How Pope Francis Wooed Donors
The foundation, founded by Conrad Hilton, is a major financial supporter of Catholic sisters’ work worldwide and has contributed approximately $28.5 million to Vatican-led initiatives, with the majority of that funding coming since 2020. Despite the outcome of the conclave, the foundation remains dedicated to its partnerships with the Vatican and to supporting programs that benefit Catholic sisters, as stated by Sr. Jane.
Pope Francis recognized the importance of donors as essential partners. He not only sought their support for causes close to his heart but also to address the financial challenges faced by the Vatican. In a bold move, he established the Commissio de Donationibus pro Sancta Sede in February to directly raise funds for the Vatican’s governing hierarchy and to address budget shortfalls. This initiative demonstrated his belief that donors would be willing to support both church bureaucracy and its global missions.
Such a request would have been challenging at the beginning of Pope Francis’ papacy.
During that time, the Vatican’s financial integrity was severely questioned. Scandals and financial irregularities at the Vatican Bank cast a shadow over the previous conclave. In 2013, just before Pope Francis’ election, Italian authorities restricted ATM access in the Vatican and halted credit card transactions at the Vatican Museum until the city-state could demonstrate compliance with international anti-money laundering standards. Decades of mismanagement and corruption had tarnished its reputation.
The church appeared to require astute financial management as much as theological leadership.
Pope Francis undertook reforms to enhance the Vatican’s financial oversight. Within a year of his papacy, he appointed an auditor general and implemented stringent anti-corruption measures. He introduced some level of financial transparency (though not meeting business-world standards) and engaged external auditors like KPMG and EY to streamline costs and enhance the professionalism of the Holy See’s administration.
Furthermore, he cultivated closer relationships with major donors, who exerted a growing influence on the church.
Simultaneously, the Vatican organized a series of impact-investing summits to attract more financial support from Wall Street for causes championed by Pope Francis, many of which align with donors’ interests. The pope became a prominent speaker at significant international events, such as addressing the Clinton Global Initiative in 2023.
