Heat lard in a heavy-bottomed pot or fryer until a temperate of 350 degrees is reached.
In one bowl, mix together the dry ingredients. In another bowl, whisk the milk and egg together and then add to dry ingredients along with the melted butter until a soft, but thick dough forms. Adjust milk and flour as necessary.
Using a cookie scoop or spoon, scoop dough into a ball and drop into hot lard, working in batches.
Remove the donut holes from the lard using a slotted spoon onto a baking sheet lined with paper towels.
Whisk glaze ingredients together and dip the slightly cooled (but still warm) donut holes into the glaze.