Overview
What is Sound Credit Union?
Sound Credit Union is a member-owned cooperative based in Tacoma, Washington. They manage over $2 billion in savings, checking, and money market deposit accounts for their members, along with 2,143 IRA savings accounts with a combined balance of $23 million. The union primarily pools these funds to finance consumer and real estate secured loans for its membership. With a team of 531 employees, Sound Credit Union serves as a financial cooperative dedicated to providing essential loan and deposit services to its members.
Official website here: www.soundcu.com
Is Sound Credit Union legitimate?
Sound Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Sound Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $7,080,841
Professional Fundraising Fees: $0
Other Salaries and Wages: $24,457,023
For more financial information, click here
Official website here: www.soundcu.com
What is the mission statement of Sound Credit Union?
Sound Credit Union is a member-owned cooperative that offers financial services, providing loans and share deposits to its membership. The cooperative manages over $2 billion in combined balances across savings, checking, and money market deposit accounts held by its members, as well as $23 million in IRA savings accounts. These funds are pooled and primarily used to finance consumer and real estate secured loans for the membership. The mission of Sound Credit Union is to serve its members by offering essential financial services and building a community of financial security.
Official website here: www.soundcu.com
Who is the CEO of Sound Credit Union?
Donald Clark Jr is the CEO of Sound Credit Union The CEO's salary of Sound Credit Union is $3,850,579 and their total compensation is $4,001,853.
Official website here: www.soundcu.com
What is the revenue of Sound Credit Union?
Sound Credit Union's revenue in 2023 was $151,525,047.
Official website here: www.soundcu.com
Who are the executives of Sound Credit Union and what are their salaries?
The average compensation at Sound Credit Union during 2023 was $58,730. There are 537 employees at Sound Credit Union.
Here are 22 key members and their salaries (Sound Credit Union's CEO's salary is $3,850,579 and their total compensation is $4,001,853):
- Compensation: $3,850,579
- Related: $0
- Other: $151,274
- Compensation: $463,754
- Related: $0
- Other: $55,120
- Compensation: $425,743
- Related: $0
- Other: $50,325
- Compensation: $354,241
- Related: $0
- Other: $21,900
- Compensation: $329,020
- Related: $0
- Other: $36,094
- Compensation: $314,679
- Related: $0
- Other: $35,562
- Compensation: $291,721
- Related: $0
- Other: $32,405
- Compensation: $292,399
- Related: $0
- Other: $19,029
- Compensation: $282,289
- Related: $0
- Other: $28,005
- Compensation: $220,912
- Related: $0
- Other: $33,610
- Compensation: $211,442
- Related: $0
- Other: $30,849
- Compensation: $214,655
- Related: $0
- Other: $26,749
- Compensation: $210,933
- Related: $0
- Other: $17,329
- Compensation: $47,000
- Related: $0
- Other: $0
- Compensation: $41,000
- Related: $0
- Other: $0
- Compensation: $40,000
- Related: $0
- Other: $0
- Compensation: $40,000
- Related: $0
- Other: $0
- Compensation: $40,000
- Related: $0
- Other: $0
- Compensation: $40,000
- Related: $0
- Other: $0
- Compensation: $39,000
- Related: $0
- Other: $0
- Compensation: $35,000
- Related: $0
- Other: $0
- Compensation: $35,000
- Related: $0
- Other: $0
Official website here: www.soundcu.com
Where can I find the form 990 for Sound Credit Union?
Sound Credit Union's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.soundcu.com
Learn more at the official website: www.soundcu.com
Mission Statement of Sound Credit Union
Sound Credit Union, a member-owned cooperative, is dedicated to providing financial services to its members. The organization offers loans and share deposits as part of its comprehensive range of financial offerings. With over $1.96 billion in combined balances held across savings, checking, and money market deposit accounts, Sound Credit Union's members have a significant stake in the cooperative's operations. In addition, members hold approximately $23.2 million in IRA savings accounts. These funds are pooled together and primarily used to finance consumer and real estate secured loans to the Union's membership base. By fostering a strong financial foundation, Sound Credit Union empowers its members to build a stable financial future.
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Impact
October, 2024
Sound Credit Union plays a vital role in enhancing the financial well-being of its members in Tacoma, WA. With a robust membership base, it manages nearly $2 billion in combined balances across various deposit accounts, including savings, checking, and money market accounts. By pooling these funds, Sound Credit Union not only supports the savings habits of its members but also provides access to affordable consumer and real estate secured loans.
This cooperative structure ensures that financial services are tailored to meet the specific needs of its members, fostering a community-oriented approach to banking. With over 2,100 IRA savings accounts, Sound Credit Union also helps members plan for their futures, encouraging long-term financial stability and growth. Ultimately, the credit union's operations create a ripple effect in the local economy, empowering individuals and enhancing community development.
This information is meant to be a general summary of Sound Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $12,495,220
- Program Service Revenue: $138,558,342
- Gross Receipts: $151,760,315
Assets and Liabilities:
- Total Assets: $2,699,695,858
- Total Liabilities: $2,431,136,934
- Net Assets: $268,558,924
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$106,289,447
INTERCHANGE
Revenue
$14,632,151
FEES AND CHARGES
Revenue
$12,893,666
LOAN ORIGINATION INCOM
Revenue
$1,124,747
FINANCIAL SERVICES
Revenue
$675,745
Organization Details
Founding Year
1940
Principal Officer
Donald Clark Jr
Website
www.soundcu.comNTEE Category
Code: W60 - Public benefit
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