2026-08-28T15:20:58+00:00 2026-03-31 135381590 BDO USA 8401 GREENSBORO DR STE 800 MCLEAN VA 221023599 990 2025-04-01 237432162 CATO INSTITUTE CATO 2028420200 1000 MASSACHUSETTS AVE NW WASHINGTON DC 20001 MARISSA DELGADO VP, FINANCE & CFO 2028420200 2026-08-28 true TODD TERESCO P00247720 7038930600 2026-08-28 2025 MARISSA DELGADO 1000 MASSACHUSETTS AVE NW WASHINGTON DC 20001 106025622 false X WWW.CATO.ORG X 1974 KS 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 14 13 333 13 0 57383444 55163662 371720 285254 4688906 13167078 377317 579903 62821387 69195897 232000 136000 0 28144923 31291120 508000 447500 5720190 18485943 18694715 47370866 50569335 15450521 18626562 190480742 213708628 3404763 3566886 187075979 210141742 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. false false 24773747 86000 26672 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. 10249871 30000 285254 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. 5747997 20000 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, 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. 40771615 true true false false false false false false false true true false false false true true true false false true true false false true false false false true true true false false false false false false false false false false true false false false false false false false false false true 283 0 true 333 true false false false false false true true false false false false false false X 14 13 false false false false false false false true true false false false true true true true true true true true false false CA CO CT DC FL GA AL HI IL KS KY ME AK MD MA MI MN MS MO NV NH NJ NM NY NC ND OH OK OR PA RI SC TN VT VA AR WA WV WI X X MARISSA DELGADO 2028420200 1000 MASSACHUSETTS AVE NW WASHINGTON DC 20001 HOWARD S RICH DIRECTOR, VICE CHAIRMAN, EXECUTIVE OFFICER 2.5 0.0 X X 0 0 0 JAMES M LAPEYRE JR DIRECTOR, CHAIRMAN, EXECUTIVE OFFICER 2.5 0.0 X X 0 0 0 PETER GOETTLER PRESIDENT AND CEO 40.0 0.0 X X 759553 0 56754 BARON BOND DIRECTOR 2.5 0.0 X 0 0 0 CHARLES SUNDERLAND DIRECTOR (AS OF 10/18/2025) 2.5 0.0 X 0 0 0 DAVID C HUMPHREYS DIRECTOR 2.5 0.0 X 0 0 0 FRED YOUNG DIRECTOR 2.5 0.0 X 0 0 0 JAMES M KILTS DIRECTOR 2.5 0.0 X 0 0 0 JOHN P MACKEY DIRECTOR 2.5 0.0 X 0 0 0 KENNETH LEVY DIRECTOR 2.5 0.0 X 0 0 0 KENNETH R FRENCH DIRECTOR 2.5 0.0 X 0 0 0 LAURA HOLMES JOST DIRECTOR 2.5 0.0 X 0 0 0 ROBERT A TAYLOR DIRECTOR 2.5 0.0 X 0 0 0 ROBERT GELFOND DIRECTOR 2.5 0.0 X 0 0 0 MARISSA DELGADO SECRETARY, VP, FINANCE & CFO 40.0 0.0 X 229173 0 35380 HARRISON MOAR SR VP FOR MARKETING AND PARTNERSHIPS 40.0 0.0 X 257468 0 26926 STEPHEN KURTZ VP, CHIEF DATA & AI OFFICER 40.0 0.0 X 332399 0 49247 ALEXANDER