Totals
- Total revenue
- $69,195,897
- Total expenses
- $50,569,335
- Contributions and grants received
- $55,163,662
- Grants paid
- $136,000
- Program service revenue
- $285,254
- Investment income
- $13,167,078
- Other revenue
- $579,903
- Total assets, end of year
- $213,708,628
- Total liabilities, end of year
- $3,566,886
- Net assets or fund balances, end of year
- $210,141,742
- Program services expenses (Part IX)
- $40,771,615
- Management and general expenses
- $4,077,530
- Fundraising expenses
- $5,720,190
- Program service expenses (Part III)
- $40,771,615
Program services were 80.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1f · All other contributions, gifts and grants
$55,163,662
-
1g · Noncash contributions included above
$2,672,312
-
2a · Program service revenue: CONFERENCES
total $285,254 · related or exempt $285,254 · unrelated business $0 · excluded $0
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $5,403,381 · related or exempt $0 · unrelated business $0 · excluded $5,403,381
-
5 · Royalties
total $11,817 · related or exempt $0 · unrelated business $0 · excluded $11,817
-
6c · Rental income or loss
real property $0 · personal property $0
-
7a · Gross sales of assets other than inventory
securities $44,429,180
-
7b · Less cost or other basis and sales expenses
securities $36,665,483
-
7c · Gain or loss
securities $7,763,697 · other assets $0
-
7d · Net gain or loss
total $7,763,697 · related or exempt $0 · unrelated business $0 · excluded $7,763,697
-
8c · Net income from fundraising events
total $0
-
10a · Gross sales of inventory
$190,914
-
10b · Cost of goods sold
$164,242
-
10c · Net income from sales of inventory
total $26,672 · related or exempt $26,672 · unrelated business $0 · excluded $0
-
11a · Other revenue: OTHER INCOME
total $526,935 · related or exempt $0 · unrelated business $0 · excluded $526,935
-
11b · Other revenue: SPLIT INTEREST
total $14,479 · related or exempt $0 · unrelated business $0 · excluded $14,479
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$541,414
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $111,000 · program services $111,000
-
2 · Grants to domestic individuals
total $25,000 · program services $25,000
-
5 · Compensation of officers, directors and key employees
total $1,832,182 · program services $546,688 · management and general $511,041 · fundraising $774,453
-
7 · Other salaries and wages
total $23,613,259 · program services $20,493,346 · management and general $1,478,011 · fundraising $1,641,902
-
8 · Pension plan contributions
total $1,173,839 · program services $1,018,427 · management and general $72,697 · fundraising $82,715
-
9 · Other employee benefits
total $2,861,194 · program services $2,399,109 · management and general $204,224 · fundraising $257,861
-
10 · Payroll taxes
total $1,810,646 · program services $1,495,349 · management and general $141,958 · fundraising $173,339
-
11b · Fees: legal
total $127,871 · program services $54,133 · management and general $64,168 · fundraising $9,570
-
11c · Fees: accounting
total $34,897 · program services $0 · management and general $34,897 · fundraising $0
-
11e · Fees: professional fundraising services
total $447,500 · fundraising $447,500
-
11g · Fees: other
total $2,202,591 · program services $1,924,826 · management and general $153,487 · fundraising $124,278
-
12 · Advertising and promotion
total $492,920 · program services $477,443 · management and general $6,441 · fundraising $9,036
-
13 · Office expenses
total $3,171,618 · program services $2,050,920 · management and general $157,781 · fundraising $962,917
-
14 · Information technology
total $1,163,410 · program services $886,635 · management and general $156,382 · fundraising $120,393
-
15 · Royalties
total $3,063 · program services $3,063 · management and general $0 · fundraising $0
-
16 · Occupancy
total $1,627,982 · program services $1,227,715 · management and general $232,476 · fundraising $167,791
-
17 · Travel
total $2,622,182 · program services $2,151,838 · management and general $180,437 · fundraising $289,907
-
19 · Conferences, conventions and meetings
total $3,856,151 · program services $3,186,394 · management and general $305,691 · fundraising $364,066
-
20 · Interest
total $14,820 · program services $14,332 · management and general $203 · fundraising $285
