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Vatican finds new income sources.

As expenses grow, the Vatican is finding new sources of income from world Catholics. One of these is through endowment funds that earmark the yearly interest to Pope John Paul II, said Archbishop John Foley, president of the Pontifical Council for Social Communications.

The archbishop cited the Vicar of Christ Fund established by the Knights of Columbus, a U.S.-based Catholic lay organization, and the Papal Foundation, headed by Cardinal John Krol, retired archbishop of Philadelphia. The Knights fund donated $2 million and the Papal Foundation gave $1 million, Foley said.

The donations were made several days before a Nov. 14 announcement in which the Vatican predicted a record deficit of $91.7 million for 1993 and asked for an increase in worldwide donations. A new employee pension fund that goes into effect in 1993 is blamed for the shortfall.
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Publication:National Catholic Reporter
Date:Dec 4, 1992
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