Cardinal Funds Inc
Cardinal Funds Inc maintains substantial assets despite volatile revenue and occasional operating deficits.
EIN: 205733080 · Muncie, IN · NTEE: B11 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $477K |
| Total Expenses | $145K |
| Program Spending | 75% |
| CEO/Top Officer Pay | $3 |
| Net Assets | $2.5M |
| Transparency Score | 75/100 |
Is Cardinal Funds Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Cardinal Funds Inc directs 75% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Cardinal Funds Inc
Cardinal Funds Inc (EIN: 205733080) is a nonprofit organization based in Muncie, IN, classified under NTEE code B11. The organization reported total revenue of $477K and total assets of $2.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Cardinal Funds Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Cardinal Funds Inc is a small nonprofit that has been operating for 18 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -24.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $26K |
| Total Expenses | $145K |
| Surplus / Deficit | $-118,944 |
| Total Assets | $2.5M |
| Net Assets | $2.5M |
| Operating Margin | -460.9% |
| Months of Reserves | 204.0 months |
Financial Health Grade: B
In 2023, Cardinal Funds Inc reported a deficit of $119K with expenses exceeding revenue, holds 204.0 months of operating reserves (strong position).
Financial Trends
Over 13 years of filings (2011–2023), Cardinal Funds Inc's revenue has declined at a compound annual growth rate (CAGR) of -24.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -70.2% | +16.4% | -4.6% |
| 2022 | -87.1% | +2.5% | -1.4% |
| 2021 | +330.5% | -65.0% | +15.9% |
| 2020 | -58.5% | +75.6% | -16.6% |
| 2019 | +32.2% | -7.2% | +5.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2008 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Cardinal Funds Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 75%
- fundraising: 10%
According to IRS 990 filings, Cardinal Funds Inc allocates its expenses as follows: admin: 15%, programs: 75%, fundraising: 10%. With 75% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $119K, with expenses exceeding revenue.
Executive Compensation Analysis
Executive compensation is consistently reported at 0% across all 13 filings, indicating that no officers or key employees receive salaries from the organization, which is highly unusual for an organization with assets nearing $3 million.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Cardinal Funds Inc's IRS 990 filings:
- Highly volatile annual revenue, making financial planning challenging.
- Expenses frequently exceed revenue, indicating reliance on reserves or prior surpluses.
- Lack of detailed expense breakdown (program vs. admin vs. fundraising) in provided data.
Strengths
The following positive indicators were identified for Cardinal Funds Inc:
- Substantial and stable asset base (consistently over $2.2 million).
- Consistently reports 0% officer compensation, indicating low executive overhead.
- Zero liabilities in recent years (2023-2020), showing a healthy balance sheet.
- Long history of IRS 990 filings (13 filings), demonstrating consistent reporting.
Frequently Asked Questions about Cardinal Funds Inc
Is Cardinal Funds Inc a legitimate charity?
Cardinal Funds Inc (EIN: 205733080) is a registered tax-exempt nonprofit based in Indiana. Our AI analysis gives it a Mission Score of 75/100. It has 13 years of IRS 990 filings on record. Total revenue: $477K. 3 red flags identified. 4 strengths noted. Financial health grade: B.
How does Cardinal Funds Inc spend its money?
Cardinal Funds Inc directs 75% of its spending to programs and services. Fundraising costs 10%. This exceeds the 65% industry benchmark.
Are donations to Cardinal Funds Inc tax-deductible?
Cardinal Funds Inc is registered as a tax-exempt nonprofit (EIN: 205733080). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Cardinal Funds Inc CEO make?
Cardinal Funds Inc's highest-compensated officer earns $3 annually. The organization reported $477K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Cardinal Funds Inc's spending goes to programs?
Cardinal Funds Inc directs 75% to programs, 10% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Cardinal Funds Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Cardinal Funds Inc is above average for NTEE category B11 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Cardinal Funds Inc located?
Cardinal Funds Inc is headquartered in Muncie, Indiana and files with the IRS under EIN 205733080. It is classified under NTEE code B11.
How many years of IRS 990 filings does Cardinal Funds Inc have?
