2025-04-21T11:25:11+00:00 2024-06-30 440160260 Forvis Mazars LLP 820 Massachusetts Ave Suite 1370 Indianapolis IN 46204 990 2023-07-01 201872207 Cardinal Properties CARD 7652858312 2800 W Bethel Avenue Muncie IN 47304 Randall Pond President 7652858312 2025-04-21 true true Nicole Fishback P01279475 3173834000 2024-05-15 2023 2025-03-06 01:10:19Z Randall Pond President 2800 W Bethel Avenue Muncie IN 47304 550370 false X N/A X 2003 IN CARDINAL PROPERTIES, INC. ACCEPTS AND MANAGES REAL ESTATE, INTERESTS IN REAL ESTATE, AND TANGIBLE AND INTANGIBLE PERSONAL PROPERTY FOR THE BENEFIT OF BSU FOUNDATION. 10 5 0 5 0 0 179500 0 323554 505229 401 -44258 228016 31226 731471 492197 169359 0 0 0 0 0 0 0 0 803158 706361 972517 706361 -241046 -214164 6596729 6573170 10072259 10262864 -3475530 -3689694 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. false false 695615 512827 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. 695615 true false false false false false false false false true false false false true false false true false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true 3 0 true 0 false false false false false false false false false false false false X 10 5 false true false false true false false true true false false true true true true true true false false false IN X X Ball State University Fdn 7652858312 2800 W Bethel Avenue Muncie IN 47304 Kenneth R Briner Board Vice President 1.0 1.0 X X 0 0 0 Randall E Pond Board President 1.0 2.0 X X 0 0 0 Stephen J Wachtmann Board Secretary/Treasurer 4.0 51.0 X X 0 166597 29303 Alan T Finn Board Member 1.0 54.0 X 0 290602 41432 Donald Ray Allen BOARD MEMBER (END 3/24) 2.0 53.0 X 0 208035 22179 Geoffrey S Mearns Board Member 1.0 54.0 X 0 1208682 61687 Gregory Zimmerman Board Member 1.0 0.0 X 0 0 0 Jean Kramer Crosby Board Member 4.0 51.0 X 0 270572 32308 Michael Ray Ex Officio Board Member 1.0 2.0 X 0 0 0 Sundesh Shah Board Member 1.0 0.0 X 0 0 0 William P Cooper BOARD MEMBER (BEG 3/24) 2.0 53.0 X 0 93282 16593 0 2237770 203502 0 false true false 0 0 Student Housing Rental 531110 505229 505229 0 0 0 0 505229 37543 13915 23628 0 23628 23628 44258 0 -44258 -44258 -44258 Other Income 900099 7598 7598 0 0 0 0 7598 492197 512827 0 -20630 313079 313079 7163 7163 3518 3518 65 0 65 0 500 500 27956 27956 36182 36182 135683 135683 113443 113443 Real Estate Tax 66647 66647 Other Expense 2125 2125 0 0 0 0 706361 695615 10746 0 65741 26539 0 0 0 0 0 0 0 0 0 0 7645859 1099228 6530988 6546631 0 0 0 0 0 0 6596729 6573170 210374 57976 0 0 0 0 0 0 400000 200000 9461885 10004888 10072259 10262864 X -3441518 -3655682 -34012 -34012 -3475530 -3689694 6596729 6573170 -214164 0 X false true X true false X X 1 Ball State University Foundation Inc 356024566 5 true 0 0 1 0 0 true false false false false false false false false false false false false false false true false 3861366 3861366 3784493 1099228 2685265 6546631 Payable to Ball State Univ Fdn 10004888 10004888 506112 13915 13915 492197 0 0 492197 720276 13915 13915 706361 0 0 706361 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 XI, Line 2(d) Other revenues in audited financial statements not in form 990 Rental Expenses - 13915 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 Rental Expenses - 13915 false false false false false false false false false Stephen J Wachtmann Board Secretary/Treasurer 0 165597 0 1000 0 0 0 18394 0 10909 0 195900 0 0 Geoffrey S Mearns Board Member 0 1177734 0 8500 0 22448 0 57164 0 4523 0 1270369 0 0 Jean Kramer Crosby Board Member 0 269572 0 1000 0 0 0 28115 0 4193 0 302880 0 0 Alan T