Combine flour, baking powder and salt in medium bowl.
In a separate large mixing bowl, cream together butter and sugar. Add in vanilla and then eggs one at a time. Blend in milk.
Add in the flour half at a time and mix until well blended.
Divide batter into 3 bowls, with 1/3 of the batter going into each bowl.
Add gel food coloring to 2 of the bowls to make green and red batter.
Grease a bundt cake pan with shortening, then dust it with flour.
Spoon batter into the pan my dropping spoonfuls of alternating colors of batter around the pan until all the batter has been used.
Bake for 45-50 minutes and toothpick test comes out clean.
Allow the cake to cool in the pan for 10 minutes, then turn it out onto a wire rack to cool completely.
MAKE THE FROSTING:
In a small bowl, mix together the melted butter, powdered sugar, flavoring and 1 tablespoon of cream. Mix until the glaze is smooth. If needed, add another tablespoon or 2 of cream until the glaze is at the consistency you’d like.
Once the cake has cooled, drizzle or spoon the glaze overtop the cake. Immediately sprinkle with sprinkles if desired.