000
Insurance-$49,690-$49,690
Occupancy-$39,206$1,179$40,385
Interest-$32,188-$32,188
Fees for Services Lobbying--$21,339$21,339
Travel-$3,499$7,933$11,432
Total Functional Expenses$20,390,264$5,485,531$4,373,817$30,249,612

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$30,249,612
Expenses per Audited Statements$28,555,901
Total Expenses per Audited Statements$28,555,901
Expenses Not Reported on Financial Statements$1,693,711
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Ball State UniversityMuncie, IN115General Support$14,577,496
Ball State UniversityMuncie, IN115Scholarships$4,119,057
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Daughter of Don DumoulinPayrollNo$106,420

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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuity Obligations$1,757,245
Operating Lease Liability$991,418
Trust Obligations$633,750
University Payable$90,222
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
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
No

Governance Explanations

Form 990, Part VI, Line 1B

Jean k. Crosby is a paid employee of ball state university foundation. Geoffrey mearns and alan finn are paid employees of ball state university, a related organization. Don dumoulin has a business transaction involving interested persons reported on schedule l. These four individuals are considered non-independent.

Form 990, Part VI, Line 11B Review of form 990 by governing body

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.

Form 990, Part VI, Line 12C Conflict of interest policy

An annual questionnaire is required to be completed by every officer, director and key employee. 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, including recusal from discussions relating to the conflict.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

An annual review is performed for the president. This review analyzes compensation as well as goals and objectives set forth and accomplished. A comparability study is performed with information from form 990s of similar organizations. The information collected is reviewed by the ball state university president.

Form 990, Part VI, Line 19 Required documents available to the public

Ball state university foundation makes governing documents, form 990, conflict of interest policy and audited financial statements available upon request.

Filing and Contact Details

Filer

Filer Name
Ball State University Foundation Inc
EIN
35-6024566
Phone
7652858312
Address
2800 W Bethel Avenue, Muncie, IN 47304

Signing Officer

Name
Jean Kramer Crosby
Title
President
Phone
7652858312
Signed
2025-05-08
Discuss with paid preparer
Yes

Organization Details

Formed
1950
Legal Domicile
In
Voting Board Members
38
Independent Board Members
34
Employees
93
Volunteers
30

Preparer

Firm
Forvis Mazars LLP
Address
820 Massachusetts Ave Suite 1370, Indianapolis, IN 46204
Preparer
Nicole Fishback
Phone
3173834000
Supplemental Narrative

Additional Explanations

Form 990, Part IV, Line 12B And Part XII, Line 2

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

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Change in Value of Split Interest Agreements - 414966; Change in Donor Allocation - 276529;

Financial Statement Notes

Schedule D, Part X, Line 2 ASC 740 Disclosure

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.

Schedule D, Part V, Line 4 Intended uses of endowment funds

Endowment funds are managed in accordance with donor stipulations to serve as a perpetual source of funding for various purposes, such as scholarships and financial aid, faculty compensation and support, academic programs, research, technology, equipment and campus improvements, public service, athletics, recruitment, artwork, library materials, and other programs.

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

Change in Value of Split Interest Agreements - 414966 Change in Donor Allocation - 276529

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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/Desc0SUPPORT IS PROVIDED TO BALL STATE UNIVERSITY IN THE FOLLOWING AREAS ACADEMIC PROGRAMS, ADVANCEMENT AND DEVELOPMENT, FACULTY SUPPORT, RESEARCH, FACULTY AND STUDENT RECRUITMENT, PUBLIC SERVICE, EXTERNAL RELATIONSHIPS, ARTWORK, LIBRARY MATERIALS, AND ATHLETICS. THESE PROGRAMS SERVE TO ENHANCE THE EDUCATIONAL EXPERIENCE.
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