Letters may be edited for length and clarity. The Oct. 1 Holy See financial report for 2019 showed that the expenditure of the 60 curial offices for 2019 totaled 318 million euros (around $374 million) out of an income of 307 million euros. The figures do not include the budgets of the Vatican Museums, donations to the Peter’s Pence charitable fund, the Vatican bank or numerous other funds and institutions, which together brought in over $4.7 billion in 2019. Please visit our membership page to learn how you can invest in our work by subscribing to the magazine or making a donation. Nov 28, 2019. editor; Italian banker Carmelo Barbagallo, named Nov. 27 by Pope Francis as the new head of the Vatican's Financial Information Authority. We ask readers to log in so that we can recognize you as a registered user and give you unrestricted access to our website. Pope Francis faced questions regarding Vatican finances arising from recent events that have provoked concern about the possibility of mismanagement … Just how precarious is hard to … If you’re already a subscriber or donor, thank you! The COVID-19 pandemic has wreaked havoc with Vatican finances, forcing it to dip into reserves and implement tough cost controls. “It is carrying out its task. Pope Francis faced questions regarding Vatican finances arising from recent events that have provoked concern about the possibility of mismanagement … Today’s financial statement came on the eve of the Peter’s Pence collection that will be taken up in Catholic churches throughout the world on Sunday, Oct. 4, the feast of St. Francis of Assisi. Big questions persist on Vatican finances. This improved situation was mainly due to the capital gained on the sale of a property for 15 million euros ($17.6 million), gains from financial investments for 68.1 million euros ($80 million) and an influx of 30.9 million euros ($36.3 million) from assets and investment properties. The Oct. 1 Holy See financial report for 2019 showed that the expenditure of the 60 curial offices for 2019 totaled 318 million euros (around $374 million) out of an income of 307 million euros. In order to be considered for publication, letters should be brief (around 200 words or less) and include the author’s name and geographic location. By Michelle La Rosa. It therefore closed 2019 with a net deficit of 11.1 million euros ($13 million), considerably less than the previous year (2018), when it was 75.2 million euros ($88 million). Your source for jobs, books, retreats, and much more. Nov 21st 2019. This one is breaking them. The Vatican Museums, a once-dependable cash cow, have been closed for months, resulting in a loss of millions of euros in revenues. Vatican's financial watchdog says progress slow, but steady by Elise A. Harris April 27, 2018; President of Vatican's financial watchdog authority ends term by Hannah Brockhaus November 18, 2019; Suspension revoked for Vatican’s financial watchdog authority by … Check out some of the. The Vatican Museums, a once-dependable cash cow, have been closed for months, resulting in a loss of millions of euros in revenues. That fund has now been closed by Francis and the money merged into the Vatican’s newly centralized finances, according to recent reports. The report shows the Vatican Curia earned more than $360 million in 2019, with an expenditure of almost $374 million, leaving a deficit of about $14 million, which is … Christ is born today, is baptized today, dies today, rises today. Description. If you have a message for the author, we will do our best to pass it along. A Reflection for the Solemnity of the Holy Family. Cleaning up Vatican finances has been a priority for the 83-year-old Argentine pontiff from the start, say his advisers. Thank you. People gather in St. Peter’s Square at the Vatican as Pope Francis recites the Angelus noon prayer from the window of his studio, top right, on Nov. 1, 2019. Before you can comment, you need to update your profile to include your first and last name, as required in our. What are considered to be exorbitant salaries of certain external actors were at … Vatican incomeToday’s financial statement came on the eve of the Peter’s Pence collection that will be taken up in Catholic churches throughout the world on Sunday, Oct. 4, the feast of St. Francis of Assisi. It is doing a great job of ensuring clarity, transparency and order.”