The Church and Money

The Roman Catholic church has its own financial institution, the Vatican Bank which earlier this week gave the world an unprecedented look at what it earns and what assets it holds, part of an ongoing effort to increase transparency in the wake of scandal. As one report says:

Instituto per le Opere di Religione, or the Institute for Works of Religion, released the first annual report in its long history, which dates back to 1887.Commonly known as the Vatican Bank, the institution had a solid 2012, though 2013 looks to be a more difficult year. The institution chalked up an enviable profit of €86.6-million, or more than $115-million U.S.), a sharp jump from 2011’s €20.3-million.
The increase in net profit was mainly due to favourable trading results and higher bond values, resulting from the general decrease of interest rates in the financial markets through the year,” the institution said. Net trading income was €51.1-million last year, a turnaround from a loss in 2011 of €38.2-million.On the asset side of its balance sheet, the bank cited cash and equivalents of €1.2-billion, and securities of €3.6-billion.

Critics have pointed out that despite Pope Francis' emphasis on simplicity in his personal life and urging the broader Roman Catholic church to care for the poor and marginalized it is still an institution with considerable wealth. In addition to what the bank holds, there are billions in art and property around the world. 

The thing is, most denominations and congregations have material assets of some kind. Some congregations, including this one, have millions of dollars invested. Many groups within congregations such as the UCW have bank accounts, often well padded. It doesn't mean that this is nefarious or wrong, but it poses the challenge of responsible stewardship.

Strangely, congregations can be asset rich and cash poor. In some cases there is a lot of money in the bank, and not enough to pay the bills. Often the invested monies are designated, often for good purposes. The Bridge St, Foundation has 2.6 million dollars invested and has given away five million over the past 40 years to very worthy causes around the world, using the interest to do so. This Fall another 90 thousand in interest is available to be distributed and there is a pile of applications from organizations. When I look at the work of the Foundation I am very impressed.

So even though Jesus and his disciples wandered around Galilee as near penniless peasants, the institutional Christian community must contend with how to use its assets wisely and for Christ's purposes. Even Jesus and the gang had a purse and a treasurer -- Judas!

What are your thoughts about this? Does it bother you that churches have moolah? Should we give it all away in order to be faithful? WWJD? What would Jesus do?