Lambda Iota Society Inc Dba Lambda Iota Fraternity
- Assets
- $1.4m
- Revenue
- $342.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Colchester, VT
- Founding
- 03/1987
- Data as of
- 06/2021
- EIN
- 03-0188730
Organization Overview
Lambda Iota Society Inc Dba Lambda Iota Fraternity is located in Colchester, VT. The organization was established in 1987. According to its NTEE Classification (B83) the organization is classified as: Student Sororities & Fraternities, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lambda Iota Society Inc Dba Lambda Iota Fraternity is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 06/2021, Lambda Iota Society Inc Dba Lambda Iota Fraternity generated $342.0k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $429.2k during the year ending 06/2021. While expenses have increased by 12.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
OPERATION OF A LOCAL FRATERNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A LOCAL FRATERNITY ON THE CAMPUS OF THE UNIVERISTY OF VERMONT IN BURLINGTON, VERMONT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jason Verdo Secretary | Officer | 1 | $0 |
Christopher Gookin Charimanpres | Officer | 4 | $0 |
Spencer Baker Treasurer | Officer | 12 | $0 |
John Wager Communications Dir | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,861 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,861 |
| Total Program Service Revenue | $330,164 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $342,025 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,346 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $371 |
| Information technology | $11,456 |
| Royalties | $0 |
| Occupancy | $21,749 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $110,785 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $52,359 |
| Insurance | $11,261 |
| All other expenses | $0 |
| Total functional expenses | $429,208 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,110 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,365,899 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,373,009 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $17,505 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $181,070 |
| Secured mortgages and notes payable | $1,474,483 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,673,058 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | -$300,049 |
| Total liabilities and net assets/fund balances | $1,373,009 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lambda Iota Society Inc Dba Lambda Iota Fraternity has recieved totaling $14,525.
| Awarding Organization | Amount |
|---|---|
Society For The Preservation Of Greek Housing Champaign, IL PURPOSE: Restoration of historic greek housing | $14,525 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Benevolent Fraternity Of Unitarian Church Roxbury, MA | $18,907,229 | $2,121,494 |
Akwesasne Boys & Girls Club St Regis Mohawk Tribe Akwesasne, NY | $980,425 | $1,776,234 |
Zeta Psi Fraternity Of North America Pearl River, NY | $650,645 | $844,211 |
Theta Chi Fraternity Inc Hamilton, NY | $187,643 | $1,010,005 |
Sigma Pi Fraternity International Inc Ithaca, NY | $1,758,643 | $749,851 |
Alpha Lambda Delta Fairport, NY | $5,719,443 | $1,145,562 |
Lambda Chi Alpha Fraternity Inc Ithaca, NY | $99,913 | $753,956 |
Sigma Delta Tau Society Syracuse, NY | $247,838 | $761,274 |
Zeta Phi Chapter House Corp Of Alpha Phi Intrnatl Frat Inc Boston, MA | $2,973,626 | $954,161 |
Sigma Chi Fraternity Ithaca, NY | $104,684 | $633,709 |
Gloucester Fraternity Club Inc Gloucester, MA | $235,437 | $548,233 |
Alpha Xi Delta Fraternity Andover, MA | $1,559,777 | $597,956 |