Iota Phi Lambda is affiliated with the National Council of Negro Women, Inc., Leadership Conference on Civil Rights, National Committee for Children andYouth, and is accredited as a non-governmental organization at the United Nations. Iota Phi Lambda's National Business Month is sponsored each year in April to stimulate interest in business education and to give recognition to women who have made outstanding achievements in the field of business. American Education Week and Black History Week are observed each year. Through the Iota Gem Project, members offer friendship and guidance to girls between 10 and 15 years of age. Scholarships are awarded annually on the national, regional and local levelsto high school graduates who desire to major in some phase of business.
Fellowships are available to members for advanced study in their field of endeavor.