. The Vatican releases its 2019 financial statement as scandals persist Gerard O’Connell October 01, 2020 The dome of St. Peter's Basilica is pictured at the Vatican. >RELATED: Pope Francis accepts resignation of cardinal named in Vatican financial scandals. … We can't do it without you—America Media relies on generous support from our readers. … You should see a message at the top of the reloaded page confirming that your feedback has been received. We have recently relaunched the commenting experience at America and are aiming for a more focused commenting experience with better moderation by opening comments on a select number of articles each day. Authored by a member of the force that protects Pope Francis, "The Vatican Christmas Cookbook" explores the food and traditions that make for a happy holiday. Giani joined the Vatican police force as the deputy police chief in 1999 after a stint in Italy's financial police and the information department of the Italian premier's office. Wednesday, July 24, 2019 By October 2016, two years into his term as prefect of the Vatican… Password reset instructions will be sent to your registered email address. “I believe that we are learning from past mistakes or imprudence,” he added. Credit: Bohumil Petrik/CNA. this helps us promote a safe and accountable online community, and allows us to update you when other commenters reply to your posts. If we decide to open comments on this article, we will email you to let you know. In this context, 65 million euros ($76 million) were spent by the Secretariat of State, of which 43 million euros ($50 million) went to costs for the 126 nunciatures (Vatican diplomatic missions or nunciatures) in countries across the world. The Vatican is using donations for the poor to fight its budget deficit, report says Published Wed, Dec 11 2019 1:52 PM EST Updated Wed, Dec 11 2019 … Father Guerrero emphasized that today’s statement only presents the finances of the Roman Curia (that is composed of 60 entities), which counts for 35 percent of the total Vatican consolidated financial statement. As part of the reform of the Curia, a meeting of the heads of dicasteries was held on September 20, 2019 at the Vatican, to address economic issues in the context of diminishing financial resources. (Credit: Paul Haring/CNS.) Pope Francis established the secretariat in a motu proprio, Fidelis dispensator et prudens, published on 24 February 2014.It is headed by a prefect–originally a cardinal–who reports directly to the Pope. Photo by Robert Ballecer, courtesy of Society of Jesus. Use of and/or registration on any portion of this site constitutes acceptance of our. The second was from “external donations,” which are “dedicated donations” for specific purposes of the church’s mission and “donations from dioceses” in accordance with canon law; all these together brought in 56 million euros ($66 million). More than 65% of the money administered by the Roman Curia is dedicated to supporting missions around the world, followed by asset management (21%) and administration costs (14%). We don’t have comments turned on everywhere anymore. 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Speaking to Vatican media outlets on Thursday (Oct. 1), Alves said the pursuit of financial transparency is a priority for Pope Francis, who demands “the economy of Holy See must be as transparent as a glass house.”. When you click submit, this article page will reload. Pell said he had no doubt that Guerrero was honest and up to the job. [Explore America’s in-depth coverage of Pope Francis.]. Juan Antonio Guerrero Alves in 2019. Publication of two books focused on financial irregularities — Nuzzi’s “Merchants in the Temple” and Emiliano Fittipaldi’s “Avarice” — led to both writers being charged by a Vatican court of “soliciting and exercising pressure” on a Vatican employee in order to obtain confidential documents. Vatican City, Dec 16, 2019 / 03:40 pm (CNA).- On Oct. 1, Vatican police raided the usually quiet offices of the Vatican’s Secretariat of State. Father Guerrero told Vatican News that Peter’s Pence is used only for the mission of the Holy See and the pope’s charitable efforts, that it amounted to 53 million euros last year and that it counted for 32 percent of the mission’s expenditure. If you think this article provides the opportunity for such a discussion, please let us know what you'd like to talk about, or what interesting question you think readers might want to respond to. Millennials Confront True Meaning of ‘Do They Know It’s Christmas’ (A Parable), The Jesuit Social Research Insitute seeks a new Executive Director, Make your life a chapter in the Gospel, the story of salvation, With Congress in turmoil, Catholic charities mobilize to respond to Covid-19 hunger crisis, This Christmas, let the Swiss Guard plan your holiday menu. The Vatican and IDI financial scandal: A CNA explainer. Nov 21st 2019. The report shows the Vatican Curia earned more than $360 million in 2019, with an expenditure of almost $374 million, leaving a deficit of about $14 … Vatican City, Dec 16, 2019 / 03:40 pm (CNA).