Ball State University Foundation, Muncie, Ind., is conducting a shortlist search for a new investment consultant, said David Bahlmann, president and CEO. The $115 million foundation is replacing DeMarche Associates because consultant Jeff Hoffman, former DeMarche managing director and founder of Index Capital Management, will no longer be able to provide independent services to the fund, Mr. Bahlmann said. Mr. Hoffman is assisting with the search. RFPs were sent to 12 consulting firms, and responses are due Oct. 20. Interviews are scheduled for Nov. 7, with a selection possible at the investment committee's Nov. 21 meeting.