For the cake:
2-1/2 cups cake flour
1/2 tsp salt
2 tbsp dutch processed cocoa powder
1/2 cup unsalted butter, softened
1-1/2 cups sugar
2 eggs
1 tsp vanilla extract
1 cup fat free buttermilk
1 oz. bottle red food coloring
1 tsp white distilled vinegar
1 tsp baking soda
For the frosting:
2 cups heavy cream
8 oz 1/3 less fat cream cheese, softened
8 oz tub Mascarpone cheese, softened
1 tsp vanilla extract
1-1/2 cups powdered sugar
1 bag coconut, toasted
To make the cake:
Preheat oven to 350. Spray three nine inch cake pans with Baker's Joy or Pam for Baking.
In a small bowl whisk together cake flour, salt, and cocoa; set aside.
Beat butter in mixing bowl 2 minutes. Add in sugar beat another 2 minutes. Add eggs one at a time, beating well after each addition. Add in the vanilla extract beat until well combined.
In a liquid measuring combine mix together the buttermilk and food coloring.
With the mixer on low alternately add the flour and buttermilk mixture to the batter starting and ending with the flour.
In a small cup combine the vinegar and baking soda. Allow the mixture to fizz then quickly add it to the batter.
Divide batter evenly among pans.
Bake 20-25 minutes or until a cake tester inserted in the middle comes out clean.
Cool cakes in pan 5 minutes. Then turn out on cooling rack to cool completely. Once cool wrap in plastic wrap and foil and place in the freezer. (They crumb less when you frost them if they are frozen. I usually leave them in overnight.)
To make the frosting:
Place cream cheese and Mascarpone in food processor. Pulse until well combined. Add the vanilla and confectioners sugar. Pulse until everything is mixed together and smooth; stopping to scrape down the sides if needed.
In your mixing bowl fitted with the beater attachment pour in the whipping cream. Beat on medium high speed until stiff peaks form; about 5 minutes.
Gently fold in part of the cheese mixture into the whipping cream with a spatula. Slowly fold in the rest of the cheese mixture.
To assemble the cake:
Remove layers from the freezer one at a time. Place a dab of icing on your cake round and place the first layer on it. Spread evenly with icing. Sprinkle a little toasted coconut all over it. Remove the next layer from the freezer, unwrap it, and place on top of first layer. Again spread evenly with icing and sprinkle with toasted coconut. Remove last layer from freezer, unwrap it, and place it on top. Cover top and sides of cake with icing. Cover with toasted coconut. The easiest way to do the sides is to place toasted coconut in the palm of your hand and gently press it in the sides of the cake. Refrigerate until ready to serve. 
