Lambda Iota’s many community uplift projects and programs are largely funded by the Omega Lambda Iota Social Action and Scholarship Foundation, Inc., which is a non-profit, tax-exempt, publicly supported organization with approved Section 501(c)(3) status with the Internal Revenue Service. The Foundation was formed on August 8, 2009, for the expressed purpose of carrying out the charitable activities of Lambda Iota Chapter of the Omega Psi Phi Fraternity, Inc.