-
22 · Depreciation, depletion and amortization
total $1,628,183 · program services $1,316,572 · management and general $129,684 · fundraising $181,927
-
23 · Insurance
total $129,139 · program services $104,176 · management and general $10,568 · fundraising $14,395
-
24a · Other expenses: HONORARIUM
total $685,735 · program services $683,735 · management and general $0 · fundraising $2,000
-
24b · Other expenses: ALL OTHER EXPENSES
total $556,904 · program services $298,801 · management and general $178,901 · fundraising $79,202
-
24c · Other expenses: DUES AND SUBSCRIPTIONS
total $377,249 · program services $302,113 · management and general $58,483 · fundraising $16,653
-
24e · All other expenses
total $0 · program services $0 · management and general $0 · fundraising $0
-
26 · Joint costs (an allocation of the lines above)
total $1,518,906 · program services $946,410 · management and general $518,371 · fundraising $54,125
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $389,105 · end of year $211,644
-
2 · Savings and temporary cash investments
beginning of year $1,602,122 · end of year $249,785
-
3 · Pledges and grants receivable
beginning of year $2,410,917 · end of year $4,373,829
-
4 · Accounts receivable
beginning of year $0 · end of year $108,824
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $317,092 · end of year $447,288
-
9 · Prepaid expenses and deferred charges
beginning of year $669,998 · end of year $949,716
-
10a · Land, buildings and equipment: cost or other basis
$52,950,433
-
10b · Land, buildings and equipment: accumulated depreciation
$23,509,200
-
10c · Land, buildings and equipment, net
beginning of year $30,395,983 · end of year $29,441,233
-
11 · Investments: publicly traded securities
beginning of year $152,208,444 · end of year $176,039,704
-
12 · Investments: other securities
beginning of year $0
-
13 · Investments: program-related
beginning of year $0
-
15 · Other assets
beginning of year $2,487,081 · end of year $1,886,605
-
17 · Accounts payable and accrued expenses
beginning of year $2,732,570 · end of year $2,998,526
-
19 · Deferred revenue
beginning of year $198,712 · end of year $259,659
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $473,481 · end of year $308,701
-
27 · Net assets without donor restrictions
beginning of year $178,214,703 · end of year $195,065,480
-
28 · Net assets with donor restrictions
beginning of year $8,861,276 · end of year $15,076,262
Mission and programs · 2025
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.
Activities or mission (Part I)
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
-
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.
Expenses $24,773,747 · Grants $86,000 · Revenue $26,672
-
EDUCATIONAL PROGRAMS - 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, CATO COURSES, 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.
Expenses $10,249,871 · Grants $30,000 · Revenue $285,254
-
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 14.7 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.
Expenses $5,747,997 · Grants $20,000
As filed on the 2025 return.
Listed in Part VII
-
Howard S RichHOWARD S RICH
DIRECTOR, VICE CHAIRMAN, EXECUTIVE OFFICER
- Total calculated
- $0
- Hours/week
- 2.5
-
James M Lapeyre JrJAMES M LAPEYRE JR
DIRECTOR, CHAIRMAN, EXECUTIVE OFFICER
- Total calculated
- $0
- Hours/week
- 2.5
-
Peter GoettlerPETER GOETTLER
PRESIDENT AND CEO
- Total calculated
- $816,307
- From this org
- $759,553
- From related orgs
- $0
- Other
- $56,754
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $759,553
- Bonus
- $0
- Other
- $0
- Deferred
- $38,050
- Nontaxable benefits
- $18,704
- Filer's total
- $816,307
-
Baron BondBARON BOND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
Charles SunderlandCHARLES SUNDERLAND
DIRECTOR (AS OF 10/18/2025)
- Total calculated
- $0
- Hours/week
- 2.5
-
David C HumphreysDAVID C HUMPHREYS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
Fred YoungFRED YOUNG
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
James M KiltsJAMES M KILTS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
John P MackeyJOHN P MACKEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
Kenneth LevyKENNETH LEVY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
