Sound Credit Union

Nonprofit profile at a glance

EIN
910557925
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Tacoma, WA, USA
Phone
800-562-8130
Rating confidence
Limited

Official website

Reported finances

Revenue
$178,242,646
Expenses
$163,923,839
Assets
$3,072,228,160
Liabilities
$2,768,305,024

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • DONALD CLARK JR (PRESIDENT/CEO)

Highest reported compensation

  • DONALD CLARK JR (PRESIDENT/CEO): $2,397,268 total reported compensation
  • WENDY CLEVELAND THRU 224 (EVP/CHIEF OPERATIONS OFFICER): $492,600 total reported compensation
  • ROBYN LACHANCE (EVP/CHIEF STRATEGY OFFICER): $431,544 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Sound Credit Union is a not-for-profit financial cooperative dedicated to serving its members and the community with accessible banking and financial education.

What it reported doing in 2024

On the liability/equity side of the balance sheet our members hold 306,046 savings, checking, and money market deposit accounts with combined balances of $1,719,538,740. Members hold 2,556 ira savings accounts with combined balances of $16,594,419. These funds are pooled and used primarily to fund consumer and real estate secured loans to our membership.

Operating model

Revenue model
Other-operating. 89% of the money available for current operations came from other operating revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 72
  • Accountability: 100
  • Sustainability: 64
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 4th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 58.3%; rating input score 58; 12th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 8%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 18.74; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 4.2%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 10.5% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 10.1% per year; rating input score 100; 70th percentile among comparable filings

Details

  • What they do: 6 programs and campaigns described on the official site · 2 operating locations identified
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $2.4M · 22 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $12.2M reported
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes grants and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 31 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Transparency & Controls: Grant itemization coverage scored 58/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.