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Nonprofiteer
← CARDINAL FUNDS INC

Form 990 for tax year 2023

Filed by CARDINAL FUNDS INC.

Totals

Total revenue
$476,628
Total expenses
$127,895
Contributions and grants received
$203,591
Grants paid
$108,167
Program service revenue
$0
Investment income
$273,037
Other revenue
$0
Total assets, end of year
$2,828,290
Total liabilities, end of year
$18,652
Net assets or fund balances, end of year
$2,809,638
Program services expenses (Part IX)
$108,167
Management and general expenses
$19,728
Fundraising expenses
$0
Program service expenses (Part III)
$108,167

Program services were 84.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $203,591

  • 1g · Noncash contributions included above

    $10,033

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $273,037

  • 7b · Less cost or other basis and sales expenses

    securities $0

  • 7c · Gain or loss

    securities $273,037 · other assets $0

  • 7d · Net gain or loss

    total $273,037 · excluded $273,037

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $108,167 · program services $108,167

  • 11c · Fees: accounting

    total $3,518 · management and general $3,518

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $2,578 · management and general $2,578

  • 24a · Other expenses: Other

    total $13,632 · management and general $13,632

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $70,121 · end of year $113,369

  • 3 · Pledges and grants receivable

    beginning of year $5,832 · end of year $10,352

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $2,384,952 · end of year $2,704,569

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $18,652

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $69,395 · end of year $127,424

  • 28 · Net assets with donor restrictions

    beginning of year $2,391,510 · end of year $2,682,214

Mission and programs · 2023

Mission

THE MISSION OF CARDINAL FUNDS INC IS TO HOLD 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.

Activities or mission (Part I)

CARDINAL FUNDS INC IS ORGANIZED TO HOLD FUNDS TO SUPPORT BALL STATE UNIVERSITY FOUNDATION AND THEIR MISSIONS.

  • CARDINAL FUNDS HOLDS FUNDS TO PRIMARILY SUPPORT SCHOLARSHIPS AND THE MISSION OF BALL STATE UNIVERSITY AND BALL STATE UNIVERSITY FOUNDATION.

    Expenses $108,167 · Grants $108,167

As filed on the 2023 return.

Listed in Part VII

  • Michael C Ray

    Chair

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Patrick J Alderdice

    Vice Chair

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Stephen Wachtmann

    Secretary/Treasurer

    Total calculated
    $195,900
    From this org
    $0
    From related orgs
    $166,597
    Other
    $29,303
    Hours/week
    2 + 53 related

    Schedule J breakdown matched by us

    Base
    $0 + $165,597 related
    Bonus
    $0 + $1,000 related
    Other
    $0
    Deferred
    $0 + $18,394 related
    Nontaxable benefits
    $0 + $10,909 related
    Filer's total
    $0 + $195,900 related

  • David Heeter

    Board Member

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Donald Ray Allen

    Board Member (End 3/24)

    Total calculated
    $230,214
    From this org
    $0
    From related orgs
    $208,035
    Other
    $22,179
    Hours/week
    2 + 53 related

    Schedule J breakdown matched by us

    Base
    $0 + $204,035 related
    Bonus
    $0 + $4,000 related
    Other
    $0
    Deferred
    $0 + $10,709 related
    Nontaxable benefits
    $0 + $11,470 related
    Filer's total
    $0 + $230,214 related

  • Jean Kramer Crosby

    Board Member

    Total calculated
    $302,880
    From this org
    $0
    From related orgs
    $270,572
    Other
    $32,308
    Hours/week
    2 + 53 related

    Schedule J breakdown matched by us

    Base
    $0 + $269,572 related
    Bonus
    $0 + $1,000 related
    Other
    $0
    Deferred
    $0 + $28,115 related
    Nontaxable benefits
    $0 + $4,193 related
    Filer's total
    $0 + $302,880 related

  • Marla K Templeton

    Board Member

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Will Cooper

    Board Member (Beg 3/24)

    Total calculated
    $109,876
    From this org
    $0
    From related orgs
    $93,282
    Other
    $16,594
    Hours/week
    2 + 53 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I PROCESS TO REVIEW COMPENSATION
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. THESE INDIVIDUALS ARE PAID BY BALL STATE UNIVERSITY FOUNDATION AND COMPENSATION IS DECIDED THROUGH BALL STATE UNIVERSITY'S PROCESS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202541329349302069

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