The National Iota Foundation is a Tax-Exempt, 501(c)(3) organization founded by Iota Phi Theta Fraternity, Inc. to serve as a clearinghouse for funding and programs for worthwhile endeavors. Since its creation, the Foundation and its subsidiaries have distributed over $250,000 in grants, aid, and services.

An example of the Foundation's work is the annual IOTA Black College Tour. The tour, which is conducted each Spring and is underwritten by the Foundation. This tour is designed to introduce graduating High School Seniors to Historically-Black Colleges and Universities with the further intent to have them select and attend such an institution. The tour group typically consists of 50- 75 students and staff members.

As a result of this tour,  students have enrolled at HBCUs throughout the nation with several approaching graduation. Activities such as the Black College Tour are prime examples of how the National Iota Foundation is attempting to channel funding and resources into the minority community.

The National Iota Foundation is an important cornerstone in the Fraternity's future strategy for providing assistance and uplift to the African-American community.