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EIN 91-0557925

Sound Credit Union

IRS 501(c) type
501(c)(14)
Num. employees
537
City
Tacoma
State
Washington
Year formed
1940
Most recent tax filings
2023-12-01
NTEE code, primary
W60: Financial Institutions, Credit Unions
Description
Sound Credit Union is a member-owned cooperative that provides financial services, including loans and share deposits to its members. On the liability/equity side of the balance sheet, members hold 235,824 savings, checking, and money market deposit accounts with combined balances of $1,299,846,734. 2,102 IRA savings accounts have combined balances of $21,158,889. On the asset side, 74,854 members hold consumer loans that include vehicle secured loans totaling $543,632,825 and real estate secured loans totaling $716,152,043. Sound Credit Union is.
Related structure
Sound Credit Union is child organization, under the parent exemption from Credit Unions in the State of Washington / Division of Credit Unions.
Also known as...
Credit Unions in the State of Washington
Total revenues
$151,525,047
2023
Total expenses
$130,382,270
2023
Total assets
$2,910,727,295
2023
Num. employees
537
2023

Program areas at Sound Credit Union

On the liability/equity side of the balance sheet our members hold 303,881 savings, checking, and money market deposit accounts with combined balances of $1,705,717,788. Members hold 2,158 ira savings accounts with combined balances of $18,501,053. These funds are pooled and used primarily to fund consumer and real estate secured loans to our membership.
On the asset side, 82,340 of our members hold consumer loans that include vehicle, student, mortgage, and visa loans. Consumer loans that include vehicle secured loans that $1,102,107,271. Real estate secured loans totals $445,301,877. The loan portfolio totals, $2,225,508,508.
Also on the liability/equity side of the balance sheet, 16,964 of our members hold certificate accounts with total balances of $676,029,862.

Grants made by Sound Credit Union

GranteeGrant descriptionAmount
Gowest FoundationGeneral Support; Cu4kids Auction; Wildfire Donation$30,000

Personnel at Sound Credit Union

NameTitleCompensation
Donald ClarkPresident and Chief Executive Officer / Chief Executive Officer From 4 and 1 / Executive Vice President$1,430,828
Wendy ClevelandExecutive Vice President and Chief Operations Officer / Senior Vice President and Chief Operations Officer$406,143
Troy GarryExecutive Vice President and Chief Financial Officer / Senior Vice President and Chief Financial Officer$424,914
Nancy SternitzkySenior Vice President and Chief Information Officer$284,540
Robyn LachanceExecutive Vice President and Chief Administration Officer / Executive Vice President and Chief Strategy Officer / Senior Vice President and Chief Strategy and Experience Officer / Vice President and Chief Marketing Officer$334,836
...and 16 more key personnel

Financials for Sound Credit Union

RevenuesFYE 12/2023
Total grants, contributions, etc.$0
Program services$138,558,342
Investment income and dividends$12,495,220
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$379,117
Net gain from sale of non-inventory assets$92,368
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$151,525,047

Form 990s for Sound Credit Union

Fiscal year endingDate received by IRSFormPDF link
2023-122024-11-15990View PDF
2022-122023-10-27990View PDF
2021-122022-11-11990View PDF
2020-122021-10-27990View PDF
2019-122021-06-08990View PDF
...and 11 more Form 990s

Organizations like Sound Credit Union

OrganizationLocationRevenue
Gesa Credit UnionRichland, WA$219,180,132
Numerica Credit UnionSpokane Valley, WA$175,521,623
Kitsap Credit Union (KCU)Bremerton, WA$135,974,513
Verity Credit UnionSeattle, WA$38,343,946
Spokane Teachers Credit UnionLiberty Lake, WA$238,014,215
Horizon Credit Union (HZCU)Spokane Valley, WA$110,218,528
TwinStar Credit UnionOlympia, WA$119,511,993
Washington State Employees Credit Union (WSECU)Olympia, WA$317,874,177
O Bee Credit UnionLacey, WA$38,098,425
Columbia Community Credit UnionVancouver, WA$117,918,562
Data update history
January 16, 2024
Posted financials
Added Form 990 for fiscal year 2022
January 16, 2024
Updated personnel
Identified 2 new personnel
January 2, 2024
Used new vendors
Identified 1 new vendor, including
August 17, 2023
Updated personnel
Identified 1 new personnel
July 31, 2023
Posted financials
Added Form 990 for fiscal year 2021
Nonprofit Types
Credit unionsChapter / child organizations
Issues
No issues found
Characteristics
Political advocacyState / local levelProvides scholarships
General information
Address
PO Box 1595
Tacoma, WA 98401
Metro area
Seattle-Tacoma-Bellevue, WA
County
Pierce County, WA
Website URL
soundcu.com/ 
Phone
(253) 597-7603
IRS details
EIN
91-0557925
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1940
Eligible to receive tax-deductible contributions (Pub 78)
No
Categorization
NTEE code, primary
W60: Financial Institutions, Credit Unions
NAICS code, primary
522130: Credit Unions
Parent/child status
Child within group exemption
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