ROME—On Sunday, Pope Leo XIV commemorated a unique feast day that the Catholic Church has long used to solicit gifts from the faithful. The Vatican, led by the first American pope, launched a fresh push to encourage regular Catholics to contribute to the Holy See’s financial rescue.
Using the language of the advertising campaign, Leo thanked the contributors and conducted Mass in St. Peter’s Basilica on the Feast of Saints Peter and Paul, claiming that their financial support was a show of solidarity with his youthful pontificate.
Masses on the feast day of July 29 in churches all around the world frequently include a special collection for Peter’s Pence, a fund that supports the pope’s charitable endeavors as well as the operations of the Catholic Church’s central government.
This year, the Vatican is betting that an American-style fundraising pitch led by Leo, who was born in Chicago, will do more to help keep the Holy See bureaucracy afloat and erase its 50 million to 60 million euro ($57-68 million) structural deficit. The Vatican has a promotional video, poster, QR code, and website asking for donations via credit card, PayPal, bank transfer, and post office transfer.
The film shows Leo’s tearful first moments as pope, including his exit into St. Peter’s Basilica’s loggia and his subsequent sobs when he was given the pope’s fisherman’s ring. The film, which is accessible in multiple languages, overlays a message requesting donations to Leo through the Peter’s Pence collection as an emotive soundtrack plays in the background.
It states that you are supporting the Holy Father’s steps by contributing to Peter’s Pence. Assist him in reaching out to those in need and sharing the gospel with the globe. Support Pope Leo XIV’s actions. Give money to Peter’s Pence.
“The Peter’s Pence fund is a sign of communion with the pope and participation with his Apostolic Ministry,” Leo said at the conclusion of his Sunday noon blessing, using the same words he used in his first steps.
“I sincerely appreciate everyone who is helping me on my initial steps as St. Peter’s successor with their gifts,” he stated.
Due to disclosures that the Vatican’s secretariat of state mismanaged its holdings through poor investments, inept management, and waste, the fund has been the focus of scandal in recent years.Contrary to what many parishioners had been told, the great bulk of Peter’s Pence contributions had financed the Holy See’s budgetary shortages, not papal charitable programs, as the recent trial over the Vatican’s botched investment in a London property proved.
Peter’s Pence donations dropped to 43.5 million euros in 2022—a low not seen since 1986—as a result of the revelations and the COVID-19 pandemic, which closed churches and eliminated the customary pass-the-basket collection on June 29. However, that year was offset by other investment income and fund revenue.
According to the Peter’s Pence annual report released last week, donations reached 54.3 million euros (almost $63.6 million) last year and increased to 48.4 million euros (about $56.7 million) in 2023. However, in 2024, the fund spent 75.4 million euros ($88.3 million), continuing the pattern of the fund depleting itself while covering the Holy See’s budget deficits.
In addition to the budget deficit, Pope Francis warned in the months leading up to his death that the Vatican would not be able to meet its responsibilities in the medium term due to a 1 billion euro (about $1.17 billion) deficiency in its pension fund.
In contrast to governments, the Holy Seedoesn does not issue bonds or levy income taxes on its citizens in order to fund its activities. Instead, it depends on donations, investments, and income from the Vatican Museums, as well as sales of books, coins, stamps, and other items.
For many years, the United States has been the largest contributor to Peter’s Pence, with approximately 25% of annual gifts coming from Catholics in the United States.
With improved financial controls in place and an American math major leading the Holy See, Vatican officials hope that contributors will feel more secure knowing their funds won’t be misappropriated or misused under Leo’s reign.
In a news release last week announcing the yearly collection and new promotional materials surrounding it, the Vatican’s economy ministry stated that this is a tangible method to support the Holy Father in his mission of service to the entire Church. Peter’s Pence is a sign of solidarity and involvement in the Pope’s work to propagate Christian charity, advance peace, and share the gospel.
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