The Holy See's 2024 Consolidated Financial Statements show a surplus of 1.6 million euro. This represents a significant recovery compared to the 51.2 million euro deficit of the previous year. The improvement is due to increased revenues, mainly from donations and hospital management, and efforts to control expenses. Financial management generated positive results of 46 million euro, playing a key role in covering the operating deficit. Excluding hospital entities, the Holy See closed with a surplus of 18.7 million euro, but prudence is advised due to the impact of investments.
19 days ago
The Holy See's 2024 Consolidated Financial Statements reveal a surplus of 1.6 million euro, marking a significant turnaround from the previous year's deficit of 51.2 million euro.1 This improvement includes a nearly 50% reduction in the operating deficit, dropping from 83 million to 44 million euro.1 2 Excluding hospital entities, the surplus rises to 18.7 million euro, though officials emphasize caution due to one-off factors.1
Revenues increased by 79 million euro, driven primarily by higher donations, positive hospital management outcomes, and gains from property and commercial activities.1 2 Expense controls helped offset inflation and rising personnel costs, contributing to the overall deficit reduction.1 The Prefect of the Secretariat for the Economy, Maximino Caballero Ledo, highlighted these dynamics as signs of progress toward financial consolidation.2
Financial activities generated 46 million euro in positive results, surpassing 2023 levels and aiding coverage of the operating deficit.1 This success stemmed largely from capital gains realized through portfolio reallocations guided by the Investment Committee.1 2 Caballero noted that while these gains provided crucial support, their non-recurring nature underscores the need for diversified revenue strategies beyond expense cuts.2
Of the 393.29 million euro allocated to the Apostolic Mission and Pontifical Funds (excluding hospitals), 83% focused on five priority sectors.1 The largest share, 37% or 146.40 million euro, supported local Churches in difficulty and evangelization efforts.1 Other key areas included worship and evangelization (14%), communication (12%), Apostolic Nunciatures (10%), and charity services (10%), with the remainder covering ecclesial organization, heritage, and academics.1 This structure reflects a consistent link between financial resources and the Church's global service.2
In an interview, Caballero described the results as encouraging, signaling greater trust from the faithful through rising offerings after years of decline.2 He stressed realism and continuity to build a stable economic base, transforming challenges into opportunities for growth.2 Full financial sustainability remains a realistic and essential goal to ensure the Holy See's ongoing support for the universal Church's mission.1 2 Progress must be confirmed in future years, with emphasis on fundraising, asset enhancement, and prudent investments.2
Assess Catholic Church financial stewardship and prudence
The Catholic Church views financial stewardship as an extension of humanity's vocation to care for creation as stewards of God's gifts. Rooted in Scripture and Tradition, this principle emphasizes that all material goods are entrusted by God for the common good, not for selfish accumulation. As stewards, individuals and institutions, including the Church, must administer resources prudently to support divine worship, apostolic works, charity, and the needs of the poor. This stewardship is not absolute ownership but a responsibility to make goods fruitful and share their benefits, particularly with the vulnerable. The Church's temporal goods are explicitly directed toward fulfilling her mission: sustaining clergy, promoting evangelization, and aiding those in need, reflecting the universal destination of goods where private property serves the broader human family.
In this framework, economic activity becomes a moral act, aligned with virtues like justice, temperance, and solidarity. The Church teaches that superfluous income must be directed toward charity and productive investments that create opportunities for the common good, rather than hoarding or exploitation. Pope John Paul II underscored that economic and moral orders are interconnected, calling those in finance to prioritize human dignity and solidarity over profit alone. This theological basis ensures that financial management is not merely administrative but a path to sanctification, transforming economy into an instrument of salvation.
Prudence, one of the cardinal virtues, is essential for discerning the true good in economic decisions and applying moral principles to concrete situations. For the Church, this involves reflection, consultation, evaluation in light of God's plan, and decisive action to balance needs and resources. In financial stewardship, prudence manifests as sober administration, avoiding waste or undue risks while ensuring sustainability. The Catechism highlights that the use of earthly goods must align with heavenly beatitude, moderating attachments and fostering generosity.
The Church applies this virtue institutionally by regulating finances to prevent enslavement to material concerns or harm to human dignity. Practices like unjust wages, fraud, or excessive speculation are condemned as violations of the Seventh Commandment. Instead, prudence calls for protecting the poor from usury and predatory lending, as seen in the U.S. bishops' advocacy for ethical alternatives to exploitative financial products. Pope Francis has emphasized mutual responsibility with creation, urging careful "dominion" that tills and keeps the earth without devastation, extending to fiscal prudence in resource allocation. This virtue ensures that financial decisions promote integral human development, subordinating private holdings to the universal destination of goods.
The Holy See has established structured bodies to embody prudence and stewardship in its financial management, evolving through papal reforms to enhance accountability and align with canon law. The temporal goods of the Church must serve worship, clergy support, and charity, with oversight ensuring fidelity to these ends. Key institutions include the Council for the Economy, which approves annual budgets and consolidated financial statements, submitting them to the Roman Pontiff. The Secretariat for the Economy issues guidelines, monitors activities, prepares budgets and risk assessments, and verifies compliance with approved plans.
Historical precedents, like the Prefecture for the Economic Affairs under Pastor Bonus, involve compiling consolidated statements and inspecting documents for accuracy. Recent motu proprio documents have clarified competencies, transferring investments and liquidity to centralized accounts like the "General Budget of the Holy See," managed by the Administration of the Patrimony of the Apostolic See (APSA), with authorizations required for expenditures. Transparency is prioritized through verification of declarations and reporting on unforeseen expenses, combating any perception of hidden wealth. In response to deficits exacerbated by events like the COVID-19 pandemic, measures such as expenditure containment for employees promote proportionality and sustainability without compromising jobs. These reforms reflect a commitment to ethical administration, ensuring resources benefit the global Church and the poor.
Despite robust teachings, the Church confronts challenges in financial prudence, including globalization's complexities, economic crises, and temptations of mismanagement. The social doctrine warns against unregulated markets leading to disasters for the weakest, calling for juridical instruments to foster justice. Payday lending and usury exemplify how financial exploitation can trap the vulnerable in despair, prompting the Church to fund alternatives through programs like the Catholic Campaign for Human Development.
Internal audits and risk assessments address potential frailties, while the universal destination of goods principle subordinates property rights to the common good, allowing political authority to regulate for equity. Pope Pius XI urged states—and by extension, Church entities—to model sobriety, removing barriers born of distrust. In business contexts, leaders are called to create sustainable wealth, stewarding not just finances but the environment and cultural heritage. The Church's response integrates hope and charity, viewing finances as tools for healing the world amid inequalities. Where controversies arise, such as past scandals, reforms emphasize verification and reserved matters' protocols to uphold dignity. Overall, these efforts align with the call to imitate Christ's poverty for others' enrichment.
In conclusion, Catholic financial stewardship and prudence form a cohesive ethic grounded in divine entrustment, virtuous discernment, and institutional safeguards. By prioritizing the poor, transparency, and the common good, the Church models responsible administration that sanctifies economic life and anticipates the Kingdom. This approach not only sustains her mission but invites all to view resources as means of solidarity and justice.