Iota Phi Lambda Sorority Educational Fund

Nonprofit profile at a glance

EIN
363062953
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-N 2023
Location
Washington, DC, USA
Phone
3016481363
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Student Sororities, Fraternities

Reported finances

Revenue
$57,200
Expenses
$53,417
Assets
$241,295
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

12 people listed

Executive titles in this filing

  • CHARLOTTE D BERRY (PRESIDENT)
  • WENDY B JACQUES (PRESIDENT EL)

People named in this filing

  • KAREN AREY (DIRECTOR)
  • GINA BARRY (DIRECTOR)
  • CHARLOTTE D BERRY (PRESIDENT)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The iota education fund is a 501(c)(3) nonprofit organization dedicated to transforming lives by providing scholarships to deserving students. We believe that education is the key to unlocking potential and creating opportunities for a brighter future.

What it reported doing in 2024

Others

Operating model

Revenue model
Donor-supported. 91% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 90
  • Accountability: 64
  • Sustainability: 58
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93%; rating input score 93
  • Program expense ratio: 99.6%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 6.6%; rating input score 62; 62nd percentile among comparable filings
  • Total-asset coverage ratio: 4.52; rating input score 47; 47th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 93% of revenue deployed · 99.6% of spending went to programs
  • Governance: 1600 of 1600 board members independent · 1 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $53K in reported program spending
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 13 of 13 current checks pass
  • Schedules: 2 filed schedules
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 5 of 6 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 47/100.