Finn Board Member 0 289602 0 1000 0 0 0 30988 0 10444 0 332034 0 0 Donald Ray Allen BOARD MEMBER (END 3/24) 0 204035 0 4000 0 0 0 10709 0 11470 0 230214 0 0 Schedule J, Part I PROCESS TO REVIEW COMPENSATION CARDINAL PROPERTIES DOES NOT HAVE EMPLOYEES. PER THE ADMINISTRATIVE AGREEMENT WITH BALL STATE UNIVERSITY FOUNDATION, CARDINAL PROPERTIES IS PROVIDED EMPLOYEES FROM BALL STATE UNIVERSITY FOUNDATION. JEAN KRAMER CROSBY, STEPHEN WACHTMANN, WILLIAM COOPER, AND DONALD RAY ALLEN ARE PAID BY BALL STATE UNIVERSITY FOUNDATION. GEOFFREY MEARNS AND ALAN FINN ARE PAID BY BALL STATE UNIVERSITY. COMPENSATION FOR THESE INDIVIDUALS IS DECIDED THROUGH BALL STATE UNIVERSITY'S PROCESS. Form 990, Part IV, Line 12b AUDITED FINANCIAL STATEMENTS THE AUDITED FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ON A CONSOLIDATED BASIS WITH BALL STATE UNIVERSITY FOUNDATION, CARDINAL FUNDS, AND BALL STATE ALUMNI ASSOCIATION, INC. BALL STATE UNIVERSITY FOUNDATION HAS ESTABLISHED A COMMITTEE FOR THE OVERSIGHT OF THE AUDIT. Form 990, Part VI, Line 15 PROCESS TO REVIEW COMPENSATION CARDINAL PROPERTIES DOES NOT HAVE EMPLOYEES. PER THE ADMINISTRATIVE AGREEMENT WITH BALL STATE UNIVERSITY FOUNDATION, CARDINAL PROPERTIES IS PROVIDED EMPLOYEES FROM BALL STATE UNIVERSITY FOUNDATION. JEAN KRAMER CROSBY, STEPHEN WACHTMANN, WILLIAM COOPER, AND DONALD RAY ALLEN ARE PAID BY BALL STATE UNIVERSITY FOUNDATION. GEOFFREY MEARNS AND ALAN FINN ARE PAID BY BALL STATE UNIVERSITY. COMPENSATION FOR THESE INDIVIDUALS IS DECIDED THROUGH BALL STATE UNIVERSITY'S PROCESS. Form 990, Part VI, Line 1b NUMBER OF INDEPENDENT BOARD MEMBERS AS OF 6/30/2024, JEAN KRAMER CROSBY, STEPHEN WACHTMANN, AND WILLIAM COOPER ARE PAID EMPLOYEES OF BALL STATE UNIVERSITY FOUNDATION, A RELATED ORGANIZATION. GEOFFREY MEARNS AND ALAN FINN ARE PAID EMPLOYEES OF BALL STATE UNIVERSITY, A RELATED ORGANIZATION. THESE INDIVIDUALS ARE NON-INDEPENDENT BOARD MEMBERS. Form 990, Part VI, Line 3 Delegation of management duties CARDINAL PROPERTIES HAS REQUESTED THAT BALL STATE UNIVERSITY FOUNDATION, A RELATED ENTITY, PROVIDE CARDINAL PROPERTIES WITH CERTAIN ADMINISTRATIVE SERVICES IN ORDER TO KEEP CARDINAL PROPERTIES' ADMINISTRATIVE COSTS TO A MINIMUM. THE PROVISION OF SUCH SERVICES IN ORDER TO ALLOW CARDINAL PROPERTIES 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 ACCOUNTING AND AUDITING, ADMINISTRATIVE SUPPORT, CLERICAL SUPPORT, PAYROLL TAXES AND EMPLOYEE BENEFIT SUPPORT, OFFICE SUPPLIES AND EQUIPMENT USE, AND OFFICE SPACE. ALL OF THE PROPERTIES OWNED BY CARDINAL PROPERTIES ARE CONTRACTED TO AN OUTSIDE FIRM TO MANAGE, CAMPUS RENTALS. Form 990, Part VI, Line 6 Classes of members or stockholders BALL STATE UNIVERSITY FOUNDATION IS THE SOLE MEMBER. 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 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, INCLUDING RECUSAL FROM DISCUSSIONS RELATING TO THE CONFLICT. Form 990, Part VI, Line 19 Required documents available to the public CARDINAL PROPERTIES MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. Ball State University Foundation 2800 W Bethel Avenue Muncie IN 47304 356024566 Support IN 501(c)(3) 5 NA false Cardinal Funds 2800 W Bethel Avenue Muncie IN 47304 201872207 Investments IN 501(c)(3) 7 BSU FDN false Ball State University 2000 W University Avenue Muncie IN 47306 356000221 Education IN NA false Ball State University Alumni Association 2800 W Bethel Avenue Muncie IN 47304 270458828 Alumni Support IN 501(c)(3) 5 NA false false false false false false false false false false false false false false true true false false false false