NOWRASTEH SR VP FOR POLICY 40.0 0.0 X 236293 0 33751 CLARK NEILY SR VP FOR LEGAL STUDIES 40.0 0.0 X 237839 0 43278 MICHAEL CANNON DIRECTOR OF HEALTH POLICY 40.0 0.0 X 223530 0 26027 NORBERT MICHEL VP, DIRECTOR, MONETARY & FINANCIAL ALTERNATIVES 40.0 0.0 X 253354 0 44000 SCOTT LINCICOME VP, GENERAL ECONOMICS & TRADE 40.0 0.0 X 254577 0 42354 2784186 0 357717 77 false true false COMMUNITY COUNSELLING SERVICES CO LLC 527 MADISON AVE 5TH FLOOR NEW YORK NY 10022 FUNDRAISING CONSULTING SERVICES 530000 LOCUST STREET GROUP 1307 NEW YORK AVE NW WASHINGTON DC 20005 MARKETING CONSULTING SERVICES 365500 PROFESSIONAL MAINTENANCE CORP 11921 FREEDOM DRIVE RESTON VA 20190 JANITORIAL SERVICES 185773 KRISTI KENDALL & CO INC 135 EASTERN PARKWAY BROOKLYN NY 11238 VIDEO PRODUCTION SERVICES 185000 ADVANCED ACCESS LLC 590 GROVE STREET 1907 HERNDON VA 20170 BUILDING SECURITY 125789 6 55163662 2672312 55163662 CONFERENCES 900099 285254 285254 0 0 0 0 0 0 285254 5403381 0 0 5403381 11817 0 0 11817 0 0 44429180 36665483 7763697 0 7763697 0 0 7763697 0 190914 164242 26672 26672 0 0 OTHER INCOME 900099 526935 0 0 526935 SPLIT INTEREST 900099 14479 0 0 14479 0 0 0 0 541414 69195897 311926 0 13720309 111000 111000 25000 25000 1832182 546688 511041 774453 23613259 20493346 1478011 1641902 1173839 1018427 72697 82715 2861194 2399109 204224 257861 1810646 1495349 141958 173339 127871 54133 64168 9570 34897 0 34897 0 447500 447500 2202591 1924826 153487 124278 492920 477443 6441 9036 3171618 2050920 157781 962917 1163410 886635 156382 120393 3063 3063 0 0 1627982 1227715 232476 167791 2622182 2151838 180437 289907 3856151 3186394 305691 364066 14820 14332 203 285 1628183 1316572 129684 181927 129139 104176 10568 14395 HONORARIUM 685735 683735 0 2000 ALL OTHER EXPENSES 556904 298801 178901 79202 DUES AND SUBSCRIPTIONS 377249 302113 58483 16653 0 0 0 0 50569335 40771615 4077530 5720190 X 1518906 946410 518371 54125 389105 211644 1602122 249785 2410917 4373829 0 108824 0 0 0 0 317092 447288 669998 949716 52950433 23509200 30395983 29441233 152208444 176039704 0 0 2487081 1886605 190480742 213708628 2732570 2998526 198712 259659 0 0 473481 308701 3404763 3566886 X 178214703 195065480 8861276 15076262 187075979 210141742 190480742 213708628 18626562 4439201 0 X false true true false X 44266356 55743874 67085826 57383444 55163662 279643162 0 0 0 0 44266356 55743874 67085826 57383444 55163662 279643162 47940817 231702345 1082623 1502096 3903258 4697786 5415198 16600961 0 0 156326 312976 232909 311179 541414 1554804 297798927 2610883 0.77805 0.78778 X SCHEDULE A, PART II, LINE 10 OTHER INCOME DESCRIPTION - OTHER INCOME, COLUMN A - 132506.0, COLUMN B - 311249.0, COLUMN C - 184432.0, COLUMN D - 329281.0, COLUMN E - 526935.0, COLUMN F - 1484403.0; DESCRIPTION - SPLIT INTEREST INCOME, COLUMN A - 23820.0, COLUMN B - 1727.0, COLUMN C - 48477.0, COLUMN D - -18102.0, COLUMN E - 14479.0, COLUMN F - 70401.