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**The Vatican’s APSA Releases 2022 Financial Report**

The Vatican’s Administration of the Patrimony of the Apostolic See (APSA) recently published its financial report for 2022, shedding light on its economic situation and contributions to the Roman Curia. This report showcases APSA’s commitment to transparency, effective management, and the fulfillment of its responsibilities.

In 2022, APSA contributed Ôé¼32.27 million to meet the needs of the Roman Curia. This amount, which covers the surplus revenue achieved, reflects APSA’s ability to break-even and provide financial support to the Curia in line with the provisions shared with the Secretariat for the Economy.

APSA’s financial report also highlights the taxes paid by the institution. In 2022, APSA paid Ôé¼6.05 million for the Italian real estate tax (IMU) and Ôé¼2.91 million for the Italian corporate tax (Ires). APSA’s contribution to these taxes demonstrates its commitment to fulfilling its duties and dispelling any misconceptions about the Church’s assets and administration.

Furthermore, the report reveals that APSA focuses on preserving and consolidating the patrimony received by the Holy See. APSA operates under the guidance of Pope Francis, following the principles of prudence, rationalization, transparency, and professionalism. Rather than pursuing profit, APSA’s investment policy aims to achieve lower rates and proven social impact, aligning with the Church’s mission.

To ensure a credible and reliable administration, APSA continues to balance risk and medium to long-term profitability in its securities management. Despite economic uncertainties, APSA maintains a conservative strategic allocation of its portfolio, with limited exposure to equity and a reduced average maturity of the bond segment. These measures allow APSA to meet the Holy See’s future financial commitments while adapting to the changes brought by the new Apostolic Constitution.

However, APSA faced challenges in 2022, resulting in a negative result of -Ôé¼6.7 million in securities management compared to the positive result of Ôé¼19.85 million in 2021. The operating costs also increased from Ôé¼10 million to Ôé¼13 million, reflecting the fragile economic growth and inflationary pressures. Nonetheless, APSA’s risk control policy ensures prudence in the face of market uncertainties.

APSA’s financial investments managed to reach approximately Ôé¼1.777 million by the end of 2022. These investments cover property management and third-party management related to the Holy See. APSA’s responsibilities also extend to covering the costs associated with the organization’s operations, including the Peregrinatio ad Petri Sedem, which facilitates travel for pilgrims visiting Rome and other holy sites.

In pursuit of continuous improvement, APSA has undertaken a three-year plan to optimize results and enhance working methods. The plan includes the “returnable vacancies” program, aimed at reducing vacant building units. Already, 79 properties have been renovated and are being marketed, while the renovation phase of the second lot, consisting of 61 units, has commenced.

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