By Phil Lawler, Catholic Culture - But when the Peter’s Pence collection was taken up in your parish, were you told that most of your donation would be used to balance the Vatican budget? Or that some of the money would be invested for future returns? Not likely. In promotional literature for the collection, the US bishops’ conference said: The purpose of the Peter’s Pence collection is to provide the Holy Father with the financial means to respond to those who are suffering as a result of war, oppression, natural disaster, and disease… But in fact 95% of the collection was used for other purposes.