Welcome to the GCU Annual Report Issue

Welcome to the GCU’s 2024 Annual Report issue of the GCU Magazine. The year 2023 proved to be very challenging for all financial institutions under the current high interest rate environment coupled with investment market volatility, uncertain US and global economies and continued concerns over inflation. Despite the headwinds faced, GCU experienced continued growth in assets and surplus along with recording a net gain from operations. Assets increased $63 million totaling $2.7 billion, surplus increased $1.8 million totaling $221.3 million with net income from operations of $10.7 million for year-end 2023. Despite the competitive annuity and life insurance marketplace GCU experienced $359 million of annuity premium including exchanges, achieving 84.3% of our goal of $425 million. Recorded life premium of $9.4 million fell slightly short of our goal of $10.4 million. Our sincere appreciation to our members and agents for the continued support and trust you have placed in GCU that enables us to present continued financial stability. We invite you to review our Chief Financial Officer, Tim Demetres, full detailed report on the GCU’s 2023 financial performance beginning on page 6in the GCU magazine.

Seven Oaks Country Club, Inc., a subsidiary of the GCU Holding Company, Inc., and the primary financial activity within the Holding Company recorded record total revenues of $4.6 million, primarily fueled by Membership Dues, Initiation Fees and Food & Beverage Sales. The continued improved revenues are attributed to the renovations to the entire facility over the last several years and the opening of the new Swimming Pool and Racquet Complex that opened in June 2023. The master renovation plan to Seven Oaks is now complete and is reflective of the GCU as a $2.7 billion fraternal benefit society that will continue to improve the financial position of the Club!

The GCU Real Estate Company, Inc., another subsidiary of the Holding Company, had no sales activity in 2023. We experienced the sale of one lot thus far in 2024 as there are six remaining lots in the single-family development at Congressional Place. Pinehurst Village, a multi-family carriage home development within Seven Oaks under the ownership of Castlebrook Development, currently has five units under construction.

We invite you to visit the entire campus of the GCU that includes the Home Office, our St. Nicholas of Myra Chapel, Seven Oaks Country Club, the real estate development and the most spectacular landscape that nature has to offer. You will certainly be impressed and proud to be a GCU member!
Our St. Nicholas of Myra Chapel was constructed as a memorial to our Founders and to honor the many generations of GCU Members throughout our one hundred and thirty-two years of history. The Chapel was initially dedicated and opened in June of 1992. The basement of the Chapel houses a museum that contains various artifacts of GCU’s history. The GCU Museum will be rededicated on Sunday, May 5, 2024 in conjunction with celebrating the “Spring St. Nicholas” Feast Day. More information on this event is presented on page 16. Our thank you to Spiritual Advisor Fr. Val Michlik for his leadership in organizing this event!

We concluded the first full year under the GCU’s new Fraternal Metamorphosis Program. Once again, our gratitude and thank you to each of our Constellation and Byzantine Catholic Parish Coordinators. We certainly reached two of our major goals with this new format to expand the GCU’s presence in many new communities and our Byzantine Catholic Parishes and in attracting new GCU faces to the various fraternal activities that were planned throughout the year. We invite you to participate in the many volunteer, fundraising and social events planned in 2024. Please visit the GCU’s website – www.GCUusa.com – and “click” on events to view the various activities scheduled.

Per the current Bylaws of the GCU, an election for members to the Board of Directors will be conducted amongst all GCU adult benefit members (18 years of age and older) this year. The Board of Directors has once again contracted with Broadridge Financial Solutions, Inc., a leading provider of annual meeting and voting related services to conduct the entire election process from the mailing to the tabulation of the ballots.

Our sincere thank you to the Board of Directors for their faith and trust given to our Executive Officers, Department Directors and Supervisors and our entire Support Staff! Your guidance and recognition of all our conscientious efforts is greatly appreciated—that plays a most critical role in our continued success! We express our thank you to YOU, our members and to our AGENTS for the life and annuity business you have placed with the GCU!

In closing, my best wishes to you and your family that you are protected by the hand of God and may our Patron St. Nicholas also continue to provide the wisdom and guidance to the current leadership of the GCU to successfully navigate through current and future challenges.
As we are in the midst of spring, enjoy the beauty of nature as it revitalizes itself from its winter slumber. This transformation is such an astonishing feat only God could provide—ENJOY!

As always, please contact me with any questions or concerns!
GOODNESS IS GREAT!

George N. Juba | President / CEO