Lambda Chi Alpha Fraternity Inc
- Assets
- $4.1m
- Revenue
- $372.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Ithaca, NY
- Founding
- 01/1941
- Data as of
- 06/2023
- EIN
- 22-3049581
Organization Overview
Lambda Chi Alpha Fraternity Inc is located in Ithaca, NY. The organization was established in 1941. According to its NTEE Classification (B83) the organization is classified as: Student Sororities & Fraternities, under the broad grouping of Education and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lambda Chi Alpha Fraternity Inc is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 06/2023, Lambda Chi Alpha Fraternity Inc generated $372.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (10.0%) each year. All expenses for the organization totaled $315.5k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING TO UNDERGRAD CHAPTER AND FELLOWSHIP TO ALUMNI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HOUSING TO UNDERGRADUATE CHAPTER AND FELLOWSHIP TO ALUMNI.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Turner President | OfficerTrustee | 0.5 | $0 |
Phil Prigmore Vice President/secretary | OfficerTrustee | 0.5 | $0 |
Mike Agostin Treasurer | OfficerTrustee | 0.5 | $0 |
Michael Coggins Director | Trustee | 0.5 | $0 |
Andrew Sklerov Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,025 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,025 |
| Total Program Service Revenue | $359,922 |
| Investment income | $321 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $372,093 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $652 |
| Fees for services: Accounting | $5,537 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $176 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $188,440 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $111,469 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $315,510 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $223,157 |
| Savings and temporary cash investments | $118,026 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,021 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,668,240 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $66,661 |
| Other assets | $21,795 |
| Total assets | $4,103,900 |
| Accounts payable and accrued expenses | $29,583 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,398,624 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $66,001 |
| Total liabilities | $1,494,208 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,609,692 |
| Total liabilities and net assets/fund balances | $4,103,900 |