The Peter's Pence collection is an annual fundraising effort by the Vatican, originating from a medieval practice of supporting the papacy. The modern collection was formalized in the 1870s by Pope Pius IX to support the papacy after the loss of the Papal States. Funds from Peter's Pence are used for the maintenance of the Holy See and for charitable contributions selected by the Pope. The Vatican has published annual financial reports for the collection since 2021, showing an increase in donations from 44.4 million euros in 2021 to 54.3 million euros in 2024.
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Peter's Pence is the Vatican's annual collection, formalized in the 1870s following the loss of the Papal States during the Risorgimento, which ended the pope's civil income 1. Its original purpose was to support both the maintenance of the Holy See and the pope's charitable activities 1. The collection occurs annually on the Feast of Saints Peter and Paul 1.
Since 2021, the Vatican has published annual financial reports for Peter's Pence, showing a trend of revenue growth 1. Total annual donations increased from 44.4 million euros in 2021 to 54.3 million euros in 2024 1. In addition to donations, the fund also generates income from investments and property sales, notably reaching 63.5 million euros in 2022 due to significant property sales 1.
The majority of donations, 62%, come from funds collected by dioceses worldwide, with Catholic foundations contributing another 25% 1. The remaining funds are from religious orders and direct private donors 1. Geographically, the United States is the largest contributor, providing an average of 38% of donations over the last four years, followed by Italy (10%), France (8%), South Korea (6%), Germany (5%), and Brazil (4%) 1.
Peter's Pence consistently spends more than it receives, with expenditures totaling 336.6 million euros against 263.9 million euros in revenue between 2021 and 2024 1. The Vatican does not disclose the size of the fund's reserves, making the sustainability of this deficit spending unclear 1.
Despite marketing that often highlights the pope's charitable giving, the vast majority of Peter's Pence funds, 84%, are allocated to supporting Vatican dicasteries, described as "supporting the apostolic mission" 1. Only 16% of the funds are directed towards specific charitable projects worldwide 1. In 2024, for instance, 61.2 million euros from Peter's Pence supported dicasteries, covering 17% of their total budget of 367.4 million euros 1. Charitable projects, which average 13 million euros annually, include initiatives like monastery repair in Cuba, dormitory renovation in Angola, and nursing home construction in India 1.
The modern use of Peter's Pence has largely come full circle, serving primarily as a general fund for the Holy See's operations, similar to its initial purpose after the loss of the Papal States 1. This reflects the Vatican's ongoing structural budget deficits, making Peter's Pence a crucial, albeit potentially insufficient, method for funding the Holy See 1. The article suggests that a fund more explicitly focused on general operations might be needed to address the Vatican's financial challenges 1.
What is the purpose of papal financial stewardship?
The purpose of papal financial stewardship is to safeguard and carefully administer the Church's temporal goods in light of its mission of evangelization, with a special concern for the needy . This responsibility is intimately linked to the Holy See's particular mission, serving the Holy Father in his universal ministry and contributing to the common good in light of integral human development .
Key aspects of papal financial stewardship include:
In essence, papal financial stewardship is about managing the Church's material resources in a way that reflects its spiritual mission, ensuring that these resources serve the universal Church, support its evangelizing and charitable works, and are managed with integrity and transparency .