The Official Twitter page of Iota Phi Lambda Sorority, Inc. The first Greek Lettered Organization for Business & Professional African-American Women. This is the official Facebook page for Iota Phi Lambda Sorority, Inc, a national business and professional women's organization in America. The purpose of the Iota Phi Lambda Sorority Educational Fund shall be: (1) to make distribution to organizations that qualify as exempt organizations under Section 501(c)(3) of the Internal Revenue Code for education and charitable purposes. (2) to promote interest in business education among high school and college students through planned educational programs. (3) to give scholarships. (4) to plan and carry out educational programs.