SOUND CREDIT UNION (EIN 910557925) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1940

Legal Domicile

Principal Officer

DONALD CLARK JR

Phone

2535977603

Tax Period

2023-01-01 to 2023-12-31

SOUND CREDIT UNION, founded in 1940, is a major nonprofit that reported $151.5M in total revenue in fiscal year 2023. Revenue surged 28% from the prior year, signaling strong growth momentum. Expenses of $130.4M left a modest 14% surplus.

Mission

COOPERATIVE PROVIDING FINANCIAL SERVICES, INCLUDING LOANS AND SHARE DEPOSITS TO ITS MEMBERS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $138,558,342

Investment Income $12,587,588

Other Revenue $379,117

TOTAL REVENUE $151,525,047

Expense Breakdown

Grants Paid $177,933

Salaries & Benefits $40,888,305

Fundraising Expenses $0

Other Expenses $89,316,032

TOTAL EXPENSES $130,382,270

Year-over-Year Comparison

	2023	2022	Change
Revenue	$151,525,047	$118,091,214	+0.3%
Expenses	$130,382,270	$96,088,860	+0.4%
Net Income	$21,142,777	$22,002,354	0.0%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✓ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

537

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$5,123,795

Total Directors

$357,000

Key Employees

$1,727,050

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DONALD CLARK JR	PRESIDENT/CEO	40.00	Officer	$3,850,579	$151,274	$4,001,853
TROY GARRY	EVP/CFO (THRU 10/23)	40.00	Officer	$463,754	$55,120	$518,874
WENDY CLEVELAND	EVP/CHIEF OPERATIONS OFFICER	40.00	Officer	$425,743	$50,325	$476,068
ROBYN LACHANCE	EVP/CHIEF STRATEGY OFFICER	40.00	Key Emp	$354,241	$21,900	$376,141
LYMAN WILLIAMS	SVP/CHIEF LENDING OFFICER	40.00	Key Emp	$329,020	$36,094	$365,114
NANCY STERNITZKY	SVP/CHIEF INFORMATION OFFICER	40.00	Key Emp	$314,679	$35,562	$350,241
CHARLENE HENSON	SVP/CHIEF RETAIL OFFICER	40.00	Key Emp	$291,721	$32,405	$324,126
KIMBERLY MAPES	SVP/CHIEF EMPLOYEE ENGAGEMENT OFFICER	40.00	Key Emp	$292,399	$19,029	$311,428
RYAN ZILKER	SVP/CHIEF MARKETING OFFICER	40.00	Highest	$282,289	$28,005	$310,294
UWE GOEKER	VP/CHANGE MANAGEMENT & ENTERPRISE PROJECTS	40.00	Highest	$220,912	$33,610	$254,522
JASON MCDOUGAL	VP/BUSINESS INTELLIGENCE	40.00	Highest	$211,442	$30,849	$242,291
CURTIS ANDERSON	VP/BUSINESS LENDING	40.00	Highest	$214,655	$26,749	$241,404
ANDREW BLOOM	SBA LOAN OFFICER	40.00	Highest	$210,933	$17,329	$228,262
SHELLEY COLEMAN	CHAIR	1.00	Officer Director	$47,000	$0	$47,000
JAMES GRIGGS	DIRECTOR	1.00	Director	$41,000	$0	$41,000
JOHN BAUDER	VICE CHAIR	1.00	Officer Director	$40,000	$0	$40,000
BARRY WALLIS	SECRETARY/TREASURER	1.00	Officer Director	$40,000	$0	$40,000
HALUK DEMIRKAN	DIRECTOR	1.00	Director	$40,000	$0	$40,000
DAVID WASSON	DIRECTOR	1.00	Director	$40,000	$0	$40,000
TERRY PENTIMONTI	DIRECTOR	1.00	Director	$39,000	$0	$39,000
BRENDA GOODSON-MOORE	DIRECTOR	1.00	Director	$35,000	$0	$35,000
ALTAF MERCHANT	DIRECTOR	1.00	Director	$35,000	$0	$35,000

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$151,525,047	$130,382,270	$2,910,727,295	$21,142,777
2022	$118,091,214	$96,088,860	$2,699,695,858	$22,002,354
2021	$105,611,575	$80,974,374	$2,549,084,611	$24,637,201
2020	$98,399,448	$79,924,369	$2,219,039,629	$18,475,079
2019	$96,634,060	$77,693,999	$1,840,118,126	$18,940,061
2018	$79,328,292	$58,211,984	$1,532,196,727	$21,116,308
2017	$71,209,414	$50,959,653	$1,461,043,189	$20,249,761

SOUND CREDIT UNION