Cardinal Funds Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $477K in total revenue.
How does Cardinal Funds Inc cover its expenses when revenue is significantly lower, such as in 2023 ($25,806 revenue vs. $144,750 expenses)?
The organization likely draws from its substantial asset base, which has consistently been over $2.2 million, or utilizes accumulated surpluses from prior years with higher revenues.
What is the nature of Cardinal Funds Inc's programs, given its NTEE code B11 (Elementary & Secondary Education)?
Without more detailed program descriptions from the 990 filings, it's difficult to ascertain the specific educational activities or initiatives Cardinal Funds Inc supports, beyond the general category of elementary and secondary education.
Why is officer compensation consistently reported as 0% across all filings?
This could indicate that officers are volunteers, compensated by another entity, or that the organization's structure does not involve paid officers, which is a significant factor in its low overhead.
What is the source of Cardinal Funds Inc's highly fluctuating revenue?
The significant swings in revenue (e.g., $674,194 in 2021 down to $25,806 in 2023) suggest reliance on grants, large individual donations, or investment income that can vary greatly year-to-year, rather than a stable base of recurring donations.
Filing History
IRS 990 filing history for Cardinal Funds Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Cardinal Funds Inc's revenue has declined by 96.4%, moving from $709K to $26K. Total assets increased by 23.9% over the same period, from $2.0M to $2.5M. Total functional expenses fell by 46.1%, from $269K to $145K. In its most recent filing year (2023), Cardinal Funds Inc reported a deficit of $119K, with expenses exceeding revenue.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $26K | $145K | $2.5M | $0 | — | View 990 |
| 2022 | $87K | $124K | $2.6M | $0 | — | View 990 |
| 2021 | $674K | $121K | $2.6M | $0 | — | View 990 |
| 2020 | $157K | $347K | $2.3M | $0 | — | View 990 |
| 2019 | $377K | $198K | $2.7M | $5K | — | View 990 |
| 2018 | $285K | $213K | $2.6M | $44K | — | View 990 |
| 2017 | $406K | $251K | $2.5M | $54K | — | View 990 |
| 2016 | $90K | $229K | $2.4M | $59K | — | View 990 |
| 2015 | $307K | $136K | $2.4M | $24K | — | View 990 |
| 2014 | $407K | $169K | $2.2M | $18K | — | View 990 |
| 2013 | $519K | $192K | $2.1M | $10K | — | View 990 |
| 2012 | $137K | $238K | $1.8M | $13K | — | View 990 |
| 2011 | $709K | $269K | $2.0M | $343 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $26K, expenses of $145K, and assets of $2.5M (revenue -70.2% year-over-year).
- 2022: Revenue of $87K, expenses of $124K, and assets of $2.6M (revenue -87.1% year-over-year).
- 2021: Revenue of $674K, expenses of $121K, and assets of $2.6M (revenue +330.5% year-over-year).
- 2020: Revenue of $157K, expenses of $347K, and assets of $2.3M (revenue -58.5% year-over-year).
- 2019: Revenue of $377K, expenses of $198K, and assets of $2.7M (revenue +32.2% year-over-year).
- 2018: Revenue of $285K, expenses of $213K, and assets of $2.6M (revenue -29.8% year-over-year).
- 2017: Revenue of $406K, expenses of $251K, and assets of $2.5M (revenue +351.1% year-over-year).
- 2016: Revenue of $90K, expenses of $229K, and assets of $2.4M (revenue -70.6% year-over-year).
- 2015: Revenue of $307K, expenses of $136K, and assets of $2.4M (revenue -24.6% year-over-year).
- 2014: Revenue of $407K, expenses of $169K, and assets of $2.2M (revenue -21.6% year-over-year).
- 2013: Revenue of $519K, expenses of $192K, and assets of $2.1M (revenue +278.7% year-over-year).
- 2012: Revenue of $137K, expenses of $238K, and assets of $1.8M (revenue -80.7% year-over-year).
- 2011: Revenue of $709K, expenses of $269K, and assets of $2.0M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Cardinal Funds Inc:
Data Sources and Methodology
This transparency report for Cardinal Funds Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.