Vatican expendituresThe financial statement explains in great detail the 318 million euros ($374 million) in expenditures by the Roman Curia in 2019. “The worst thing we could do is not recognize the difficulty or choose the ‘every man for himself’ option. catholic news service; The dome of St. Peter's Basilica is pictured at the Vatican July 12, 2019. “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. “We are not the owners, we are custodians of the goods we have received,” said the Spanish-born Jesuit, whom Pope Francis appointed to head the secretariat in October 2019. Credit: Bohumil Petrik/CNA. 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.”. Wednesday, July 24, 2019 By October 2016, two years into his term as prefect of the Vatican… 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. … The Vatican Museums, a once-dependable cash cow, have been closed for months, resulting in a loss of millions of euros in revenues. 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. Wondering why we ask for your email, or having trouble registering. 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. The Vatican’s official bank has faced repeated crises since it was founded in 1942, and the bank itself was created to curtail fiscal irregularity. You should see a message at the top of the reloaded page confirming that your feedback has been received. 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. 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. 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. 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. By Michelle La Rosa. Edward Pentin, NC Register. Father Guerrero highlighted the fact that if one put all the aforementioned Vatican entities together, the total net patrimony of the Vatican would be around 4 billion euros ($4.7 billion), adding that if this were put into a consolidated financial statement from the Vatican there would be no deficit in 2019. Please contact us at members@americamedia.org with any questions. 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. 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. Big questions persist on Vatican finances. 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. A Reflection for the Solemnity of the Holy Family. 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. Credit: Bohumil Petrik/CNA. Nov 21st 2019. Password reset instructions will be sent to your registered email address. Description. 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. 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. “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. By Dennis Sadowski • Catholic News Service • Posted December 19, 2019 . 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 we decide to open comments on this article, we will email you to let you know. When we come to Eucharist at Christmas, we believe that time warps in upon itself. Please consult our Contact Us page for other options to reach us. 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. 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. 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 … 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. Gerard O’Connell is America’s Vatican correspondent. 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 … “It is carrying out its task. Christ is born today, is baptized today, dies today, rises today. The Rev. What are considered to be exorbitant salaries of certain external actors were at … In 2019, Vatican����City is operating with a budget deficit of $76 million dollars. this helps us promote a safe and accountable online community, and allows us to update you when other commenters reply to your posts. In 2019, Vatican����City is operating with a budget deficit of $76 million dollars. Pell said he had no doubt that Guerrero was honest and up to the job. 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 … The COVID-19 pandemic has wreaked havoc with Vatican finances, forcing it to dip into reserves and implement tough cost controls. (Credit: Paul Haring/CNS.) 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. We open comments only on select articles so that we can provide a focused and well-moderated discussion on interesting topics. Commenting on the cost for the diplomatic missions, Father Guerrero told Vatican news, “We do a lot with a little.” The other 22 million euros ($25 million) spent by the Secretariat of States were for services and administrative costs. Logging in will also give you access to commenting features on our website. 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. (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 … As a frequent reader of our website, you know how important America’s voice is in the conversation about the church and the world. Pope Francis admitted there is financial corruption in the Vatican, describing it as a "scandal" on Tuesday. Father Guerrero: “It is possible that, in some cases, the Holy See has been not only badly advised but also cheated. We must resist,” he said. 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 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 … The rest of the money is spent on what the secretariat’s statement calls “the Apostolic Mission” of the Roman Curia. He took up his post in January. Nov 21st 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. 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… … A global hunger crisis, foretold in the beginning days of the Covid-19 crisis, is being realized. 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). Father Guerrero presented the consolidated financial statement on Oct. 1 in the midst of an unfolding financial scandal linked to the Vatican’s purchase of a London property that has now extended into other areas. 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. if you are trying to comment, you must log in or set up a new account. The net assets reported in the budget amount to more than $1.6 billion. 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. 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. Pope Francis faced questions regarding Vatican finances arising from recent events that have provoked concern about the possibility of mismanagement … You can also manage your account details and your print subscription after logging in. [Explore America’s in-depth coverage of Pope Francis.]. It is doing a great job of ensuring clarity, transparency and order.”. Big questions persist on Vatican finances. It dealt with issues concerning disarmament, human rights, human mobility, health care and concern for the poor and suffering. VATICAN CITY (RNS) — For the first time since 2016, the Vatican has released its financial budget for the administration of Roman Curia. 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. 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. Cleaning up Vatican finances has been a priority for the 83-year-old Argentine pontiff from the start, say his advisers. Another 2 million euros ($2.3 million) supported the Dicastery for Laity, the Family and Life. Cleaning up Vatican finances has been a priority for the 83-year-old Argentine pontiff from the start, say his advisers. (CNS photo/Paul Haring), We’re sorry registration isn't working smoothly for you. 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). This one is breaking them. 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. If you’re already a subscriber or donor, thank you! 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.. We don’t have comments turned on everywhere anymore. Copyright © 2020 America Press Inc. | All Rights Reserved. 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. 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 … 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. The first source was “self-generated revenues” from real-estate management, financial revenues and commercial operations and services, which brought in a total of 208 million euros ($244 million). The Vatican Museums, a once-dependable cash cow, have been closed for months, resulting in a loss of millions of euros in revenues. Christmas made my family’s favorite traditions. 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.”. Please visit our membership page to learn how you can invest in our work by subscribing to the magazine or making a donation. Edward Pentin, NC Register. “The Secretariat of State has been working on this process for months,” he said. Pope Francis faced questions regarding Vatican finances arising from recent events that have provoked concern about the possibility of mismanagement …

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