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Nonprofiteer
← CATO INSTITUTE

Form 990 for tax year 2022

Filed by CATO INSTITUTE.

Totals

Total revenue
$57,666,559
Total expenses
$37,718,015
Contributions and grants received
$55,743,874
Grants paid
$133,754
Program service revenue
$45,784
Investment income
$1,490,354
Other revenue
$386,547
Total assets, end of year
$135,047,209
Total liabilities, end of year
$2,306,004
Net assets or fund balances, end of year
$132,741,205
Program services expenses (Part IX)
$27,381,915
Management and general expenses
$5,763,523
Fundraising expenses
$4,572,577
Program service expenses (Part III)
$27,381,915

Program services were 72.6% 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

    $55,743,874

  • 1g · Noncash contributions included above

    $7,333,890

  • 2a · Program service revenue: CONFERENCES

    total $45,784 · related or exempt $45,784

  • 3 · Investment income

    total $1,483,765 · excluded $1,483,765

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $18,331 · excluded $18,331

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $45,026

  • 7b · Less cost or other basis and sales expenses

    securities $38,437

  • 7c · Gain or loss

    securities $6,589

  • 7d · Net gain or loss

    total $6,589 · excluded $6,589

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $304,013

  • 10b · Cost of goods sold

    $248,773

  • 10c · Net income from sales of inventory

    total $55,240 · related or exempt $55,240

  • 11a · Other revenue: OTHER INCOME

    total $311,249 · unrelated business $0 · excluded $311,249

  • 11b · Other revenue: SPLIT INTEREST

    total $1,727 · unrelated business $0 · excluded $1,727

  • 11e · Other revenue, total

    $312,976

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $82,800 · program services $82,800

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $50,954 · program services $50,954

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $914,286 · program services $175,799 · management and general $413,274 · fundraising $325,213

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $16,480,038 · program services $14,066,830 · management and general $908,205 · fundraising $1,505,003

  • 8 · Pension plan contributions

    total $883,889 · program services $754,658 · management and general $46,821 · fundraising $82,410

  • 9 · Other employee benefits

    total $1,308,122 · program services $1,095,826 · management and general $76,623 · fundraising $135,673

  • 10 · Payroll taxes

    total $1,234,120 · program services $1,010,159 · management and general $92,604 · fundraising $131,357

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $205,936 · program services $75,800 · management and general $130,136

  • 11c · Fees: accounting

    total $51,155 · management and general $51,155

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $494,000 · fundraising $494,000

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $1,716,379 · program services $1,425,291 · management and general $199,283 · fundraising $91,805

  • 12 · Advertising and promotion

    total $282,861 · program services $266,333 · management and general $6,046 · fundraising $10,482

  • 13 · Office expenses

    total $2,752,318 · program services $1,831,595 · management and general $51,615 · fundraising $869,108

  • 14 · Information technology

    total $1,224,266 · program services $994,108 · management and general $116,947 · fundraising $113,211

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,418,811 · program services $1,040,025 · management and general $210,657 · fundraising $168,129

  • 17 · Travel

    total $1,390,430 · program services $1,102,710 · management and general $41,703 · fundraising $246,017

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $1,649,226 · program services $1,365,479 · management and general $149,798 · fundraising $133,949

  • 20 · Interest

    total $1,216 · program services $962 · management and general $97 · fundraising $157

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $981,779 · program services $776,781 · management and general $78,516 · fundraising $126,482

  • 23 · Insurance

    total $140,137 · program services $110,876 · management and general $11,207 · fundraising $18,054

  • 24a · Other expenses: IMPAIRMENT OF ASSET FOR SALE

    total $2,925,000 · program services $0 · management and general $2,925,000 · fundraising $0

  • 24b · Other expenses: HONORARIUM

    total $555,527 · program services $555,527 · management and general $0 · fundraising $0

  • 24c · Other expenses: MISCELLANEOUS

    total $417,075 · program services $218,127 · management and general $188,144 · fundraising $10,804

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $329,088 · program services $239,653 · management and general $65,692 · fundraising $23,743

  • 24e · All other expenses

    total $228,602 · program services $141,622 · fundraising $86,980

  • 26 · Joint costs (an allocation of the lines above)

    total $1,283,517 · program services $815,576 · management and general $0 · fundraising $467,941

