Vatican questions transfer of funds from Pontifical Mission Societies
June 01, 2023
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CWN Editor's Note: The Vatican is investigating the transfer of $17 million from the Pontifical Mission Societies to a non-profit investment fund, the Associated Press has revealed.
The US-based Pontifical Mission Societies (PMS) raises money for papal charities. But $17 million from that fund was transferred to Missio Corp., a private equity fund set up and administered by Father Andrew Small, who was director of the PMS. Missio Corp. then made low-interest loans to church-administered agricultural programs in developing countries.
Father Small explains that he was able to raise funds more readily for the development programs—apparently because of donors’ skepticism about Vatican financial management. But his critics say that, although the transfers were legal and approved by the PMS board, the funds were not used for the stated purpose of the PMS: to support charities chosen by the Pontiff.
The Vatican’s concern is reflected in the fact that the staff and board of the PMS have been replaced, and the organization’s bylaws rewritten.
Father Small, an English Oblate of Mary Immaculate, is now the secretary of the Pontifical Commission for the Protection of Minors.
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