Kenneth R FrenchKENNETH R FRENCH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
Laura Holmes JostLAURA HOLMES JOST
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
Robert A TaylorROBERT A TAYLOR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
Robert GelfondROBERT GELFOND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5
-
Marissa DelgadoMARISSA DELGADO
SECRETARY, VP, FINANCE & CFO
- Total calculated
- $264,553
- From this org
- $229,173
- From related orgs
- $0
- Other
- $35,380
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $221,673
- Bonus
- $7,500
- Other
- $0
- Deferred
- $16,011
- Nontaxable benefits
- $19,369
- Filer's total
- $264,553
-
Harrison MoarHARRISON MOAR
SR VP FOR MARKETING AND PARTNERSHIPS
- Total calculated
- $284,394
- From this org
- $257,468
- From related orgs
- $0
- Other
- $26,926
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $237,468
- Bonus
- $20,000
- Other
- $0
- Deferred
- $16,612
- Nontaxable benefits
- $10,314
- Filer's total
- $284,394
-
Stephen KurtzSTEPHEN KURTZ
VP, CHIEF DATA & AI OFFICER
- Total calculated
- $381,646
- From this org
- $332,399
- From related orgs
- $0
- Other
- $49,247
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $322,399
- Bonus
- $10,000
- Other
- $0
- Deferred
- $23,325
- Nontaxable benefits
- $25,922
- Filer's total
- $381,646
-
Alexander NowrastehALEXANDER NOWRASTEH
SR VP FOR POLICY
- Total calculated
- $270,044
- From this org
- $236,293
- From related orgs
- $0
- Other
- $33,751
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $216,293
- Bonus
- $20,000
- Other
- $0
- Deferred
- $15,367
- Nontaxable benefits
- $18,384
- Filer's total
- $270,044
-
Clark NeilyCLARK NEILY
SR VP FOR LEGAL STUDIES
- Total calculated
- $281,117
- From this org
- $237,839
- From related orgs
- $0
- Other
- $43,278
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $237,839
- Bonus
- $0
- Other
- $0
- Deferred
- $17,449
- Nontaxable benefits
- $25,829
- Filer's total
- $281,117
-
Michael CannonMICHAEL CANNON
DIRECTOR OF HEALTH POLICY
- Total calculated
- $249,557
- From this org
- $223,530
- From related orgs
- $0
- Other
- $26,027
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $223,530
- Bonus
- $0
- Other
- $0
- Deferred
- $15,674
- Nontaxable benefits
- $10,353
- Filer's total
- $249,557
-
Norbert MichelNORBERT MICHEL
VP, DIRECTOR, MONETARY & FINANCIAL ALTERNATIVES
- Total calculated
- $297,354
- From this org
- $253,354
- From related orgs
- $0
- Other
- $44,000
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $240,854
- Bonus
- $12,500
- Other
- $0
- Deferred
- $18,255
- Nontaxable benefits
- $25,745
- Filer's total
- $297,354
-
Scott LincicomeSCOTT LINCICOME
VP, GENERAL ECONOMICS & TRADE
- Total calculated
- $296,931
- From this org
- $254,577
- From related orgs
- $0
- Other
- $42,354
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $242,577
- Bonus
- $12,000
- Other
- $0
- Deferred
- $17,567
- Nontaxable benefits
- $24,787
- Filer's total
- $296,931
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 1a · First-class or charter travel
- 1a · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- SCHEDULE J, PART I, LINE 1A FIRST-CLASS OR CHARTER TRAVEL
- CATO INSTITUTE HAS ESTABLISHED A TRAVEL POLICY THAT SOMETIMES PERMITS FIRST CLASS TRAVEL AND COMPANION TRAVEL FOR SELECT EMPLOYEES AND EXECUTIVES. FIRST CLASS TRAVEL MAY BE ALLOWED DEPENDING UPON FACTORS SUCH AS DISTANCE, FREQUENCY AND LENGTH OF TRAVEL, TIME OF DAY (E.G. OVERNIGHT FLIGHTS), AND OTHER CONSIDERATIONS RELEVANT TO ENSURING THAT THESE INDIVIDUALS CAN TRAVEL IN A MANNER THAT ALLOWS THEM TO PERFORM THEIR DUTIES EFFECTIVELY AND EFFICIENTLY. THE INSTITUTE ALLOWS COMPANION TRAVEL FOR SPOUSES OF CERTAIN OFFICERS OF THE INSTITUTE WHEN THE PRESENCE OF A COMPANION IS NECESSARY FOR THE BUSINESS PURPOSE OF THE TRIP. ALL SUCH TRAVEL IS DOCUMENTED TO ENSURE COMPLIANCE WITH CATO'S POLICIES AND PROCEDURES.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
$66,000
GENERAL SUPPORT
-
GENERAL SUPPORT
-
YOUNG AMERICANS FOR LIBERTY INC
$10,000
EVENT SUPPORT
-
$10,000
EVENT SUPPORT
Provenance
- Return type
- form_990
- Tax year
- 2025
- Filed
- 28 August 2026
- IRS schema version
- 2025v4.2
- Source object
- 202622409349301027
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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