CARDINAL FUNDS INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2008

Legal Domicile

Principal Officer

MICHAEL RAY - CHAIR

Phone

7652858312

Tax Period

2022-07-01 to 2023-06-30

CARDINAL FUNDS INC, founded in 2008, is a micro nonprofit in the Education sector that reported $26K in total revenue in fiscal year 2022. Revenue fell 70% from the prior year — a significant decline worth monitoring. Expenses of $145K exceeded revenue, resulting in a 461% operating deficit.

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.

Program Service Accomplishments

Program 1

Expenses: $137,979

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

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $162,308

Program Service Revenue $0

Investment Income $-136,502

Other Revenue $0

TOTAL REVENUE $25,806

Expense Breakdown

Grants Paid $137,959

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $137,979

Other Expenses $6,791

TOTAL EXPENSES $144,750

Year-over-Year Comparison

	2022	2021	Change
Revenue	$25,806	$86,713	-0.7%
Expenses	$144,750	$124,398	+0.2%
Net Income	$-118,944	$-37,685	+2.2%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$179,747

Total Directors

$688,254

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JEAN KRAMER CROSBY	BOARD MEMBER	2.0	Director	$0	$30,811	$286,231
DONALD RAY ALLEN	BOARD MEMBER	2.0	Director	$0	$20,893	$222,276
STEPHEN WACHTMANN	SECRETARY/TREASURER	2.0	Officer Director	$0	$27,410	$179,747
MARLA K TEMPLETON	BOARD MEMBER	1.0	Director	$0	$0	$0
PATRICK J ALDERDICE	VICE CHAIR	1.0	Officer Director	$0	$0	$0
DAVID HEETER	BOARD MEMBER	1.0	Director	$0	$0	$0
MICHAEL C RAY	CHAIR	1.0	Officer Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$25,806	$144,750	$2,460,905	$-118,944
2022	$86,713	$124,398	$2,579,849	$-37,685
2021	$674,194	$121,373	$2,617,534	$552,821
2020	$156,608	$346,972	$2,258,555	$-190,364
2019	$377,008	$197,598	$2,706,977	$179,410
2018	$285,122	$212,998	$2,566,447	$72,124