- On Oct. 1, Vatican police raided the usually quiet offices of the Vatican’s Secretariat of State. We ask our visitors to confirm their email to keep your account secure and make sure you're able to receive email from us. We open comments only on select articles so that we can provide a focused and well-moderated discussion on interesting topics. The third source was “contribution from related entities,” namely the Governorate of Vatican City State (mainly income from museums), the Vatican Bank, and the Fabric of St. Peter’s (an institution responsible for St. Peter's Basilica), which brought in a total of 43 million euros ($50 million). VATICAN CITY, October 15, 2019 (LifeSiteNews) ― Investments made by Cardinal Giovanni Angelo Becciu are at the heart of a Vatican investigation, says a leading financial newspaper. Description. As part of the reform of the Curia, a meeting of the heads of dicasteries was held on September 20, 2019 at the Vatican, to address economic issues in the context of diminishing financial resources. But we still want your feedback. “The Secretariat of State has been working on this process for months,” he said. Attendees listen to Pope Francis, white figure sitting at center right, during his general audience, the first with faithful since February when the coronavirus outbreak broke out in Italy, at the San Damaso courtyard, at the Vatican, on Sept. 2, 2020. The long-awaited reform coincides with numerous reports of Vatican financial scandals, which have led to several firings and departures, most recently the resignation of the former No. Wondering why we ask for your email, or having trouble registering. You can also manage your account details and your print subscription after logging in. The other entities that make up the Vatican are: the Institute for the Works of Religion (commonly known as the Vatican Bank), representing 17 percent; the Vatican City State, that represents 15 percent; the Vatican Pension Fund and 33 other entities that make up 24 percent; Peter’s Pence, 6 percent; and other dedicated funds in Secretariat of State that make 3 percent. It is worth mentioning that the dioceses that gave the largest donations in 2019 came from Germany and Italy. Vatican police raided the offices of the Holy See's Secretariat of State and its Financial Information Authority, or AIF, on Tuesday and took away documents and electronic devices as … Financial scandal at the Vatican is nothing new. The Rev. Vatican expendituresThe financial statement explains in great detail the 318 million euros ($374 million) in expenditures by the Roman Curia in 2019. Copyright © 2020 America Press Inc. | All Rights Reserved. The Vatican City state employed 4,822 persons in 2016. (Credit: Stock image.) Vatican City, Nov 20, 2019 / 10:26 am (CNA) – The Vatican Secretary of State told CNA this week that he is responsible for arranging a controversial loan for the purchase of a bankrupt Italian hospital, and that he arranged with Cardinal Donald Wuerl a grant from the U.S.-based Papal Foundation to cover the loan when it could not be repaid. You can join the conversation about this article with us in social media on Twitter or Facebook, or in one of our Facebook discussion groups for various topics. When you register, you’ll get unlimited access to our website and a free subscription to our email newsletter for daily updates with a smart, Catholic take on faith and culture from, The dome of St. Peter's Basilica is pictured at the Vatican. Another sizable amount (11 percent) of the expenditure, 22 million euros ($25 million), is spent by the Congregation for the Evangelization of Peoples on the vitally important work of supporting and assisting the churches in mission countries throughout the world, particularly in Africa and Asia. People gather in St. Peter’s Square at the Vatican as Pope Francis recites the Angelus noon prayer from the window of his studio, top right, on Nov. 1, 2019. “The faithful have the right to know how we utilize our resources,” said the prefect for economy at the Vatican, the Rev. He took up his post in January. Vatican City, Nov 20, 2019 / 10:26 am (CNA) – The Vatican Secretary of State told CNA this week that he is responsible for arranging a controversial loan for the purchase of a bankrupt Italian hospital, and that he arranged with Cardinal Donald Wuerl a grant from the U.S.-based Papal Foundation to cover the loan when it could not be repaid. “It is possible that, in some cases, the Holy See has been not only badly advised but also cheated,” he said. Instead, he said, the money came from a fund belonging to the powerful Secretariat of State in the Vatican. April 2016 The Vatican Secretariat of State announces suspension of first external audit of the Vatican without consulting Cardinal Pell. Pell said he had no doubt that Guerrero was honest and up to the job. (CNS photo/Paul Haring), We’re sorry registration isn't working smoothly for you. The dicastery has a staff of around 530 persons that transmit the messages of the pope and the Holy See across the globe in 40 languages, by television, radio, social media, print and photography around the clock. The gap is a measure of how the pope has fallen short of his mandate when elected six years ago to overhaul the