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Lambda Iota Society INC DBA Lambda Iota Fraternity FY2022 filing

Not tax-deductible

Colchester, VT501(c)(7)Since 1836EIN 03-0188730Revenue $220K in FY2022

On file with the IRSlambdaiota.orgCo J Goldsbury 578 Sunderland Wds, 05446-0000 · Colchester, VTTax-exempt since Mar 1987

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Operation of a local Fraternity.

99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(7)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average deficit $24K a year · 9% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.6 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $6K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.7M
129% of total assets
Concern: liabilities are 129% of assets; over 80%.
Pt X · Ln 26
Independent board members
0
of 5 voting members
Concern: none of 5 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$220K
-36% vs prior year
Spent
$305K
To programs
99%
Net assets
−$385K
By yearFY2020–FY2025
Revenue
$220K
FY2022▼ -36%
Tap a bar for its year
Revenue by fiscal year
FY2020$257K
FY2021$342K
FY2022$220K
FY2023$233K
FY2024$288K
FY2025$309K
Expenses
$305K
FY2022▼ -29%
Tap a bar for its year
Expenses by fiscal year
FY2020$237K
FY2021$429K
FY2022$305K
FY2023$252K
FY2024$260K
FY2025$307K
Net assets
−$385K
FY2022▼ -28%
Tap a bar for its year
Net assets by fiscal year
FY2020−$213K
FY2021−$300K
FY2022−$385K
FY2023−$405K
FY2024−$378K
FY2025−$376K

From the FY2022 Form 990 (year ending June 2022) · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 1987.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $301K Management & general 1% · $4K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Joel Sodano
Communications Dir
$0Pt VII · Sec A
John Wager
Vice Chairman
$0Pt VII · Sec A
Jason Verdo
Secretary
$0Pt VII · Sec A
Christopher Gookin
Charimanpres
$0Pt VII · Sec A
Spencer Baker
Treasurer
$0Pt VII · Sec A
See Lambda Iota Society INC DBA Lambda Iota Fraternity executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Operates a local fraternity for members.

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Provided by the organization

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1 program · $301K · in their own filed words · FY2021
01

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

$301Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2023
Society for the Preservation of Greek HousingFY2023$6K
Total grants receivedfrom 1 funder$6K

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$220K
Ln 12
Fees for servicesLn 2g$219K
Gifts and grantsLn 1h$570
Money outPt IX
$305K
Ln 25
Programscol B$301K
Managementcol C$4K
Owns and owesPt X
−$385K
net assets · Ln 32
Cash and savingsLn 1–2$15K
Total assetsLn 16$1.3M
LiabilitiesLn 26$1.7M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$570
Fees for servicesLn 2g$219K
Total revenueLn 12$220K
Assets in detailPt X, end of year
CashLn 1$15K
Cash and savings togetherLn 1–2$15K
Land, buildings, equipmentLn 10c$1.3M
Total assetsLn 16$1.3M
LiabilitiesLn 26$1.7M
Net assetsLn 32−$385K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$7K$15K
Land, buildings, equipmentLn 10c$1.4M$1.3M
Total assetsLn 16$1.4M$1.3M
LiabilitiesLn 26$1.7M$1.7M
Net assetsLn 32−$300K−$385K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Office expensesLn 13$320$320
Information technologyLn 14$6K$6K
OccupancyLn 16$30K$30K
InterestLn 20$68K$68K
Depreciation, depletion and amortizationLn 22$46K$46K
InsuranceLn 23$13K$13K
Other expenses (24a–d)Ln 24$141K$137K$4K
Total functional expensesLn 25$305K$301K$4K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $309K$307K$2K−$376K 990 PDF
FY2024 $288K$260K$27K−$378K 990 PDF
FY2023 $233K$252K−$20K−$405K 990 PDF
FY2022 Viewing $220K$305K−$85K−$385K 990 PDF
FY2021 $342K$429K−$87K−$300K 990 PDF
FY2020 $257K$237K$20K−$213K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $219,674 revenue, 12 lines filed
I-8 Contributions and grants$570
I-9 Program service revenue$219,104
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenue$219,674
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $52,221$305,062
I-18 Total expensesPrior year $52,221$305,062
I-19 Revenue less expensesPrior year −$52,221−$85,388
Part VI · Governance 0 of 5 board members independent, 4 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members0
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $219,674 across 4 lines filed
VIII-1f All other contributions, gifts and grants$570
VIII-1h Total contributions, gifts and grants$570
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $219,104$219,104
VIII-12 Total revenueRelated to mission $219,104 · Unrelated business $0 · Excluded from tax $0$219,674
Part IX · Statement of functional expenses $305,062 across 7 lines filed
IX-13 Office expensesManagement $320$320
IX-14 Information technologyPrograms $5,783$5,783
IX-16 OccupancyPrograms $30,125$30,125
IX-20 InterestPrograms $67,954$67,954
IX-22 Depreciation, depletion and amortizationPrograms $46,424$46,424
IX-23 InsurancePrograms $13,192$13,192
IX-24 Other expenses (24a–d)Programs $137,247 · Management $4,017$141,264
IX-25 Total functional expensesPrograms $300,725 · Management $4,337 · Fundraising $0$305,062
Part X · Balance sheet $1,334,083 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $7,110$14,608
X-10c Land, buildings and equipment, netStart of year $1,365,899$1,319,475
X-16 Total assetsStart of year $1,373,009$1,334,083
X-26 Total liabilitiesStart of year $1,673,058$1,719,520
X-32 Total net assets or fund balancesStart of year −$300,049−$385,437
X-33 Total liabilities and net assetsStart of year $1,373,009$1,334,083
Part XI · Reconciliation of net assets −$385,437 net assets at year end
XI-1 Total revenue$219,674
XI-2 Total expenses$305,062
XI-3 Revenue less expenses−$85,388
XI-4 Net assets at start of year−$300,049
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$385,437

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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