![]() “It is basically about poor management on the part of Church leaders. In June the Vatican appointed its first auditor-general, and each department’s financial statements are now reviewed by an international auditing firm. Since the pope’s election in March, 2013, the Vatican has enacted major reforms to clean up its often muddled finances and adhere to international financial standards. The financial woes and the destabilising effect they could have on the Church’s social and educational work will be a constant backdrop to the pope’s Sept 22-27 visit to Washington, New York and Philadelphia. south and suburbs that has left much of its inner-city bricks and mortar underused and bleeding money. The Church’s finances are also under pressure from emptying pews and a demographic shift among Catholics to the U.S. ![]() ![]() Catholic Church has lost millions of its members over the past 14 years following the child abuse scandal that tarnished its reputation and forced it to sell assets to pay billions of dollars in settlements. Catholic financial disclosures shows the pension funding shortfall in 2014 likely approached $2 billion, with much of that coming due in the next five years as thousands of priests retire. With the Church still absorbing the roughly $3 billion cost of a clergy sex abuse scandal, another financial crisis is looming - a potentially crippling shortfall in funding the pensions of its ageing priests.Ī Reuters review of U.S.
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