Sound Credit Union

“The credit union has 324,756 members as of december 31, 2024.”

“The credit union's members have the right to elect one or more members of the governing body, whether periodically, as vacancies arise, or otherwise.”

“Members of the credit union have the right to approve the governing body's election and removal annually. Additionally, members vote on items brought through a special meeting of members, such as mergers and removal of officers and directors.”

“The form 990 is provided to the board of directors who review the form and applicable schedules prior to the return's filing with the irs.”

“Employees sign a statement requiring that they must disclose to the president & ceo any actual, potential, or perceived conflicts of interest before being hired. Directors and volunteers sign a "code of ethics acknowledgement" that states they will not be involved in situations that result in or could be perceived to be a conflict of interest. They must also excuse themselves from any discussions or participation in decisions involving instances in which a conflict of interest exists or may exist. The policy manual has three sections in which conflicts of interest are stated and the board approves the policy manual on an annual basis. Both the ceo & evp monitor all staff and volunteer accounts. In addition, during our certified audit, all staff and volunteer accounts, or a sampling, are reviewed for potential conflicts of interest. No director, committee member, or employee of the credit union may have a pecuniary interest in any contract or transaction with the credit union unless this interest is disclosed and made known to the board of directors. No director or committee member of the credit union will participate in the deliberation of any question affecting their own pecuniary interest. Such director or committee member will withdraw from the deliberation and decision upon such interest.”

“Line 15a, compensation process for top official: the employee benefits committee, which is comprised of 3 board members, reviews local surveys, including the annual milliman northwest financial industry salary survey to develop a recommendation for the board. The board reviews the committee's recommendation and approves the ceo's compensation. The board deliberation and decision is contemporaneously substantiated in the board minutes. This process was last done in 2019 in determining the ceo's compensation for each year through 2024. Line 15b, compensation process for officers: other officer and key employee compensation is determined by the ceo and contemporaneously documented, based on a review of local salary survey information, and becomes a part of the compensation recommendation during the budget process.”

“The credit union's bylaws, articles of incorporation, field of membership (charter), consumer/business membership agreements, financial statements and annual report, that members have the right to view, are available upon request. The request must be in written form. The credit union releases documents to the public in accordance with rules and regulations as applicable.”