Financial Reform at Vatican Reveals $1.2 Billion in Assets

By Rosie Scammell
Religion News Service
July 16, 2015

http://www.religionnews.com/2015/07/16/financial-reform-vatican-reveals-1-2-billion-assets/

The Vatican had more than $1.2 billion (1.1 billion euro) in assets off the books before an accounting cleanup last year, the Holy See said Thursday (July 16) in announcing its financial statements for 2014.

Inclusion of the previously unreported funds saw the Vatican’s overall assets increase by just over $1 billion (939 million euro), in what the Holy See described as a “year of transition” in the management of its finances.

Australian Cardinal George Pell arrives for a meeting at the Synod Hall in the Vatican on March 6, 2013, ahead of the conclave that elected Pope Francis. Photo by REUTERS/Tony Gentile

Since becoming pontiff in 2013, Pope Francis has brought in large-scale reform of the Vatican’s murky finances and pushed for greater transparency. The publicly released financial statements are “the first important steps” in the financial overhaul, led by Australian Cardinal George Pell, the Vatican said.

Overall, the Vatican had a deficit of $27.9 million (25.6 million euro) in 2014, higher than the $26.6 million (24.4 million euro) deficit reported the previous year.

But Vatican finances are improving to a much greater degree than at first glance, as the latter figure would have been $40.5 million (37.2 million euro) if the new accounting standards had been applied in 2013. The positive change was put down to “favorable movements” in the Holy See’s investment portfolio.

The Vatican’s biggest expense was a staff payroll of 2,880 people, costing $137.7 million (126.6 million euro) last year.

The Vatican City State, which operates a separate budget, saw its coffers boosted by the popularity of its world-famous museums. Its surplus jumped to $69.1 million (63.5 million euro) last year from $35.9 million (33 million euro) in 2013.