Beat your cream cheese until smooth and creamy.
Add in your butter and beat till smooth.
Mix in your cake mix, vanilla extract and powdered sugar.
Fold in 1/2 cup of sprinkles. (optional)
Scoop your mixture into a large piece of plastic wrap.
Wrap the plastic wrap around the mixture and roll/form into a ball.
Place into fridge for 1 hour or until cheese ball is mostly firm.
Spread remaining 1/2 cup sprinkles onto a large flat plate.
Remove cheese ball from wrap and roll it into the sprinkles. Press sprinkles into the empty spots if necessary.
Place cheese ball into freezer for about 1 hour. (If freezing over night, remove to thaw 30 minutes before serving)
Serve with cookies, graham crackers, pretzels and more.