[5] The 20 founders of LSU were men who believed that underrepresented groups, particularly ethnic minorities, at colleges and universities were not getting the attention or services needed to advance their academic successes.

These goals are: Lambda Sigma Upsilon Latino Fraternity, Inc. is a Member of the National Greek council North American Interfraternity Conference (NIC) and the National Association of Latino Fraternal Organizations (NALFO)[7] It is the brother organization of Mu Sigma Upsilon, a multicultural-based sorority.

After the passing of one of their founding fathers, Alberto Rivera, in June 1989 due to HIV/AIDS complications, Lambda Sigma Upsilon Latino Fraternity, Inc. selected HIV/AIDS research and awareness as its primary philanthropy.

The purpose of the Foundation is to provide scholarships to Latinos, as well as other minorities, enrolled in high school or college who have shown a commitment to leadership and education.

[10][11] In January 2020, the fraternity's chapter at the University of North Carolina at Charlotte was suspended through 2022 after allegations of underage drinking and hazing were reported to have occurred in October 2019.