In plain words: Who gives political money here, and who receives it.
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12 Stones Global · Kilo Aupuni · Holy See / Vatican City State · aloha · pono
Follow the Money — the Holy See
The apex tenant, on its own public record. Since Pope Francis’s 2014 reforms the Holy See
publishes audited accounts — so the same transparency the rest of govOS asks of every county can be
asked here too. Every figure below names its source report and year. A map, framed as questions — never an accusation.
Sources: Holy See Consolidated Financial Statement (Secretariat for the Economy), APSA
Financial Statement, IOR Annual Report, Peter’s Pence figures — all FY2024, published 2025 —
and the Vatican City State tribunal’s public verdict. Figures are as reported; euro/dollar conversions move with the rate.
FY2024 — the headline numbers
€1.6M
consolidated SURPLUS, FY2024
a turnaround from a €51.2M deficit in 2023
source: Holy See Consolidated Financial Statement 2024 (Secretariat for the Economy, pub. Nov 2025)
€62.2M
APSA net profit, FY2024
€46.1M of it contributed to cover the Holy See's deficit
+7% over 2023; client assets €5.7B, net assets €731.9M
source: IOR Annual Report 2024 (pub. Jun 2025)
€58M / €75.4M
Peter's Pence: in / out
a ~€17M (≈$20.4M) shortfall — gifts plus reserves cover papal works
source: Peter's Pence FY2024 figures (pub. 2025)
Who governs the money — the reform architecture
Pope Francis created three new control bodies in 2014 and reformed the older ones, so that
policy, execution, and audit are no longer the same hand.
Council for the Economy 2014
15 members (8 cardinals/bishops + 7 lay experts) — sets economic policy & oversight for all Holy See and Vatican City State entities.
Secretariat for the Economy 2014
The finance ministry of the Curia — prepares the budget and publishes the annual Consolidated Financial Statement (transparency).
Office of the Auditor General 2014
Independent audit of the Holy See's entities and consolidated accounts.
APSA reformed
Administration of the Patrimony of the Apostolic See — manages real estate, investments, and the patrimony; reports net results yearly.
IOR reformed
Institute for the Works of Religion (the 'Vatican Bank') — deposits/asset management; publishes an annual report since 2013.
ASIF renamed 2020
Supervisory and Financial Information Authority — anti-money-laundering supervision and financial intelligence (formerly AIF).
The London-property case — the test of the reforms
In Dec. 2023 the Vatican City State criminal tribunal convicted a cardinal of embezzlement and aggravated fraud (5½-year sentence) over a speculative London real-estate deal (60 Sloane Avenue). It was the first time a cardinal was tried by the Vatican's criminal court. (An appeal is ongoing; a partial mistrial was declared in 2025.)
The same period saw Peter's Pence disclosures clarify that much of the collection has long gone to the Curia's operating budget rather than only to charity — which is why the reformed Secretariat for the Economy now publishes the consolidated statement at all.
The question (for the record): When the body that decides how the patrimony is invested is also the body that audits the result, what keeps the two honest? The reforms (Council, Secretariat, Auditor General, ASIF) are the Holy See's own answer — the open question is whether disclosure now reaches the faithful the way Canon Law c. 1287 §2 already requires.
Aloha. To put the patrimony in the light is not an accusation — it is the same care the
ʻāina asks of every steward. Canon Law already commands a public accounting to the faithful;
govOS simply holds the door open. The invitation is paradise momentum: let the disclosure meet the people.