Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $79,849,464 · related or exempt $79,849,464

• 2b · Program service revenue: INTERCHANGE

  total $13,388,013 · related or exempt $13,388,013

• 2c · Program service revenue: FEES AND CHARGES

  total $11,462,047 · related or exempt $11,303,043 · unrelated business $159,004

• 2d · Program service revenue: LOAN ORIGINATION INCOM

  total $2,854,351 · related or exempt $2,854,351

• 2e · Program service revenue: FINANCIAL SERVICES

  total $781,264 · related or exempt $578,135 · unrelated business $203,129

• 2f · All other program service revenue

  total $3,712,659 · related or exempt $3,584,766 · unrelated business $127,893

• 3 · Investment income

  total $6,326,103 · unrelated business -$104,749 · excluded $6,430,852

• 6a · Gross rents

  real property $516,674

• 6b · Less rental expenses

  real property $783,910

• 6c · Rental income or loss

  real property -$267,236

• 6d · Net rental income or loss

  total -$267,236 · excluded -$267,236

• 7b · Less cost or other basis and sales expenses

  other assets $15,451

• 7c · Gain or loss

  other assets -$15,451

• 7d · Net gain or loss

  total -$15,451 · excluded -$15,451

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $414,300

• 2 · Grants to domestic individuals

  total $97,500

• 5 · Compensation of officers, directors and key employees

  total $4,411,207

• 7 · Other salaries and wages

  total $26,987,447

• 8 · Pension plan contributions

  total $2,866,267

• 9 · Other employee benefits

  total $3,569,318

• 10 · Payroll taxes

  total $2,646,032

• 11a · Fees: management

  total $167,926

• 11b · Fees: legal

  total $122,547

• 11c · Fees: accounting

  total $395,402

• 11g · Fees: other

  total $3,224,972

• 12 · Advertising and promotion

  total $209,250

• 13 · Office expenses

  total $7,114,521

• 14 · Information technology

  total $3,097,111

• 16 · Occupancy

  total $1,948,338

• 17 · Travel

  total $345,588

• 19 · Conferences, conventions and meetings

  total $329,746

• 20 · Interest

  total $6,634,922

• 22 · Depreciation, depletion and amortization

  total $3,713,488

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $8,961,968

• 24b · Other expenses: LOAN SERVICING

  total $8,734,284

• 24c · Other expenses: BANK FEES

  total $5,986,784

• 24d · Other expenses: MP AMORTIZATION OF CDI

  total $3,034,181

• 24e · All other expenses

  total $1,075,761

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $45,774,408 · end of year $45,812,271

• 2 · Savings and temporary cash investments

  beginning of year $412,587,262 · end of year $118,325,807

• 4 · Accounts receivable

  beginning of year $12,241,734 · end of year $13,418,067

• 5 · Loans and receivables from officers and key people

  beginning of year $11,325,808 · end of year $17,155,598

• 7 · Other notes and loans receivable

  beginning of year $1,640,378,581 · end of year $2,077,223,588

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,193,762 · end of year $2,617,358

• 10a · Land, buildings and equipment: cost or other basis

  $87,689,223

• 10b · Land, buildings and equipment: accumulated depreciation

  $31,497,016

• 10c · Land, buildings and equipment, net

  beginning of year $58,047,466 · end of year $56,192,207

• 11 · Investments: publicly traded securities

  beginning of year $311,656,930 · end of year $307,909,165

• 12 · Investments: other securities

  beginning of year $6,514,384 · end of year $10,198,804

• 14 · Intangible assets

  beginning of year $18,601,244 · end of year $15,567,062

• 15 · Other assets

  beginning of year $28,763,032 · end of year $35,275,931

• 17 · Accounts payable and accrued expenses

  beginning of year $28,541,010 · end of year $39,853,690

• 21 · Escrow or custodial account liability

  beginning of year $2,930,837 · end of year $3,220,957

• 23 · Secured mortgages and notes payable

  beginning of year $1,644,490 · end of year $81,581,990

• 25 · Other liabilities

  beginning of year $2,251,469,719 · end of year $2,306,480,297

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $264,498,555 · end of year $268,558,924

The filer's explanations (Part III)

PART I, LINE 1A

FIRST CLASS TRAVEL: FIRST CLASS TRAVEL IS PROVIDED FOR BOARD OF DIRECTORS MEMBERS FOR FLIGHTS OVER A CERTAIN AMOUNT OF HOURS. TRAVEL FOR COMPANIONS: INCLUDES SPOUSAL TRAVEL FOR BOARD OF DIRECTORS MEMBERS, ALL OF WHICH IS TAXABLE COMPENSATION.

PART I, LINE 4B

THE CREDIT UNION HAS ENTERED INTO TWO 457(F) SUPPLEMENTAL RETIREMENT BENEFIT AGREEMENTS WITH DON CLARK JR. IN 2022, UNDER ONE 457(F) PLAN, DON CLARK RECEIVED A PAYOUT OF $400,000 AND NO AMOUNT WAS REPORTED AS DEFERRED COMPENSATION ON PART II, COLUMN C. IN 2022, UNDER THE SECOND 457(F) PLAN, $225,500 WAS REPORTED AS DEFERRED COMPENSATION ON PART II, COLUMN C AND NO AMOUNT WAS PAID OUT.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• SOUND FINANCIAL GROUP INC

  C · INSURANCE · WA · 100% owned · share of income $29,480 · share of assets $577,060 · controlled entity

  Directly controlled by SOUND CREDIT UNION