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)

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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

THE MISSION OF THE CATO INSTITUTE IS TO KEEP THE PRINCIPLES, IDEAS, AND MORAL CASE FOR LIBERTY ALIVE FOR FUTURE GENERATIONS, WHILE MOVING PUBLIC POLICY IN THE DIRECTION OF INDIVIDUAL LIBERTY, LIMITED GOVERNMENT, FREE MARKETS, AND PEACE.

Program Service Accomplishments

Program 1
Expenses: $24,168,665 Revenue: $42,160

PUBLIC POLICY & RESEARCH - OUR VISION IS A FREE AND OPEN SOCIETY IN WHICH LIBERTY ALLOWS EVERY INDIVIDUAL TO PURSUE A LIFE OF PROSPERITY AND MEANING IN PEACE. TO THAT END, OUR SCHOLARS AND ANALYSTS...

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PUBLIC POLICY & RESEARCH - OUR VISION IS A FREE AND OPEN SOCIETY IN WHICH LIBERTY ALLOWS EVERY INDIVIDUAL TO PURSUE A LIFE OF PROSPERITY AND MEANING IN PEACE. TO THAT END, OUR SCHOLARS AND ANALYSTS CONDUCT AND PUBLISH INDEPENDENT, NONPARTISAN RESEARCH ON A WIDE RANGE OF POLICY ISSUES ACROSS MORE THAN 14 RESEARCH AREAS, INCLUDING LAW AND CIVIL LIBERTIES, TAX AND BUDGET POLICY, REGULATORY STUDIES, HEALTH CARE AND WELFARE, EDUCATION, FINANCE, BANKING AND MONETARY POLICY, FOREIGN POLICY AND NATIONAL SECURITY, TRADE POLICY, AND INTERNATIONAL DEVELOPMENT.

Program 2
Expenses: $9,143,273 Revenue: $371,720

EDUCATIONAL PROGRAM - CATO HOSTS PUBLIC EVENTS AND CONFERENCES IN ORDER TO ENGAGE DIVERSE AUDIENCES ON OUR RESEARCH AND POLICY PRESCRIPTIONS. CATO ALSO PROACTIVELY INVESTS IN THE NEXT GENERATION...

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EDUCATIONAL PROGRAM - CATO HOSTS PUBLIC EVENTS AND CONFERENCES IN ORDER TO ENGAGE DIVERSE AUDIENCES ON OUR RESEARCH AND POLICY PRESCRIPTIONS. CATO ALSO PROACTIVELY INVESTS IN THE NEXT GENERATION THROUGH ITS STUDENT PROGRAMS. THESE INCLUDE OUR CATO INTERNSHIP PROGRAM AND JOHN RUSSELL PASLAQUA INTERN SEMINAR SERIES, OUR STUDENT BRIEFING PROGRAM, AND CATO UNIVERSITY, WHICH TEACHES COLLEGE STUDENTS FROM AROUND THE COUNTRY ABOUT AMERICA'S FOUNDING PRINCIPLES OF INDIVIDUAL LIBERTY, LIMITED GOVERNMENT, AND FREE ENTERPRISE. OUR SPHERE PROGRAM SUPPORTS MIDDLE AND HIGH SCHOOL EDUCATORS WITH THE KNOWLEDGE AND TOOLS TO OVERCOME POLARIZATION AND ADVANCE CIVIL DISCOURSE ON CONTENTIOUS ISSUES IN THE CLASSROOM.

Program 3
Expenses: $4,321,015 Revenue: $0

COMMUNICATIONS & EXTERNAL AFFAIRS - CATO SCHOLARS ENGAGE AND EDUCATE BROAD AUDIENCES ON OUR POLICY PRESCRIPTIONS BY DISSEMINATING OUR RESEARCH THROUGH SPEAKING ENGAGEMENTS, SOCIAL MEDIA, BRIEFINGS...

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COMMUNICATIONS & EXTERNAL AFFAIRS - CATO SCHOLARS ENGAGE AND EDUCATE BROAD AUDIENCES ON OUR POLICY PRESCRIPTIONS BY DISSEMINATING OUR RESEARCH THROUGH SPEAKING ENGAGEMENTS, SOCIAL MEDIA, BRIEFINGS, OP-EDS AND BLOGS, PODCASTS, TELEVISION AND RADIO APPEARANCES, AND OUR WEBSITES, WHICH RECEIVE OVER 11 MILLION VISITS ANNUALLY. WE HAVE INVESTED SIGNIFICANTLY IN BUILDING A CATO DIGITAL PROGRAM TO SHOWCASE THIS CONTENT IN A DYNAMIC, ENGAGING, AND ACCESSIBLE WAY THROUGH ALL THESE CHANNELS. CATO SCHOLARS AND GOVERNMENT AFFAIRS PERSONNEL MEET WITH AND EDUCATE GOVERNMENT OFFICIALS AND THEIR STAFF ON A VARIETY OF PUBLIC POLICY ISSUES, ADVANCING SOLUTIONS BASED ON THE PRINCIPLES OF INDIVIDUAL LIBERTY, LIMITED GOVERNMENT, FREE MARKETS, AND PEACE. CATO HOSTS A QUARTERLY CONGRESSIONAL FELLOWSHIP PROGRAM GEARED TO SHARE OUR RESEARCH AND FOSTER GREATER ENGAGEMENT ON MAJOR PUBLIC POLICY ISSUES. Scholars regularly offer congressional testimony related to their fields of research.

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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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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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