Make sure your cream cheese and butter are softened to room temperature. This will ensure a smooth mixture.
In a large mixing bowl, combine the softened cream cheese and butter. Using a hand mixer or stand mixer, beat them together until creamy and well combined.
Gradually add the heat-treated Funfetti cake mix and powdered sugar to the cream cheese mixture. Mix on low speed until combined.
Pour in the vanilla extract and mix until everything is evenly incorporated.
Gently fold in 1 cup of the rainbow sprinkles, reserving the remaining 1/4 cup for coating the cheeseball.
Using plastic wrap, form the mixture into a ball shape. Wrap tightly and refrigerate for at least 2 hours, or until firm.
Once chilled, remove the cheeseball from the fridge and unwrap it. Roll the cheeseball in the remaining sprinkles until fully coated.
Transfer the cheeseball to a serving platter. Pair it with graham crackers, pretzels, or fruit for dipping. Enjoy the sweet celebration with friends and family!
