Vatican Property Administration Publishes Financial Statements, Contributing 32 Million Euros to the Holy See
In a gesture of transparency and accountability, the Vatican Property Administration has released its financial statements for 2022, revealing a contribution of over 32 million euros to the needs of the Holy See in Rome. The publication of these figures aims to dispel unfounded speculation surrounding the Church’s estate, administration, and taxation.
The annual financial statements were presented by the Holy See Property Authority on August 10. According to joint regulations between the institution and the Holy See Economic Secretariat, the contribution made by the Holy See Property Administration to the Holy See of Rome is equivalent to the surplus earned.
Accompanying the release of the financial statements was a letter from the president of the institution, Archbishop Nunzio Galantino. In the letter, he emphasized that the purpose of publishing the financial statements was to demonstrate professionalism, dedication, transparency, and integrity in the field of administration and management. Archbishop Galantino referenced the economist Antonio Genovesi from the 18th century, highlighting the importance of these qualities.
The financial statements provided a detailed breakdown of direct and indirect taxes paid by the Holy See Property Administration for the real estate it manages and owns in Italy. This includes taxes such as city property tax and corporate income tax. Archbishop Galantino stated that the transparency of these figures helps to dispel preconceived notions and groundless speculations regarding the Church’s property management, administration, and tax obligations.
The Vatican Property Administration’s responsibilities and tasks have become clearer since the publication of the Apostolic Charter “Go Proclaim the Gospel” over a year ago. The institution is called to contribute to the Church’s evangelizing mission through comprehensible, efficient, and transparent procedures. The presidency stressed that the Church’s reputation for stewardship of entrusted resources is crucial for its credibility in proclaiming the Gospel, thus underscoring the necessity of publishing the financial statements.
Archbishop Galantino also mentioned the ongoing cooperation and professionalism of the entire Pontifical Property Authority community in achieving the goals of the three-year development plan. The objective is to provide financial support for the mission of the Pope and the institutions that share his evangelizing mission.
In line with the commitment to transparency, the financial statements provide an overview of the work results and economic challenges faced in 2022. The impact of the Covid-19 pandemic is evident, as well as the negative financial and economic consequences of the Ukrainian conflict, inflation, and soaring energy prices. These factors have affected various areas of operation within the Vatican’s property authority.
Specifically, electricity costs experienced a significant increase of 32 million euros compared to 2021. In chattel management, there was a deficit of 6.7 million euros in 2022, as opposed to a surplus of 19.85 million euros in the previous year. Consequently, the balance for 2022 is 26.55 million euros lower than that of 2021. Administrative costs also climbed from 10 million euros to 13 million euros. The financial investment of the Holy See Property Authority amounted to approximately 1.777 million euros as of December 31, 2022.
By sharing these financial statements, the Vatican Property Administration aims to uphold its commitment to transparency and provide insight into its operations and challenges. The full financial report can be accessed on the official website of the Vatican News Network.
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