Cardinal Properties INC FY2021 filing

Tax-deductible

Muncie, IN501(c)(3)Since 2003Foundations & GrantmakersEIN 20-1872207

Cardinal properties, INC. Receives, holds, manages, and disposes of real estate, interests in real estate (including conservation easements), and tangible and intangible personal property for the benefit of ball state university foundation.

501(c)(3) charity; gifts are tax-deductible.
96¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $1.1M a year · 2470% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$10.3M
132% of total assets
Concern: liabilities are 132% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 11 voting members
Looks good: 6 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$791K
+137% vs prior year
Spent
$851K
To programs
96%
Net assets
−$2.5M
By yearFY2020–FY2024
Revenue
$791K
FY2021▲ +137%
Revenue by fiscal year
FY2020−$2.1M
FY2021$791K
FY2022$343K
FY2023$731K
FY2024$492K
FY2024$1.3M
Expenses
$851K
FY2021▼ -61%
Expenses by fiscal year
FY2020$2.2M
FY2021$851K
FY2022$1.2M
FY2023$973K
FY2024$706K
FY2024$579K
Net assets
−$2.5M
FY2021▼ -12%
Net assets by fiscal year
FY2020−$2.3M
FY2021−$2.5M
FY2022−$3.2M
FY2023−$3.5M
FY2024−$3.7M
FY2024−$2.9M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2006.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $818K Management & general 4% · $33K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
President
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
See Cardinal Properties INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Manages donated property and assets for the benefit of BSU Foundation.

Provided by the organization

This section is blank until Cardinal Properties INC claims this page.

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1 program service account for $818K of program spending, described in the organization's own filed words · FY2020.
01

Holding and managing over twenty real estate properties throughout the year used for student housing by ball state university, as well as holding and managing other properties and real estate activities of ball state university foundation.

$818Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 2 grants · $1.7M · 2019–2022

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$791K
Ln 12
Fees for servicesLn 2g$534K
Gifts and grantsLn 1h$168K
Other incomeLn 4–11$89K
Money outPt IX
$851K
Ln 25
Programscol B$818K
Managementcol C$33K
Owns and owesPt X
−$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$81K
Total assetsLn 16$7.8M
LiabilitiesLn 26$10.3M
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$168K
Noncash giftsLn 1g$168K
Fees for servicesLn 2g$534K
Other incomeLn 4–11$89K
Gains on assetsLn 7$0
Total revenueLn 12$791K
Assets in detailPt X, end of year
CashLn 1$81K
SavingsLn 2$0
Cash and savings togetherLn 1–2$81K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$7.3M
Other assetsLn 15$370K
Total assetsLn 16$7.8M
LiabilitiesLn 26$10.3M
Net assetsLn 32−$2.5M
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$319K$81K
InvestmentsLn 11–13$0$0
Land, buildings, equipmentLn 10c$7.1M$7.3M
Total assetsLn 16$7.9M$7.8M
LiabilitiesLn 26$10.2M$10.3M
Net assetsLn 32−$2.3M−$2.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$391K$391K
Legal feesLn 11b$6K$6K
Accounting feesLn 11c$65$65
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$27K$27K
Advertising and promotionLn 12$7K$7K
Office expensesLn 13$0
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$77K$77K
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$56K$56K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$137K$137K
InsuranceLn 23$76K$76K
Other expenses (24a–d)Ln 24$74K$74K
Total functional expensesLn 25$851K$818K$33K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $492K$706K−$214K−$3.7M 990 PDF
FY2023 $731K$973K−$241K−$3.5M 990 PDF
FY2022 $343K$1.2M−$845K−$3.2M 990 PDF
FY2021 Viewing $791K$851K−$60K−$2.5M 990 PDF
FY2020 −$2.1M$2.2M−$4.3M−$2.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $790,993 across 11 lines filed
VIII-1f All other contributions, gifts and grants$167,500
VIII-1g Noncash contributions (included above)$167,500
VIII-1h Total contributions, gifts and grants$167,500
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $534,473$534,473
VIII-3 Investment income$0
VIII-5 Royalties$0
VIII-6 Net rental income or lossExcluded from tax $32,525$32,525
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $56,495$56,495
VIII-12 Total revenueRelated to mission $590,968 · Excluded from tax $32,525$790,993
Part IX · Statement of functional expenses $850,862 across 30 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management feesPrograms $391,164$391,164
IX-11b Legal feesManagement $5,544$5,544
IX-11c Accounting feesManagement $65$65
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for servicesManagement $27,157$27,157
IX-12 Advertising and promotionPrograms $6,792$6,792
IX-13 Office expenses$0
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 OccupancyPrograms $76,943$76,943
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 InterestPrograms $56,000$56,000
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $137,390$137,390
IX-23 InsurancePrograms $76,220$76,220
IX-24 Other expenses (24a–d)Programs $73,587$73,587
IX-25 Total functional expensesPrograms $818,096 · Management $32,766 · Fundraising $0$850,862
Part X · Balance sheet $7,821,616 assets, 24 lines filed
X-1 Cash, non-interest-bearingStart of year $318,722$80,749
X-2 Savings and temporary cash investmentsStart of year $0$0
X-3 Pledges and grants receivableStart of year $116,698$113,951
X-4 Accounts receivableStart of year $0$0
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $0$0
X-10c Land, buildings and equipment, netStart of year $7,114,130$7,257,401
X-11 Publicly traded securitiesStart of year $0$0
X-12 Other securitiesStart of year $0$0
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $369,515$369,515
X-16 Total assetsStart of year $7,919,065$7,821,616
X-17 Accounts payable and accrued expensesStart of year $199,461$138,573
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $0$0
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $9,170,819$9,407,771
X-26 Total liabilitiesStart of year $10,170,280$10,346,344
X-27 Net assets without donor restrictionsStart of year −$2,229,923−$2,670,901
X-28 Net assets with donor restrictionsStart of year −$21,292$146,173
X-32 Total net assets or fund balancesStart of year −$2,251,215−$2,524,728
X-33 Total liabilities and net assetsStart of year $7,919,065$7,821,616
Part XI · Reconciliation of net assets −$2,524,728 net assets at year end
XI-1 Total revenue$790,993
XI-2 Total expenses$850,862
XI-3 Revenue less expenses−$59,869
XI-4 Net assets at start of year−$2,251,215
XI-8 Prior period adjustments−$213,644
XI-10 Net assets at end of year−$2,524,728

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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