ROME (AP) - Pope Leo XIV celebrated a special feast day on Sunday, marking the Feast of Saints Peter and Paul, which is a traditional occasion used by the Catholic Church to solicit donations from its faithful. Under the leadership of the first American pope, the Vatican is launching a new campaign to encourage ordinary Catholics to contribute funds to alleviate its deficit-ridden finances.
During Mass at St. Peter’s Basilica, Pope Leo XIV reiterated his call for unity and communion among all Christians. Around the globe, churches often observe this July 29 feast day with special collections for Peter's Pence, a fund that supports the operations of the Catholic Church’s central government and finances the pope's charitable activities.
This year, the Vatican is utilizing an American-style fundraising approach, featuring a promotional video, posters, QR codes, and a website that allows donations through credit cards, PayPal, bank transfers, and post office transfers. The Vatican hopes this modern campaign will help cover its structural deficit, estimated to be between 50 million to 60 million euros (approximately $57-68 million).
The promotional video showcases Pope Leo's emotional early moments as the pope, including his first appearance on the loggia of St. Peter's Basilica and the moment he received the fisherman’s ring, a symbol of his papacy. Accompanied by a poignant soundtrack, the video urges donations to the Peter's Pence collection, delivering a message available in various languages encouraging support for Leo’s mission.
The appeal states, “With your donation to Peter's Pence, you support the steps of the Holy Father. Help him proclaim the Gospel to the world and extend a hand to our brothers and sisters in need. Support the steps of Pope Leo XIV. Donate to Peter’s Pence.”
However, the fund has faced scandals in recent years, primarily due to financial mismanagement revealed by the Vatican's Secretariat of State, which included poor investments and wasteful spending. A recent trial regarding a failed investment in a London property shed light on the fact that contributions to Peter's Pence were largely used to address the Holy See's budget deficits rather than for charitable causes, contrary to what many parishioners believed.
Contributions to Peter's Pence fell to 43.5 million euros in 2022, the lowest level since 1986, largely impacted by the COVID-19 pandemic that closed churches and disrupted the usual fundraising practices. Donations slightly improved to 48.4 million euros (about $56.7 million) in 2023 and rose further to 54.3 million euros (nearly $63.6 million) last year. However, the fund’s expenses in 2024 reached 75.4 million euros ($88.3 million), highlighting ongoing challenges as it continues to cover budgetary shortfalls.
In addition to its budget deficit, the Vatican is grappling with a substantial one billion euro (about $1.17 billion) shortfall in its pension fund, a situation Pope Francis warned could compromise the fund's ability to fulfill its obligations in the medium term.
Unlike countries that utilize bonds or impose income taxes, the Holy See relies on donations, investments, and revenue from the Vatican Museums and sales of stamps, coins, and publications to sustain its operations.
The United States has historically been the largest contributor to Peter's Pence, with American Catholics providing about 25% of total donations each year. Vatican officials express hope that under Pope Leo XIV's leadership, enhanced financial controls and the involvement of a U.S.-educated math major in the administration will restore donors' confidence that their contributions will be responsibly managed.
The Vatican’s economy ministry recently stated, “This is a concrete way to support the Holy Father in his mission of service to the universal Church. Peter's Pence is a gesture of communion and participation in the Pope’s mission to proclaim the Gospel, promote peace, and spread Christian charity.”