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3366932 5031376 912769 335147 0 8975930 3346915 0 238379 218362 0 3366932 3012751 0 526911 192747 0 3346915 3241039 0 -188046 40242 0 3012751 3252347 0 31036 42344 0 3241039 0.0 1.0 0.0 false false 9656037 9656037 38013049 19406704 18606345 5281347 4102496 1178851 29441233 FEDERAL INCOME TAXES FINANCE LEASE OBLIGATION 203555 CAPITAL LEASE OBLIGATION 105146 308701 X 74259334 4439201 459994 164242 5063437 69195897 0 0 69195897 51193571 459994 164242 624236 50569335 0 0 50569335 SCHEDULE D, PART V, LINE 4 INTENDED USES OF ENDOWMENT FUNDS CATO INSTITUTE MAINTAINS DONOR-RESTRICTED ENDOWMENT FUNDS, THE INCOME FROM WHICH IS RESTRICTED BY DONORS TO SUPPORT SPECIFIC PROGRAMS. THESE RESTRICTIONS NEITHER EXPIRE WITH THE PASSAGE OF TIME NOR CAN BE REMOVED THROUGH ACTION BY CATO. AMOUNTS ARE TRACKED INTERNALLY BY DONOR PURPOSE AND RELEASED FROM RESTRICTION AS QUALIFYING EXPENSES ARE INCURRED. SCHEDULE D, PART X, LINE 2 FIN 48 (ASC 740) FOOTNOTE CATO IS EXEMPT FROM FEDERAL INCOME TAXES ON ITS EXEMPT ACTIVITIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AND HAS BEEN DESIGNATED BY THE INTERNAL REVENUE SERVICE AS A PUBLICLY SUPPORTED ORGANIZATION UNDER SECTION 509(A)(1) OF THE CODE. ALTHOUGH CATO IS GENERALLY EXEMPT FROM INCOME TAX, CATO IS SUBJECT TO UNRELATED BUSINESS INCOME TAXES UNDER SECTION 512 OF THE CODE, AS WELL AS SUBJECT TO EXCISE TAX ON EXCESS LOBBYING EXPENSES. CATO BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITION TAKEN AND, AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. CATO RECOGNIZES INTEREST EXPENSE AND PENALTIES RELATED TO INCOME TAXES ON UNCERTAIN TAX POSITIONS IN MANAGEMENT AND GENERAL EXPENSES ON THE STATEMENTS OF ACTIVITIES AND CHANGE IN NET ASSETS AND ACCOUNTS PAYABLE AND ACCRUED EXPENSES IN THE STATEMENTS OF FINANCIAL POSITION. NO INTEREST EXPENSE AND PENALTIES RELATED TO INCOME TAXES ON UNCERTAIN TAX POSITIONS WERE RECOGNIZED FOR THE YEARS ENDED MARCH 31, 2026 AND 2025. CATO FILES INCOME TAX RETURNS IN THE U.S FEDERAL JURISDICTION. IN ACCORDANCE WITH FASB ASC 740, INCOME TAXES, CATO RECOGNIZES TAX LIABILITIES FOR UNCERTAIN TAX POSITIONS WHEN IT IS MORE LIKELY THAN NOT THAT A TAX POSITION WILL NOT BE SUSTAINED UPON EXAMINATION AND SETTLEMENT WITH VARIOUS TAXING AUTHORITIES. LIABILITIES FOR UNCERTAIN TAX POSITIONS ARE MEASURED BASED UPON THE LARGEST AMOUNT OF BENEFIT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED UPON SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. WITH