APSA 2024 assessment: increasing benefits and contributions

Salvatore Cernuzio – Vatican City

The APSA recorded an extraordinary profit of 62.2 million euros (16 million more than 2023), and highlights an extraordinary contribution of 46.1 million euros (eight million more than the 37.93 million 2023) to cover the needs of the Holy See and the deficit of the Roman Curia. These figures stand out from the 2024 assessment of the heritage administration of the apostolic headquarters, published this Friday. “One of the best balance sheets in recent years“Comments its president, Mgr Giordano Piccinotti, at the Vatican media.

A proactive reality

It is the fifth assessment that the administration created in 1967 by Paul VI to manage movable and immovable property of the Holy See has been public, since the first publication in 2020. Thanks to its legal autonomy, the administration ensures the financial support of the Holy See. A service that has gone through, not without difficulty, the phase of the pandemic of COVID-19, during which the APSA turned into a reality into a reality «proactive», in the way of administering the heritage entrusted to it.

Cover of the “needs” of the Holy See

The “change” is even more noticeable in the document published this Friday. It highlights growth of profitability, not as an end in itself, but to guarantee a greater capacity to contribute to the needs of the Holy See, and therefore to the mission of the Church and the Pope. “APSA is doing its duty”underlines Mgr Piccinotti, “We are going to cover a large part of the financial needs of the curia”.

THE “Curie’s financial needs”, In the amount of 170.4 million, represent the expenses borne by APSA for the Holy See, that is to say the sum of wages and purchases of goods and services. With a fixed contribution of 30 million and a variable contribution (50% on the residual profit) of 16.087 million, the total of the APSA contributions to the Curia therefore amounts to 46.087 million. “An extraordinary benefit, but also an extraordinary contribution”says the president of APSA.

Profits

Regarding profits, the president recalls that in the three -year plan drawn up four years ago, the target was set at 50 million. The surplus recorded in the 2024 assessment is therefore satisfaction, and the result of a better administration of movable and real estate property aimed at valuing rather than reducing expenses or sale; All according to processes of “Rationalization, transparency, professionalism”.

“This is not a point of arrival. My grandfather always said that we cannot draw more than 15 kg of cherry cherries. We are almost there, but there are certainly still room for improvement and management is already very good. This is proof that we must not remain motionless ”Explique Encore Giordano Piccinotti.: “It is not only a question of renting vacant real estate. In recent years, a significant restructuring operation of real estate management has been carried out, which has allowed us to rent at prices in accordance with the market. This brings additional resources … In addition, the APSA works ethically so that all processes are formalized and traceable ”.

Movable management

All the details are contained in the 34 pages of the balance sheet which offers an overview of the two main management lines entrusted to APSA (movable and real estate management lines). With regard to the first, it should be noted that, during the months of March and April 2024, the directives of the Holy See investment committee were implemented. Among the various indications, the latter argued that investments were made in SMA (Separated Managed Accounts). It is a system similar to the common investment funds, but belonging to the Holy See. This policy resulted in a significant reorganization of the investment portfolio which, on the one hand, made it possible to preserve the value of the heritage in a context of market contraction and, on the other hand, had a positive impact on the successive phase of reinvestment. Thanks to a good timing, a vision and a strategy, the APSA obtained a management return of 8.51%. “In other words, we sold when the market was high and bought when it was low. This led to a very high result “or 10 million more than the previous year, explains the president of APSA.

Real estate management

The result of real estate management has remained practically invariable compared to 2023: 35.1 million. It results from a “Combined effect” Between the increase in income from APSA real estate in Italy (+ 3.2 million), those from companies participated in Italy and abroad (+ 0.8 million), and the decrease (- 3.9 million) of the costs generated by APSA real estate (including 3.8 million only for maintenance).

The document, however, highlights certain new features such as the assumption of the heritage of the dicastery for the oriental churches, the agreement with the vicariate for the donation of worship buildings, and the creation of “Unit lots” To reduce the number of vacant housing. Requalification initiatives are also underway in order to enhance the commercial attraction of goods, such as tenders for maintenance management and the revision of contractual formats.

Real estate units and taxes

To date, 4,234 real estate units are managed by APSA in Italy: 2866 belong to the administration itself (1367 for residential use, 395 for commercial use); 1368 belong to other organizations. In this regard, it is necessary to underline, in opposition to false information in circulation, that the APSA directly and indirectly pays taxes on real estate located on Italian territory. In 2024, 6 million euros were paid under the IMU (ownership tax) and 3.19 million euros for the IRES (corporate income tax).

Real estate management is also ensured by companies held in England (British Grolux Investments), France (Sopridex), Switzerland (Profima) and Italy (Società Agricola San Giuseppe, Società Edile Leonina, Sirea, Immobiliare CSS).

The collaboration Avec Tecnocasa

The APSA document clarifies, still in the field of real estate management, its collaboration with the company Tecnocasa. Last year, the press reported that the APSA would have given the administrative management of its heritage. Gold, “The management of real estate is provided by APSA”pumped mgr affire. “Tecnocasa is simply a showcase: it organizes visits and facilitates the rental of small apartments. She obtains a manifestation of interest on the part of the customer, chosen by APSA, then sends us all the information and it is the APSA which establishes the contract ”.

A “work for others”

Among the important points of the balance sheet are the provision of services, which mobilize around 40% of human resources. “Work for others”underlines the president again. “The administration contributes not only to the Holy See by its profits, but also to the mission of the church by providing services which support the APSA but which benefit from other organizations”. He cites as an example the accounting and maintenance of nonciatures.

Projects carried out or future

The last part of the assessment traces the projects launched and followed in 2024 and turns to the future with ideas and proposals for which “Time and energy” are consecrated. Among these, the project Brother sun Distinguished, with the construction of an agrivormaic installation in Santa Maria Di Galeria (site visited on June 19 by Pope Leo XIV) in order to achieve an exemplarity of energy transition thanks to the support of renewable energies. “The projects to be carried out in 2025 will also have to lead to an improvement in deficit coverage”Conclut Mgr Giordano Piccinotti.