Lambda Iota Society Inc

Nonprofit profile at a glance

EIN
030188730
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Colchester, VT, USA
Phone
8022335977
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$309,209
Expenses
$307,175
Assets
$1,207,619
Liabilities
$1,583,747

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

Leadership & pay

4 people listed

People named in this filing

  • JOEL SODANO (COMMUNICATIONS DIR)
  • CHRISTOPHER GOOKIN (CHARIMANPRES)
  • SPENCER BAKER (TREASURER)

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

Operation of a local fraternity.

What it reported doing in 2024

Operation of a local fraternity on the campus of the univeristy of Vermont in burlington, Vermont.

Operating model

Revenue model
Earned-program. 89% of the money available for current operations came from fees and other program revenue.
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. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 100
  • Accountability: 12
  • Sustainability: 50
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93.8%; rating input score 94
  • Program expense ratio: 94.4%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.7%; rating input score 41; 41st percentile among comparable filings
  • Total-asset coverage ratio: 3.93; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 1.31; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 5.1% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: 4.5% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: -3.5% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 93.8% of revenue deployed · 94.4% of spending went to programs
  • Governance: 0 of 4 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $290K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • Moderate — Sustainability: Operating margin scored 41/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.