A FEW EXCEPTIONS, CATO IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE FISCAL YEAR 2023. MANAGEMENT HAS EVALUATED CATO'S TAX POSITIONS AND HAS CONCLUDED THAT CATO HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. SCHEDULE D, PART XI, LINE 2(D) OTHER REVENUES IN AUDITED FINANCIAL STATEMENTS NOT IN FORM 990 COST OF SALES - 164242 SCHEDULE D, PART XII, LINE 2(D) OTHER EXPENSES IN AUDITED FINANCIAL STATEMENTS NOT IN FORM 990 COST OF SALES - 164242 false EAST ASIA AND THE PACIFIC 0 11 PROGRAM SERVICES PUBLIC POLICY & RESEARCH 19752 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 22 PROGRAM SERVICES PUBLIC POLICY & RESEARCH 645078 MIDDLE EAST AND NORTH AFRICA 0 3 PROGRAM SERVICES PUBLIC POLICY & RESEARCH 4500 RUSSIA AND NEIGHBORING STATES 0 1 PROGRAM SERVICES PUBLIC POLICY & RESEARCH 63130 SOUTH AMERICA 0 7 PROGRAM SERVICES PUBLIC POLICY & RESEARCH 53810 SOUTH ASIA 0 2 PROGRAM SERVICES PUBLIC POLICY & RESEARCH 8000 0 46 0 0 0 46 794270 0 794270 false false false false false false SCHEDULE F, PART I, LINE 3 METHOD USED TO ACCOUNT FOR EXPENDITURES ON ORG'S FINANCIAL STATEMENTS EAST ASIA AND THE PACIFIC-ACCRUAL; EUROPE (INCLUDING ICELAND AND GREENLAND)-ACCRUAL; MIDDLE EAST AND NORTH AFRICA-ACCRUAL; RUSSIA AND NEIGHBORING STATES-ACCRUAL; SOUTH AMERICA-ACCRUAL; SOUTH ASIA-ACCRUAL X X X X true COMMUNITY COUNSELLING SERVICES CO LLC 527 MADISON AVENUE NEW YORK NY 10022 FUNDRAISING CONSULTING false 0 447500 -447500 0 447500 -447500 CA CO CT DC FL GA AL HI IL KS KY ME AK MD MA MI MN MS NV NH NJ NM NY NC ND OH OK OR PA RI SC TN VA AR WA WV WI true AMERICA'S FUTURE FOUNDATION 1367 CT AVE NW WASHINGTON DC 20036 521928321 501(C)(3) 66000 GENERAL SUPPORT AMERICAN LEGISLATIVE EXCHANGE COUNCIL 2900 CRYSTAL DR STE 600 ARLINGTON VA 22202 520140979 501(C)(3) 20000 GENERAL SUPPORT YOUNG AMERICANS FOR LIBERTY INC 500 N CAPITAL OF TEXAS HWY AUSTIN TX 78746 262417908 501(C)(4) 10000 EVENT SUPPORT ROOTS OF PROGRESS 9450 SW GEMINI DRIVE BEAVERTON OR 97008 863502300 501(C)(3) 10000 EVENT SUPPORT 3 1 SCHOLARSHIPS 6 25000 SCHEDULE I, PART I, LINE 2 PROCEDURES FOR MONITORING USE OF GRANT FUNDS PROGRAMS ARE SUPERVISED BY PROJECT MANAGERS WHO PROVIDE OVERSIGHT, APPROVE PAYMENTS, AND PROVIDE AN ACCOUNTING OF FUNDS SPENT. X X true true X X X X X false false false false false false false false false PETER GOETTLER PRESIDENT AND CEO 759553 0 0 0 0 0 38050 0 18704 0 816307 0 0 0 MARISSA DELGADO SECRETARY, VP, FINANCE & CFO 221673 0 7500 0 0 0 16011 0 19369 0 264553 0 0 0 STEPHEN KURTZ VP, CHIEF DATA & AI OFFICER 322399 0 10000 0 0 0 23325 0 25922 0 381646 0 0 0 HARRISON MOAR SR VP FOR MARKETING AND PARTNERSHIPS 237468 0 20000 0 0 0 16612 0 10314 0 284394 