Supervisory Committee Report
The Supervisory Committee is pleased to report to you, the Credit Union members and owners, that the results of various examinations of the operations of your credit union in 2024 confirm that your credit union continues to be in sound financial condition.
The Supervisory Committee has four members, which are appointed for staggered three-year terms by the Board of Directors. Our primary function is to ensure that:
- The Credit Union records are accurate;
- Its assets are secure;
- It utilizes appropriate procedures for the proper handling and use of funds.
To accomplish the above responsibilities, the Supervisory Committee selected the independent certified public accounting firm of Griffin & Furman, LLC to conduct the December 31, 2024 Annual Supervisory Committee Audit. The Supervisory Committee also engaged the activities of Griffin & Furman, LLC to ensure that:
- Members’ assets are being safeguarded;
- Credit union policies and procedures are being followed;
- Internal controls are in place and operating as intended to prevent or detect fraud and other problems.
The Credit Union received positive reports from all of the 2024 reviews, allowing you, our members, to feel secure in the manner in which your credit union is being operated.
Board of Directors
- Wayne Aufrecht – Chairman
- Raymond J. Condon – Vice Chair
- Dan L. Lucas – Treasurer
- Carol C. Gstohl – Secretary
- Martha Y. Curtis
- Raelyn Galliand
- Therese Johnson
Supervisory Committee
- Nick Condon – Chairman
- Tony Thong
- Stephen B. Timmreck
- Raelyn Galliand
A Message from Our President
We are honored to celebrate 90 remarkable years of service at GNO! It is a privilege to lead an EPIC organization dedicated to making a meaningful impact in our communities.
Over the past 16 years, I have cherished my time with GNO, and serving as CEO for the last four years has been a true joy. While we have encountered challenges – including the economic pressures of 2024 – our commitment to supporting our members has remained unwavering. Elevated interest rates driven by inflation have led to a slowdown in lending, and many of our members are facing financial hardships. Some are exhausting their savings and turning to high-interest credit cards or predatory loans to make ends meet. As a result, delinquency rates are increasing nationwide, currently averaging 3.2% for credit card debt. While this remains below the 7% delinquency rate seen during the Great Recession of 2009, we are closely monitoring the situation. Thanks to the diligent efforts of our Account Resolutions team and the exceptional service provided by our staff, we successfully maintained a delinquency rate of approximately 1% in 2024.
- Educating
- Protecting
- Impacting
- Community
As a Certified Community Development Financial Institution (CDFI), we dedicated significant efforts in 2024 to financial education and community impact. We conducted 110 financial seminars, reaching over 3,500 individuals across 56 different organizations. Our outreach efforts extended to churches, schools, colleges, businesses, and nonprofits, equipping members with the tools to achieve financial success. This mission embodies the true spirit of credit unions: “not for profit, not for charity, but for service.”
In 2024, we proudly launched the HERO Mortgage Program, designed to assist those who serve our community – educators, first responders, veterans, utility workers, and telecommunications professionals – by providing homeownership opportunities with lower upfront costs. Recognizing that homeownership is a vital step toward financial stability, we are committed to making this dream a reality for as many people as possible, especially those dedicated to public service.
Looking ahead, we are excited to introduce the Renew and Rebuild Mortgage Program, made possible through a CDFI grant awarded in late 2024. This initiative will help homeowners make essential home improvements, even if they have credit challenges, lower income, or insufficient home equity to qualify for traditional mortgage programs. Our goal is to stabilize the housing market, reduce blighted properties, and assist families in restoring and maintaining their homes. According to our grant partner, Credit Union Strategic Planning, Jefferson and Orleans parishes have over 63,000 low-income residents with subprime credit and more than 200,000 single-family homes over 40 years old in need of repair. This program is just one of many ways GNO is committed to providing alternatives to predatory loans or credit repair scams.
Financially, your EPIC credit union experienced another strong year. While loan volumes declined, charge-offs increased, and growth was slower than anticipated, we maintained well- managed liquidity, low operational costs, and strong financial stability. We are proud to remain well-capitalized and continue deepening our relationships with our members and community.
Exciting news for 2025 – after a decade-long hiatus, we are thrilled to announce our return to the Northshore! We have acquired property at the corner of Hwy 21 and Pinnacle Dr. in Covington, where we will be constructing a full-service branch. We cannot wait to welcome our loyal Northshore members to this new location. Rest assured, Southshore members, we have significant plans in store for you in the coming years as well!
As we look ahead, know that this EPIC credit union, which has existed for 90 years, will remain committed to serving our members and ensuring that GNO continues to be a trusted financial partner for years to come. We invite all residents of South Louisiana to join us in this next chapter, where our dedication to excellence and innovation will pave the way for a bright future. Thank you to our members, staff, and volunteers for your continued support – you are the heart of our credit union, and we couldn’t do this without you.
Shelby Sanders, President and CEO
Wayne Aufrecht, Chairman of the Board of Directors
Statement of Financial Condition
| Assets | 2024 | 2023 |
|---|---|---|
| Cash & Cash Equivalents | $15,213,532 | $11,975,404 |
| Loans, Net Loan Losses | $134,984,714 | $135,196,943 |
| Investments | $3,087,936 | $2,895,066 |
| Property & Equipment | $5,885,503 | $5,128,370 |
| NCUSIF Deposit | $1,040,641 | $1,082,592 |
| Other Assets | $6,661,545 | $7,106,903 |
| Total Assets | $167,913,904 | $163,880,278 |
| Liabilities & Members' Equity | 2024 | 2023 |
|---|---|---|
| Total Shares | $144,024,406 | $140,616,779 |
| Other Liabilities | $1,533,104 | $2,743,419 |
| Total Capital | $21,761,394 | $20,520,080 |
| Total Liabilities & Members’ Equity | $167,913,904 | $163,880,278 |
Statement of Income
| Income | 2024 | 2023 |
|---|---|---|
| Interest on Loans | $8,228,517 | $6,904,050 |
| Interest on Investments | $529,171 | $454,396 |
| Non-interest Income | $2,732,907 | $2,709,996 |
| Total Income | $11,490,595 | $10,068,396 |
| Expense | 2024 | 2023 |
|---|---|---|
| Operating Expense | $7,551,459 | $7,007,101 |
| Provision for Loan Losses | $205,369 | $154,874 |
| Dividend Expense | $2,754,587 | $3,184,499 |
| Total Expense | $10,747,415 | $10,346,474 |
| Non-Operating Income (Loss) | ($549,923) | $502,593 |
| Net Income (Loss) | $1,292,473 | $1,437,055 |