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The Vatican has unveiled its financial statements, shedding light on its earnings and expenditures for the first time in its history. This revelation comes amidst the commencement of a high-profile corruption trial involving Cardinal Angelo Becciu.
Presenting the report on behalf of the Vatican, Juan Antonio Guerrero, the Prefect of the Secretariat for the Economy, disclosed a loss of €66.3 million for the pandemic-stricken year.
Guerrero emphasized that prudent cost-cutting measures across all sectors helped mitigate what could have been an even graver financial outcome.
The Vatican's total expenditure for 2020 amounted to €315 million, with significant allocations directed towards official media outlets, aid to needy countries, and the global network of diplomatic missions known as nunciatures.
Given that the Vatican does not engage in commercial activities, its revenue relies heavily on donations, ticket sales from the Vatican Museums (closed during the pandemic), and returns from its rental properties and investments. Total revenue for the year stood at €248 million.
Furthermore, the financial report includes a breakdown of the Vatican's real estate holdings, which encompass approximately 4,000 properties in Italy and an additional 1,200 properties in countries such as France, the United Kingdom, and Switzerland.
According to the report, a significant portion of these properties and funds stem from the compensation paid by the former Kingdom of Italy to the Vatican as part of the Lateran Treaty in 1929.
Interestingly, only 15% of the properties in Italy are leased at market rates, with the remainder either provided rent-free or leased at discounted rates, with 40% serving as hospitals, schools, or convents.
The Unfolding Corruption Trial: Vatican's Financial Mismanagement Exposed
The Vatican's real estate dealings are at the center of a high-profile trial that commenced on Monday, implicating Cardinal Becciu as the first senior prelate to stand trial in such a case.
A total of ten defendants face charges including fraud, money laundering, embezzlement, and corruption, stemming from nearly a decade of alleged financial mismanagement involving funds intended for charitable purposes.
