Area for the regulation, monitoring and supervision of economic and financial matters

Established since the institution of the Secretariat for the Economy in 2014, this represents one of the two functional areas, and is responsible for issuing guidelines on economic and financial matters for the Holy See and for overseeing that activities are carried out in compliance with the operational plans and approved programs.

This Section exercises the functions of control and supervision of economic and financial matters over the Curial institutions, offices and institutions connected with or referring to the Holy See, indicated in the list attached to the Statute of the Council for the Economy, as well as over Peter’s Pence and Papal Funds.

It carries out its functions in continuous dialogue with the Entities, through meetings, encounters, on-site monitoring regarding specific issues, exchange of data and continuous feedback.

It is structured in 3 different Offices:

• Financial Planning and Reporting Office
• Internal Audit Office
• Peter's Pence Office

This office is responsible for preparing the estimated and the Consolidated Financial Budget and Financial Statements of the Holy See for approval by the Council for the Economy;

It provides the guidelines on economic and financial matters for the Holy See by issuing instructions, which contain templates and deadlines on the reports due from the Consolidated and Non-Consolidated Entities, for the annual and quarterly financial statements, and verifies that the activities are carried out in compliance with the operational plans and approved programs;

It exercises both preliminary and subsequent control over the administrative and accounting regularity of the Entities and provides instructions on the correct keeping of accounting records in relation to expenditures and revenues, to ensure accurate consolidated financial statements, ultimately monitoring their consistency and the accurate keeping of aggregate and consolidated financial, economic and asset accounting records.

It develops specific and project-specific economic-financial analyses, providing data and reports at the request of Governance.

This office analyses and evaluates acts of extraordinary administration submitted by Curial institutions and offices and institutions connected with or that report to the Holy See, for which its ad validitatem approval is required, on the basis of criteria decided upon by the Council for the Economy, and it manages the consultation process by requesting opinions from other entities.

It oversees the administrative, economic and financial activities of the entities entrusted to its control and supervision, preparing questionnaires and carry out procedural analysis, as well as proposing and ensuring any corrective actions.

It conducts the annual risk assessment of the patrimonial and financial situation of the Holy See and submits it to the Council for the Economy.

It writes up the Vatican Financial Management Policies (VFMPs) and guidelines to support practical implementation and oversees their proper application, providing guidance for proper accounting.

It provides direction, issuing guidelines, models and procedures on economic and financial matters, with special focus on the internal audit system.

It provides practical support to entities in implementing and maintaining their general financial records.

Peter's Pence Office gathers the offerings that the Pope receives from dioceses, foundations, religious orders, the faithful and people around the world to:

• support his Apostolic Mission (from proclaiming the Gospel to promoting integral human development, education, peace, and brotherhood among peoples, thanks also to the many activities of service carried out by the dicasteries, entities and bodies of the Holy See that assist him every day, together with the Apostolic Nuncios, his representatives throughout the world);
• support numerous charitable and solidarity initiatives in favour of those most needy (individuals, families and entire populations), whom the Pope always takes care of.

Through its multiple functions and technical expertise, Peter's Pence Office provides ever greater transparency, control and accountability of donations, ensuring that proceeds are allocated according to the designated purposes.

Peter's Pence Office makes sure that all donors are thanked on behalf of the Holy Father. Letters are written in nine languages.

Each year, it organizes a campaign to raise awareness about Peter's Pence in Italy and throughout the rest of the world in collaboration with the Bishops' Conferences and Catholic newspapers and periodicals, inviting all the faithful to pray in a special way for the Pope and to make a contribution, on the Sunday closest to June 29, the Solemnity of Saints Peter and Paul.

Simply put, we help the Pope, and we help the Pope to help.

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