CFOSnafu.com » Weak U.S. currency hurts papal donations

Weak U.S. currency hurts papal donations

August 26, 2008 by Shane Borer
Posted in: Assessments, In this week's e-newsletter, Latest news & views

Even the big guy upstairs isn’t immune from a struggling economy.

After reporting its numbers for 2007, it’s clear that the Vatican’s having just as much trouble as stateside businesses. Despite bringing in $368.4 million — $18.7 million of which was from U.S. donations alone — the Catholic Church’s governing body ended up with a $14.2 million loss.

That’s mostly because of the 15% hit the dollar’s taken against the euro. But other areas in the organization helped: the Vatican Radio and its newspaper, “The Holy See,” lost $22.7 million.

Sections of the Vatican on the rise:

  • Tourism is up, with 4.3 million visitors to museums and other attractions, including the Sistine Chapel
  • The Vatican Television Centre, which broadcasts the Pope’s regular audiences in St. Peter’s Square, made a profit of $779,000, and
  • The Vatican Publishing House ended its year with a $2.5 million surplus.

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