Optional: whipped cream, confectioners' sugar and assorted fresh fruit
Preheat oven to 325°. Grease and flour a 10-in. tube pan. In a large bowl, cream butter, sugar and cream cheese until light and fluffy, 5-7 minutes. Add eggs, one at a time, beating well after each addition. In a small bowl, whisk flour and baking powder. Gradually beat into creamed mixture.
Transfer to prepare pan. Bake until a toothpick inserted in center comes out clean, 80-90 minutes. Cool in pan 10 minutes before removing to a wire rack to cool completely. Serve with desired toppings.