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,501,191 · end of year $227,925

  • 2 · Savings and temporary cash investments

    beginning of year $40,142,541 · end of year $44,068,161

  • 3 · Pledges and grants receivable

    beginning of year $2,584,077 · end of year $4,903,588

  • 4 · Accounts receivable

    beginning of year $11,462 · end of year $9,902

  • 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

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $254,069 · end of year $484,716

  • 9 · Prepaid expenses and deferred charges

    beginning of year $494,443 · end of year $480,593

  • 10a · Land, buildings and equipment: cost or other basis

    $53,809,976

  • 10b · Land, buildings and equipment: accumulated depreciation

    $21,569,164

  • 10c · Land, buildings and equipment, net

    beginning of year $29,548,093 · end of year $32,240,812

  • 11 · Investments: publicly traded securities

    beginning of year $40,995,491 · end of year $50,094,738

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $1,312,791 · end of year $2,536,774

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,950,640 · end of year $2,129,344

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $550,741 · end of year $110,822

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $182,427 · end of year $65,838

  • 27 · Net assets without donor restrictions

    beginning of year $103,347,362 · end of year $123,630,123

  • 28 · Net assets with donor restrictions

    beginning of year $10,812,988 · end of year $9,111,082

Mission and programs · 2022

Mission

TO ORIGINATE, DISSEMINATE, AND INCREASE UNDERSTANDING OF PUBLIC POLICIES BASED ON THE PRINCIPLES OF INDIVIDUAL LIBERTY, LIMITED GOVERNMENT, FREE MARKETS, AND PEACE.

Activities or mission (Part I)

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

  • PUBLIC POLICY & RESEARCH - OUR VISION IS TO CREATE FREE, OPEN, AND CIVIL SOCIETIES FOUNDED ON LIBERTARIAN PRINCIPLES. 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 $19,836,480 · Grants $120,454 · Revenue $55,240

  • EDUCATIONAL PROGRAM - CATO HOSTS PUBLIC EVENTS AND CONFERENCES IN ORDER TO ENGAGE DIVERSE AUDIENCES ON OUR RESEARCH AND POLICY PRESCRIPTIONS, AND 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 WEEKEND LIBERTY SEMINARS FOR STUDENTS, AND OUR STUDENT BRIEFING PROGRAM, WHICH TEACHES HIGH SCHOOL AND COLLEGE STUDENTS FROM AROUND THE COUNTRY ABOUT AMERICA'S FOUNDING PRINCIPLES OF INDIVIDUAL LIBERTY, LIMITED GOVERNMENT AND FREE ENTERPRISE.

    Expenses $5,179,966 · Grants $43,090 · Revenue $45,784

  • COMMUNICATIONS & EXTERNAL AFFAIRS - CATO SCHOLARS ENGAGE AND EDUCATE BROAD AUDIENCES ON OUR POLICY PRESCRIPTIONS BY DISSEMINATION OF OUR RESEARCH THROUGH SPEAKING ENGAGEMENTS, BRIEFINGS, OP-EDS AND BLOGS, PODCASTS, TELEVISION AND RADIO APPEARANCES, AND OUR WEBSITES, WHICH RECEIVE OVER 11 MILLION VISITS ANNUALLY.

    Expenses $2,365,469

As filed on the 2022 return.

Listed in Part VII

  • PETER GOETTLER

    PRESIDENT & CEO

    Total calculated
    $603,031
    From this org
    $568,571
    From related orgs
    $0
    Other
    $34,460
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $568,571
    Bonus
    $0
    Other
    $0
    Deferred
    $33,550
    Nontaxable benefits
    $910
    Filer's total
    $603,031

  • STEPHEN KURTZ

    VP, CHIEF DIGITAL OFFICER

    Total calculated
    $324,220
    From this org
    $287,426
    From related orgs
    $0
    Other
    $36,794
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,426
    Bonus
    $0
    Other
    $0
    Deferred
    $18,902
    Nontaxable benefits
    $17,892
    Filer's total
    $324,220

