CATO INSTITUTE

EIN: 237432162 501(c)(3) Public & Societal Benefit

WASHINGTON, DC

Total Revenue
$62,821,387
Total Expenses
$47,370,866
Total Assets
$190,480,742
Net Assets
$187,075,979
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1974
Legal Domicile
KS
Phone
2028420200
Tax Period
2024-04-01 to 2025-03-31

CATO INSTITUTE, founded in 1974, is a mid-sized nonprofit in the Public & Societal Benefit sector that reported $62.8M in total revenue in fiscal year 2024. Revenue decreased 13% compared to the prior year. The organization ran a surplus of $15.5M, a strong 25% operating margin.

Mission

TO PROMOTE THE PRINCIPLES OF INDIVIDUAL LIBERTY, LIMITED GOVERNMENT, FREE MARKETS, AND PEACE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $57,383,444
Program Service Revenue $371,720
Investment Income $4,688,906
Other Revenue $377,317
TOTAL REVENUE $62,821,387

Expense Breakdown

Grants Paid $232,000
Salaries & Benefits $28,144,923
Fundraising Expenses $5,807,703
Program Expenses $37,632,953
Other Expenses $18,485,943
TOTAL EXPENSES $47,370,866

Year-over-Year Comparison

2024 2023 Change
Revenue $62,821,387 $71,927,807 -0.1%
Expenses $47,370,866 $41,834,120 +0.1%
Net Income $15,450,521 $30,093,687 -0.5%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
13
Independent Members
12
Employees
317
Volunteers
14

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$1,014,492
Total Directors
15
$765,878
Key Employees
2
$601,241
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
HOWARD S RICH DIRECTOR, VICE CHAIRMAN, EXECUTIVE OFFICER 2.5
Officer Director
$0 $0 $0
JAMES M LAPEYRE JR DIRECTOR, CHAIRMAN, EXECUTIVE OFFICER 2.5
Officer Director
$0 $0 $0
PETER GOETTLER PRESIDENT AND CEO 40.0
Officer Director
$711,629 $54,249 $765,878
BARON BOND DIRECTOR 2.5
Director
$0 $0 $0
DAVID C HUMPHREYS DIRECTOR 2.5
Director
$0 $0 $0
EILEEN S LEECH DIRECTOR (THRU 08/20/2024) 2.5
Director
$0 $0 $0
FRED YOUNG DIRECTOR 2.5
Director
$0 $0 $0
JAMES M KILTS DIRECTOR 2.5
Director
$0 $0 $0
JOHN A ALLISON DIRECTOR (THRU 01/10/2025) 2.5
Director
$0 $0 $0
JOHN P MACKEY DIRECTOR 2.5
Director
$0 $0 $0
KENNETH LEVY DIRECTOR 2.5
Director
$0 $0 $0
KENNETH R FRENCH DIRECTOR 2.5
Director
$0 $0 $0
LAURA HOLMES JOST DIRECTOR 2.5
Director
$0 $0 $0
ROBERT A TAYLOR DIRECTOR 2.5
Director
$0 $0 $0
ROBERT GELFOND DIRECTOR 2.5
Director
$0 $0 $0
MARISSA DELGADO SECRETARY, VP, FINANCE & CFO 40.0
Officer
$216,517 $32,097 $248,614
HARRISON MOAR VP FOR DEVELOPMENT 40.0
Key Emp
$219,948 $24,899 $244,847
STEPHEN KURTZ VP, CHIEF DIGITAL OFFICER 40.0
Key Emp
$313,592 $42,802 $356,394
CLARK NEILY SR VP FOR LEGAL STUDIES 40.0
Highest
$235,896 $39,907 $275,803
GENE HEALY SENIOR VP FOR POLICY 40.0
Highest
$239,165 $40,022 $279,187
MICHAEL CANNON DIRECTOR OF HEALTH POLICY 40.0
Highest
$225,730 $24,930 $250,660
NORBERT MICHEL VP, DIRECTOR, MONETARY&FINANCIAL 40.0
Highest
$247,637 $40,536 $288,173
SCOTT LINCICOME VP, GENERAL ECONOMICS & TRADE 40.0
Highest
$245,178 $38,826 $284,004
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $62,821,387 $47,370,866 $190,480,742 $15,450,521
2024 $71,927,807 $41,834,120 $172,218,520 $30,093,687
2023 $57,666,559 $37,718,015 $135,047,209 $19,948,544
2022 $45,929,682 $31,337,947 $116,844,158 $14,591,735
2021 $43,021,209 $28,207,239 $103,817,347 $14,813,970
2020 $32,506,528 $31,141,580 $85,585,362 $1,364,948
2019 $30,261,118 $30,601,421 $84,375,877 $-340,303
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