This is one of the new creations for Sorority Life (facebook game) - Iris.
I think it is inspired by the Greek Goddess Iris (not to be confused with the SBS Bus Transit's Iris).
This iris would be used once you have done any event. It would add as an extra bonus to the cash that you have done for the particular event.
There you go! It does look silly though... Reminds me of the song by Goo Goo Dolls.
IRIS was the goddess of the rainbow, the messenger of the Olympian gods