  • LESLEY ALBANESE

    SR VP, INITIATIVES

    Total calculated
    $271,515
    From this org
    $246,641
    From related orgs
    $0
    Other
    $24,874
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,641
    Bonus
    $0
    Other
    $0
    Deferred
    $17,487
    Nontaxable benefits
    $7,387
    Filer's total
    $271,515

  • NORBERT MICHEL

    VP,DIRECTOR,MONETARY&FINANCIAL

    Total calculated
    $262,839
    From this org
    $227,381
    From related orgs
    $0
    Other
    $35,458
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $219,881
    Bonus
    $7,500
    Other
    $0
    Deferred
    $16,625
    Nontaxable benefits
    $18,833
    Filer's total
    $262,839

  • CLARK NEILY

    SR VP FOR LEGAL STUDIES

    Total calculated
    $253,075
    From this org
    $221,208
    From related orgs
    $0
    Other
    $31,867
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $219,208
    Bonus
    $2,000
    Other
    $0
    Deferred
    $13,034
    Nontaxable benefits
    $18,833
    Filer's total
    $253,075

  • SCOTT LINCICOME

    VP, GENERAL ECONOMICS & TRADE

    Total calculated
    $247,816
    From this org
    $213,607
    From related orgs
    $0
    Other
    $34,209
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,607
    Bonus
    $0
    Other
    $0
    Deferred
    $15,256
    Nontaxable benefits
    $18,953
    Filer's total
    $247,816

  • MARISSA DELGADO

    SECRETARY, VP, FINANCE & CFO

    Total calculated
    $246,369
    From this org
    $211,839
    From related orgs
    $0
    Other
    $34,530
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,839
    Bonus
    $15,000
    Other
    $0
    Deferred
    $15,564
    Nontaxable benefits
    $18,966
    Filer's total
    $246,369

  • DAVID BOAZ

    EXECUTIVE VP (THRU 04/18/22)

    Total calculated
    $234,148
    From this org
    $211,060
    From related orgs
    $0
    Other
    $23,088
    Hours/week
    20

    Schedule J breakdown matched by us

    Base
    $211,060
    Bonus
    $0
    Other
    $0
    Deferred
    $15,075
    Nontaxable benefits
    $8,013
    Filer's total
    $234,148

  • JOHN A ALLISON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • BARON BOND

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • KENNETH R FRENCH

    DIRECTOR (AS OF 5/7/22)

    Total calculated
    $0
    Hours/week
    2.5

  • ROBERT GELFOND

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • DAVID C HUMPHREYS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • LAURA HOLMES JOST

    DIRECTOR (AS OF 5/7/22)

    Total calculated
    $0
    Hours/week
    2.5

  • JAMES M KILTS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • JAMES M LAPEYRE JR

    CHAIRMAN (AS OF 10/2/22)

    Total calculated
    $0
    Hours/week
    2.5

  • EILEEN S LEECH

    DIRECTOR (AS OF 5/7/22)

    Total calculated
    $0
    Hours/week
    2.5

  • KENNETH LEVY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • ROBERT A LEVY

    CHAIRMAN (THRU 10/1/22)

    Total calculated
    $0
    Hours/week
    2.5

  • JOHN P MACKEY

    DIRECTOR (AS OF 10/1/22)

    Total calculated
    $0
    Hours/week
    2.5

  • NANCY M PFOTENHAUER

    DIRECTOR (THRU 10/1/22)

    Total calculated
    $0
    Hours/week
    2.5

  • LEWIS E RANDALL

    DIRECTOR (THRU 10/1/22)

    Total calculated
    $0
    Hours/week
    2.5

  • HOWARD S RICH

    DIR.,VICE CHAIR(AS OF 10/2/22)

    Total calculated
    $0
    Hours/week
    2.5

  • ROBERT A TAYLOR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • NESTER R WEIGAND JR

    DIRECTOR (THRU 10/1/22)

    Total calculated
    $0
    Hours/week
    2.5

  • JEFFREY S YASS

    DIRECTOR (THRU 10/1/22)

    Total calculated
    $0
    Hours/week
    2.5

  • FRED YOUNG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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

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

Provenance

Return type
form_990
Tax year
2022
Filed
9 December 2023
IRS schema version
2022v5.0
Source object
202333459349300728

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