A New GCU Celebration

St. Nicholas of Myra, also known as Nicholas of Bari, is the patron saint of the GCU chosen because he was “a teacher of moderation, a model of faith and an example of virtue”! From the day it was founded, GCU honored its patron saint by celebrating his feast on December 6th. However, May 9th is observed in our Byzantine liturgical calendar as the “Translation of the Relics of Saint Nicholas the Wonderworker from Myra to Bari.” This commemoration was established in the life of the church when on May 9, 1087, the relics of Saint Nicholas were solemnly transported into the church of Saint Stephen, not far from the sea in Bari, Italy.

On Sunday May 5th, GCU members and all the faithful gathered at our St. Nicholas Chapel adjacent to the GCU’s Home Office to honor our patron saint. This initial Spring St. Nicholas Day celebration was extra special as the replica icon of the Krasny Brod (Красный Брід) Icon of our Lady was also blessed and enshrined within the Chapel. Following the festive Divine Liturgy a solemn reopening and dedication of the GCU’s Museum that houses numerous artifacts and memorabilia pieces collected over the GCU 132 year history, also took place.

Our thank you to GCU Spiritual Advisor, Fr. Val Michlik for organizing this event as he plans on making this celebration an annual event. A special thank you also to Archbishop William Skurla, Fr. Michael Hussey and to all that participated in the Hierarchical Divine Liturgy.
During the course of my GCU career, I have often prayed to St. Nicholas to provide to me the strength, wisdom and guidance in addressing the many challenges that occur. There is no doubt that the growth and success the GCU has experience is certainly due in part to St. Nicholas and the GCU’s strong Byzantine Catholic beliefs.

As Memorial Day is recognized as the “official start of summer” I invite you to make GCU a part of your summer activities by participating in the many fun social and volunteer events scheduled. Please visit the GCU’s website – www.GCUusa.com – as a full calendar of activities are listed under Events. I personally took part in the GCU’s National Bowling Tournament and witnessed fraternalism at its best as three fraternal benefit societies came together in Pittsburgh, PA , GCU, SCS (Slovak Catholic Sokols) and NSS (National Slovak Society). My congratulations to all the team and individual winners. I also enjoyed participating in the GCU’s Spring Golf Classic being hosted at Seven Oaks! We had a wonderful turnout of 100 golfers—the most in over 10 years for the event. Congratulations to all of the winning golfers as well. In addition to the various social and sporting events sponsored by the GCU there are other numerous fraternal benefits and programs offered to each of our members we invite you to also participate in that includes the following:

• GO Give Program 
• GO Give Direct Program
• Academic & Athletic Scholarships 
• Student Debt Relief Program
• Art & Photo Contests
• Various Matching Funds Programs

The GCU’s 2024 First Quarter Financial Report by our Chief Financial Officer, Tim Demetres is presented on page 4 in the June Magazine for your review. We experienced continued asset growth as assets increased $30.7 million totaling $2.735 billion. Surplus declined by $3 million primarily due to an asset valuation reserve adjustment of $4.8 million as this required reserve provides capital for unexpected credit losses. A net income loss of $1.3 million was also experienced due to the current high interest rate environment as GCU increased annuity crediting rates to remain competitive in the Fixed Rate Deferred and Fixed Indexed Annuity marketplace. Despite the current challenges facing many financial institutions, GCU continues to maintain a strong financial position. Our sincere thank you and appreciation for your continued support and trust in placing your life and annuity business with us!

In closing, my best wishes to you and your family for a safe, relaxing and fun-filled summer! Enjoy the beautiful and colorful summer landscape that God provides.
GOODNESS IS GREAT!

George N Juba | President/CEO