Cardinal Properties INC FY2023 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.
99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · 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
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.8 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$10.1M
153% of total assets
Concern: liabilities are 153% 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
$731K
+113% vs prior year
Spent
$973K
To programs
99%
Net assets
−$3.5M
By yearFY2020–FY2024
Revenue
$731K
FY2023▲ +113%
Revenue by fiscal year
FY2020−$2.1M
FY2021$791K
FY2022$343K
FY2023$731K
FY2024$492K
FY2024$1.3M
Expenses
$973K
FY2023▼ -18%
Expenses by fiscal year
FY2020$2.2M
FY2021$851K
FY2022$1.2M
FY2023$973K
FY2024$706K
FY2024$579K
Net assets
−$3.5M
FY2023▼ -7%
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 FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

You’re viewing the FY2023 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

99 cents of each dollar spent went to programs.

Program services 99% · $965K Management & general 1% · $7K

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 (FY2022); the FY2023 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
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
See Cardinal Properties INC executive salaries →

Are you one of these people? Claim this org to confirm your role

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.

Know this organization? Claim it to add your story

1 program service account for $965K of program spending, described in the organization's own filed words · FY2022.
01

Holding and managing 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.

$965Kprogram expense

Run this program? Claim this org to tell your story

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 FY2023 990, line by line.

1The main four
Money inPt VIII
$731K
Ln 12
Fees for servicesLn 2g$324K
Other incomeLn 4–11$228K
Gifts and grantsLn 1h$180K
Money outPt IX
$973K
Ln 25
Programscol B$965K
Managementcol C$7K
Owns and owesPt X
−$3.5M
net assets · Ln 32
Cash and savingsLn 1–2$66K
Total assetsLn 16$6.6M
LiabilitiesLn 26$10.1M
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$180K
Noncash giftsLn 1g$180K
Fees for servicesLn 2g$324K
Investment incomeLn 3$401
Other incomeLn 4–11$228K
Gains on assetsLn 7$401
Total revenueLn 12$731K
Assets in detailPt X, end of year
CashLn 1$66K
SavingsLn 2$0
Cash and savings togetherLn 1–2$66K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$6.5M
Other assetsLn 15$0
Total assetsLn 16$6.6M
LiabilitiesLn 26$10.1M
Net assetsLn 32−$3.5M
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 FY23End FY23
Cash and savingsLn 1–2$608K$66K
InvestmentsLn 11–13$0$0
Land, buildings, equipmentLn 10c$6.3M$6.5M
Total assetsLn 16$6.9M$6.6M
LiabilitiesLn 26$10.1M$10.1M
Net assetsLn 32−$3.2M−$3.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$169K$169K
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$355K$355K
Legal feesLn 11b$3K$3K
Accounting feesLn 11c$3K$3K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$2K$2K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$0
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$80K$80K
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$36K$36K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$120K$120K
InsuranceLn 23$128K$128K
Other expenses (24a–d)Ln 24$74K$74K
Total functional expensesLn 25$973K$965K$7K$0

Filing history

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

Want to add your own materials alongside these filings? Claim this org

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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $731,471 across 11 lines filed
VIII-1f All other contributions, gifts and grants$179,500
VIII-1g Noncash contributions (included above)$179,500
VIII-1h Total contributions, gifts and grants$179,500
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $323,554$323,554
VIII-3 Investment income$0
VIII-5 Royalties$0
VIII-6 Net rental income or lossExcluded from tax $16,176$16,176
VIII-7 Net gain or loss on sales of assetsExcluded from tax $401$401
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $211,840$211,840
VIII-12 Total revenueRelated to mission $535,394 · Excluded from tax $16,577$731,471
Part IX · Statement of functional expenses $972,517 across 30 lines filed
IX-1 Grants to domestic organizationsPrograms $169,359$169,359
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 $354,827$354,827
IX-11b Legal feesManagement $2,591$2,591
IX-11c Accounting feesManagement $3,220$3,220
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for servicesManagement $1,574$1,574
IX-12 Advertising and promotionPrograms $2,000$2,000
IX-13 Office expenses$0
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 OccupancyPrograms $80,319$80,319
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 InterestPrograms $36,182$36,182
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $120,361$120,361
IX-23 InsurancePrograms $127,975$127,975
IX-24 Other expenses (24a–d)Programs $74,109$74,109
IX-25 Total functional expensesPrograms $965,132 · Management $7,385 · Fundraising $0$972,517
Part X · Balance sheet $6,596,729 assets, 24 lines filed
X-1 Cash, non-interest-bearingStart of year $608,169$65,741
X-2 Savings and temporary cash investmentsStart of year $0$0
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $3,410$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 $6,286,349$6,530,988
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 $0$0
X-16 Total assetsStart of year $6,897,928$6,596,729
X-17 Accounts payable and accrued expensesStart of year $72,371$210,374
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 $9,460,041$9,461,885
X-26 Total liabilitiesStart of year $10,132,412$10,072,259
X-27 Net assets without donor restrictionsStart of year −$3,200,472−$3,441,518
X-28 Net assets with donor restrictionsStart of year −$34,012−$34,012
X-32 Total net assets or fund balancesStart of year −$3,234,484−$3,475,530
X-33 Total liabilities and net assetsStart of year $6,897,928$6,596,729
Part XI · Reconciliation of net assets −$3,475,530 net assets at year end
XI-1 Total revenue$731,471
XI-2 Total expenses$972,517
XI-3 Revenue less expenses−$241,046
XI-4 Net assets at start of year−$3,234,484
XI-10 Net assets at end of year−$3,475,530

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

If you ARE the filing organization, claim this org and add context

Made it to the end? Claim this organization

Keep this kind of thing free
Keep public charity data easy to read.

Free to the public, because obviously. Like this? Pay it forward. Don't like this? Help us get better.

Card, Apple Pay or Google Pay through Stripe. One time.
Keep this kind of thing free
Keep public charity data easy to read.

Free to the public, because obviously. Like this? Pay it forward. Don't like this? Help us get better.

Card, Apple Pay or Google Pay through Stripe. One time.

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.