ArchivedA saint of last resortNet Worth is not net income. Lets use Microsoft as an example. There net worth as of 12/31/03 was about $57.5 billion with a net income for 2003 of $4.16 billion. A portion of the $57.5 billion is made up of short term investments of $42.6 billion. If the Vatican could borrow millions of dollars no bank is dumb enough to lend the money without some collateral. Even an Italian bank is going to use common sense in lending money. So what you are telling me is the Vatican does not publish a balance sheet and only reports cash flow. It would be interesting to see a balance sheet, which is where net worth is found. What you shared is the result of a "profit and loss" statement or in the case of a non-profit an income and expense report. |
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