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New financial rules reveal Vatican had a billion euros off the books

By Catholic Online (NEWS CONSORTIUM)
7/23/2015 (1 year ago)
Catholic Online (www.catholic.org)

Assets had never been reported before and in a consolidated form

The Holy See reports €1 billion in net assets never before reported, and in a consolidated form. This was part of the revelations that came under new reporting procedures more in line with international accounting standards.

The statements were prepared by the Prefecture for the Economic Affairs of the Holy See, the Vatican's budget management office. 'Reviewed and verified' by the Secretariat for the Economy, which was led by Australian Cardinal George Pell.

The statements were prepared by the Prefecture for the Economic Affairs of the Holy See, the Vatican's budget management office. "Reviewed and verified" by the Secretariat for the Economy, which was led by Australian Cardinal George Pell.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
7/23/2015 (1 year ago)

Published in Europe

Keywords: Euros, Vatican, Cardnal Pell, deficit, profit


LOS ANGELES, CA (Catholic Online) - Furthermore, the Vatican's final figures for 2014 proved a continued budget deficit on the part of the Roman Curia.

Profits coming from the Vatican Museums, "cultural activities" and investments offset the deficit in the consolidated budgets of the Roman Curia. These combined efforts help place the Vatican €38 million euros "in the black."

The statements were prepared by the Prefecture for the Economic Affairs of the Holy See, the Vatican's budget management office. "Reviewed and verified" by the Secretariat for the Economy, which was led by Australian Cardinal George Pell. An auditing committee of lay experts and an external auditor were part of the new governing body as well.

The 2014 budget reports were the first financial statements to follow sweeping new procedures begun under new rules that went into effect on March 1.

The summarized statement released by the Vatican press office offered much of the same kind of information included in past statements released each year, as the transition to the new procedures is still a "step-by-step" work in progress.

The one new figure released publicly was all the net assets of the Holy See. At a substantial €939 million, the amount represents money that had never been included before in the Vatican's old system of budgeting and reporting.

Cardinal Pell had previously spoken out last December, saying that the new budgeting and reporting procedures had meant the secretariat discovered "some hundreds of millions of euros were tucked away in particular sectional accounts and did not appear on the balance sheet."

As of 2014, all departments, bodies and foundations of the Holy See were required to report all assets - which totaled €1.1 billion and liabilities - which totaled €222 million.

The budget of the Holy See, comprised of 64 "entities," ended 2014 with a deficit of more than €25.6 million.

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