Vatican’s management and finances. Wednesday, July 24, 2019 By October 2016, two years into his term as prefect of the Vatican… Or send us feedback on this article with one of the options below: We welcome and read all letters to the editor but, due to the volume received, cannot guarantee a response. The official numbers refer specifically to the Roman Curia, which comprises the 60 institutions and departments charged with administering and enacting Pope Francis’ goals for integral human development, evangelization and education projects. If you login and register your print subscription number with your account, you’ll have unlimited access to the website. It was not used for the payment of the Roman Curia’s expenses for upkeep and services; that came from other resources as explained below. if you are trying to comment, you must log in or set up a new account. That scandal has now led to the removal of Cardinal Angelo Becciu from his post as prefect of the Congregation for Saints and the renunciation of his rights as a cardinal. Vatican City, Oct 14, 2019 / 09:51 am .- The recent raid of Vatican offices is connected to an investigation into charges that Vatican money financed the development of luxury properties in … Another 2 million euros ($2.3 million) supported the Dicastery for Laity, the Family and Life. Vatican City, Oct 29, 2019 / 02:03 pm (CNA).- An Italian dermatology hospital and two senior cardinals are at the center of a burgeoning financial scandal involving a Vatican bank, the … Gerard O’Connell is America’s Vatican correspondent. “It is possible that, in some cases, the Holy See has been not only badly advised but also cheated,” Alves said, referring to a controversial Vatican investment in prime real estate in London that has been at the center of scandals over the administration of charitable donations. Now it is a matter of accelerating, at the decisive and insistent impulse of the pope, the process of knowledge, internal and external transparency, control, and collaboration between the different departments.”. What are considered to be exorbitant salaries of certain external actors were at … Nov 28, 2019. editor; Italian banker Carmelo Barbagallo, named Nov. 27 by Pope Francis as the new head of the Vatican's Financial Information Authority. A significant slice of the Roman Curia’s expenditure (22 percent), 46 million euros ($54 million), went for the Dicastery of Communications in 2019. Recent media coverage that points to potential financial … “The worst thing we could do is not recognize the difficulty or choose the ‘every man for himself’ option. ... FRANCESCO PELOSO Pubblicato il 17 Aprile 2019 Ultima modifica 02 Luglio 2019 20:07. Father Guerrero: “It is possible that, in some cases, the Holy See has been not only badly advised but also cheated. VATICAN CITY (RNS) — For the first time since 2016, the Vatican has released its financial budget for the administration of Roman Curia. You can either click on the link in your confirmation email or simply re-enter your email address below to confirm it. “The faithful have a right to know how we use the resources, the money we get,” Juan Antonio Guerrero, S.J., the prefect of the Vatican’s Secretariat for the Economy, told Vatican News today when he presented the consolidated financial statement of the Roman Curia for 2019. Cleaning up Vatican finances has been a priority for the 83-year-old Argentine pontiff from the start, say his advisers. By Dennis Sadowski • Catholic News Service • Posted December 19, 2019 . VATICAN CITY A FTER A WEEK of resignations and exclusions, the Vatican faces the very real risk of being reduced once more to the status of an international financial … A global hunger crisis, foretold in the beginning days of the Covid-19 crisis, is being realized. Today’s consolidated financial statement provides considerable detail regarding income and expenditure. In 2019, Vatican����City is operating with a budget deficit of $76 million dollars. Giani joined the Vatican police force as the deputy police chief in 1999 after a stint in Italy's financial police and the information department of the Italian premier's office. Vatican's financial watchdog says progress slow, but steady by Elise A. Harris April 27, 2018; President of Vatican's financial watchdog authority ends term by Hannah Brockhaus November 18, 2019; Suspension revoked for Vatican’s financial … It shows that 67 million euros ($78 million) were spent by the Administration of the Patrimony of the Holy See, the Vatican office that manages the assets of the Holy See, such as its real estate holdings. The Italian daily Corriere della Sera revealed this week that the Vatican’s Secretariat of State invested last February in Lapo Elkann’s eyewear and “lifestyle products” company as well as the Elton John film, using money donated by the Catholic faithful through worldwide “Peter’s Pence” collections.. As a frequent