Tuesday, July 13, 2010
The Catholic Church’s headquarters in Rome announced over the weekend that it lost money for the third year in a row. Expenses outpaced revenues for the Vatican in 2009 by $5.2 million ($314.7 million in revenue against $319.9 million in expenses), despite the fact that donations worldwide were up. Catholics last year gave $82.5 million, compared to $75.8 million in 2008 and $79.8 million in 2007. Leading donors were from the U.S., Italy and Germany.
Most of the Vatican’s expenses cover the activities of Pope Benedict XVI and such communications services as Vatican radio, which is broadcast around the world in 40 different languages. Telecommunications upgrades, increased security and restoration of the Vatican library also contributed to the rise in expenses.
The Vatican also pays the salaries of 2,762 employees and the pensions of 4,587 former employees.
The real wealth of the Vatican is based not on direct revenues, but on the value of properties it owns around the world.
- David Wallechinsky, Noel Brinkerhoff
Major Renovations, Sluggish Economy Keep Vatican Budgets in the Red (by Carol Glatz, Catholic News Service)
Vatican Sees Third Straight Loss (BBC News)
Vatican Reports $5.1 Million Deficit on Communication Costs (by Lorenzo Totaro, Bloomberg News)
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