Loading
Holy See announces loss of over $18 million for 2011
St. Peter's Basilica in Vatican City.
St. Peter's Basilica in Vatican City.
By David Kerr
Facebook Twitter Google+ Pinterest Addthis

.- The Holy See announced a loss of $18.7 million for 2011 – a sharp contrast to a surplus of $14 million the year before.

“The most significant items of expenditure were those relative to personnel – who as of 31 December 2011 numbered 2,832 – and to the communications media considered as a whole,” said a June 5 Vatican statement.

“The result was affected by the negative trend of global financial markets, which made it impossible to achieve the goals laid down in the budget.”

The annual results were published by the Council of Cardinals for the Study of Organizational and Financial Problems of the Holy See, which met July 3 – 4 in Rome under the presidency of the Vatican’s Secretary of State, Cardinal Tarcisio Bertone.

The committee is comprised of senior cardinals from around the world, who have responsibility for financial oversight of the Holy See and Vatican City State. Its ranks include Cardinal Francis George of Chicago.

Meanwhile, the Governorate of Vatican City State announced a surplus of $27.4 million for 2011, although that is down from $30 million in 2010. The relatively healthy financial situation is due in large part to an $11 million increase in revenue from the Vatican Museums. It has welcomed more than five million paying visitors in the past year.

“According to specialized rankings, these figures place the Vatican Museums among the most prestigious and important such institutions in the world,” the statement said.

The term Holy See refers to the central administration of the Church – the Roman Curia – as well as the Pope’s global diplomatic corps. The Vatican City State is a sovereign territory created in 1929. Its governing body – the Governorate – is financially autonomous from the Holy See.

Today’s figures also revealed that the amount given by lay Catholics around the world to the papal “Peter’s Pence” fund rose from $67.7 million in 2010 to $69.7 million in 2011. The money from the annual one-time collection is used to support the Holy See.

The money sent from dioceses around the globe to the Holy See was also up from $27.4 million in 2010 to $32.1 million in 2011. This economic support is mandated in Canon 1271 of the Code of Canon Law.

Further contributions from institutes of consecrated life, societies of apostolic life rose from $747,600 in 2010 to $1.2 million.

Finally, the Vatican’s Institute for Works of Religion – often referred to as the Vatican Bank – also gave the Holy See a “significant sum” to support the Pope’s “apostolic and charitable ministry,” totaling $62 million for 2011.

The Vatican’s results were published on the day it is expected to find out if it has met international standards for financial transparency. The decision has been taken by the Council of Europe’s Moneyval committee, although the findings will not be made public until next month.

Tags: Vatican

Ads by AdsLiveMedia(What's this?)

* The number of messages that can be online is limited. CNA reserves the right to edit messages for content and tone. Comments and opinions expressed by users do not necessarily reflect the opinions or beliefs of CNA. CNA will not publish comments with abusive language, insults or links to other pages

RESOURCES »

Ads by Google (What's this?)
Ads by Google

Featured Videos

Ebola orphans thousands of children in West Africa
Ebola orphans thousands of children in West Africa
One year after Haiyan: Philippines rebuilds homes, lives
An Indian contribution to the Vatican's Synod on the Family
Christ Cathedral CNA video Sept 2014
Alejandro Bermudez of CNA accepts ice bucket challenge
'The Real Albania,' remembering those who fled
Pope Francis in Albania, "one of the most important visits of the post-communist era in Albania"
Pope Francis greets paralyzed man who risked all to see him
Franciscans on the banks of the Tiber in Rome, working for the New Evangelization
Pilgrimage from Czech Republic to Assisi and Rome for intentions
Testimony of young Indian who met Pope in Korea
Preparations of the Closing Mass of 6th Asian Youth Day
Missionary of Charity, Korea
Testimony of Christian Love during Pope's Visit to Korea
Religious Sisters in South Korea react to Pope Francis kissing a baby
Warm atmosphere during Holy Mass at Daejeon World Cup Stadium
Images inside Pope Francis flight to South Korea
The tombs of the early Christians
Missionaries of Africa, called "the White Fathers"
Italian youth give testimony after mission to Peru
Nov
27

Liturgical Calendar

November 27, 2014

Thursday of the Thirty-Fourth Week in Ordinary Time

All readings:
Today »
This year »

Catholic Daily

Gospel of the Day

Lk 17:11-19

Gospel
Date
11/27/14
11/25/14
11/24/14

Daily Readings


Gospel:: Lk 21: 20-28

Saint of the Day

St. Romuald »

Saint
Date
11/27/14

Homily of the Day

Lk 17:11-19

Homily
Date
11/27/14
11/25/14
11/24/14