reader of our website, you know how important America’s voice is in the conversation about the church and the world. Christmas made my family’s favorite traditions. We must resist,” he said. The Vatican is using donations for the poor to fight its budget deficit, report says Published Wed, Dec 11 2019 1:52 PM EST Updated Wed, Dec 11 2019 … By Dennis Sadowski • Catholic News Service • Posted December 19, 2019 . Since you’re a frequent reader of our website, we want to be able to share even more great, As a frequent reader of our website, you know how important, Cardinal Becciu denies wrongdoing, says Pope Francis asking for his resignation was ‘surreal’, recently relaunched the commenting experience, Pope Francis’ friendship with the Grand Imam of Al Azhar inspired the new International Day of Human Fraternity, William Barr, a Catholic, went out of his way to use the death penalty (and defy church teaching), Pope Francis will celebrate Mass early on Christmas Eve to keep Italy’s Covid-19 curfew. “I believe that we are learning from past mistakes or imprudence. It is, after the Secretariat of State, the second dicastery named a secretariat, an indication of its importance relative to other parts of the Curia. “They’re afraid of the audit uncovering information they don’t want uncovered and are worried about losing sovereign control over Vatican finances,” a source tells the Register. Pope Benedict XVI called Peter’s Pence “the most characteristic expression of the participation of all the faithful in the Bishop of Rome’s charitable initiatives in favor of the universal church” in a 2006 speech cited on the Secretariat of State’s website. Alves also said that, to his knowledge, no funds derived from Peter’s Pence, donations by the faithful to promote the pope’s charitable work, were used in the controversial London investment. Edward Pentin, NC Register. Ten million euros (5 percent of the total expenditure) went to the Vatican Library, which includes money for the upkeep of perhaps the world’s greatest patrimony of ancient texts and church writings and documents dating back to the early centuries of the church. Note that if the article is from a wire service such as Catholic News Service, Religion News Service, or the Associated Press, we will not have direct contact information for the author. The economy of Vatican City is supported financially by the sale of stamps, coins, medals, and tourist mementos as well as fees for admission to museums and publication sales. Three million euros ($3.5 million), one percent of the total expenditure, went to the Congregation for the Doctrine of the Faith, which spends around 70 percent of its time on disciplinary questions, especially relating to cases of the abuse of minors by clergy, which is an essential task at this moment in history. The rest of the money is spent on what the secretariat’s statement calls “the Apostolic Mission” of the Roman Curia. All rights reserved. The report shows the Vatican Curia earned more than $360 million in 2019, with an expenditure of almost $374 million, leaving a deficit of about $14 million, which is an improvement from the over $88 million deficit it incurred the previous year. I believe that we are learning from past mistakes or imprudence.”, Commenting on the deficit, Father Guerrero emphasized that the Roman Curia is not like a corporation or company seeking to make profit: “Our mission will always tend to produce deficits, it will never generate enough funds [for our needs].”. Tuesday, October 1, 2019 INSIDE THE VATICAN Today in Rome the Vatican Press Office started off the month of October 2019 by issuing a brief, somewhat mysterious notice regarding a police raid to acquire documents related to Vatican financial dealings.Here is that communiqué:Holy See Press Office Communiqué, 01.10.2019 (link)This morning activities were carried out to acquire… The Vatican and IDI financial scandal: A CNA explainer. Pope Francis established the secretariat in a motu proprio, Fidelis dispensator et prudens, published on 24 February 2014.It is headed by a prefect–originally a cardinal–who reports directly to the Pope. (Credit: Stock image.) VATICAN CITY A FTER A WEEK of resignations and exclusions, the Vatican faces the very real risk of being reduced once more to the status of an international financial … The net assets reported in the budget amount to more than $1.6 billion. The COVID-19 pandemic has wreaked havoc with Vatican finances, forcing it to dip into reserves and implement tough cost controls. It dealt with issues concerning disarmament, human rights, human mobility, health care and concern for the poor and suffering. Like most other countries, the Vatican City State will end 2020 with its public finances in a precarious condition. It is, after the Secretariat of State, the second dicastery named a secretariat, an indication of its importance relative to other parts of the Curia.