The coronavirus pandemic has dealt a blow to the Catholic Church’s finances, threatening its extensive charitable activities and leading bishops and parish priests to slash expenses and seek funds elsewhere.
The impact of the pandemic, which has pulled the global economy into a likely recession, has been felt at the highest levels of the church. The Vatican has temporarily lost its largest single source of income, the Vatican Museums, since their closure last month. The museums typically receive more than six million visitors each year, yielding revenue of some €40 million ($43 million).
“The principal problem for the Catholic Church is that it is asset rich but liquidity poor,” said the Rev. Anthony Stoeppel, who teaches church finance at St. Patrick’s Seminary and University in Menlo Park, California. “The pope could in theory sell St. Peter’s Basilica but unless he does so he doesn’t have...