0 0 0 SCOTT LINCICOME VP, GENERAL ECONOMICS & TRADE 242577 0 12000 0 0 0 17567 0 24787 0 296931 0 0 0 NORBERT MICHEL VP, DIRECTOR, MONETARY & FINANCIAL ALTERNATIVES 240854 0 12500 0 0 0 18255 0 25745 0 297354 0 0 0 CLARK NEILY SR VP FOR LEGAL STUDIES 237839 0 0 0 0 0 17449 0 25829 0 281117 0 0 0 ALEXANDER NOWRASTEH SR VP FOR POLICY 216293 0 20000 0 0 0 15367 0 18384 0 270044 0 0 0 MICHAEL CANNON DIRECTOR OF HEALTH POLICY 223530 0 0 0 0 0 15674 0 10353 0 249557 0 0 0 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. 52 2578759 MARKET VALUE X CRYPTOCURRENCY 31 93553 MARKET VALUE 0 false true false SCHEDULE M, PART I COLUMN(B): COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, LINE 11B REVIEW OF FORM 990 BY GOVERNING BODY PROCESS USED TO REVIEW FORM 990: FORM 990 IS PREPARED AND REVIEWED BY CATO'S (CATO) OUTSIDE ACCOUNTANTS UNDER THE SUPERVISION OF CATO'S (CATO) CFO. FORM 990 IS THEN REVIEWED BY CATO LEADERSHIP AND FORWARDED TO THE BOARD OF DIRECTORS FOR REVIEW AND COMMENT PRIOR TO FILING. A FINAL VERSION OF FORM 990 IS PROVIDED TO THE GOVERNING BODY PRIOR TO FILING ELECTRONICALLY. FORM 990, PART VI, LINE 12C CONFLICT OF INTEREST POLICY THE CATO INSTITUTE MAINTAINS A WRITTEN CONFLICT OF INTEREST POLICY APPLICABLE TO DIRECTORS, OFFICERS, KEY EMPLOYEES, AND OTHER COVERED PERSONS. ANNUALLY, COVERED INDIVIDUALS ARE REQUIRED TO REVIEW THE POLICY AND COMPLETE A WRITTEN CONFLICT OF INTEREST DISCLOSURE STATEMENT. DISCLOSURES ARE SUBMITTED TO THE CFO AND ARE REVIEWED IN ACCORDANCE WITH THE POLICY. ANY POTENTIAL CONFLICTS IDENTIFIED THROUGH THE ANNUAL DISCLOSURE PROCESS OR OTHERWISE REPORTED DURING THE YEAR ARE EVALUATED BASED ON ESTABLISHED PROCEDURES. FORM 990, PART VI, LINE 15A PROCESS TO ESTABLISH COMPENSATION OF TOP MANAGEMENT OFFICIAL PROCESS FOR DETERMINING COMPENSATION: AN INDEPENDENT CONTRACTOR REVIEWS THE COMPENSATION/BENEFITS OF THE PRESIDENT & CEO. THE BOARD DISCUSSES AND APPROVES EXECUTIVE COMPENSATION/BENEFITS BASED ON RESULTS OF THE INDEPENDENT STUDY. FORM 990, PART VI, LINE 15B PROCESS TO ESTABLISH COMPENSATION OF OTHER EMPLOYEES PROCESS FOR DETERMINING COMPENSATION: AN INDEPENDENT CONTRACTOR REVIEWS THE COMPENSATION/BENEFITS OF THE PRESIDENT & CEO. THE BOARD DISCUSSES AND APPROVES EXECUTIVE COMPENSATION/BENEFITS BASED ON RESULTS OF THE INDEPENDENT STUDY. FORM 990, PART VI, LINE 19 REQUIRED DOCUMENTS AVAILABLE TO THE PUBLIC HOW THE ORGANIZATION MAKES ORGANIZING DOCUMENTS AVAILABLE TO THE PUBLIC: CATO'S BYLAWS, ARTICLES OF INCORPORATION, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO ANYONE WHO REQUESTS THEM. FURTHER, CATO HAS ALWAYS COMPLIED, AND WILL CONTINUE TO COMPLY, WITH THE MANDATE THAT FORM 990 BE MADE PUBLICLY AVAILABLE.