Nonprofit · EIN 23-7432162
CATO INSTITUTE
Tax-exempt · WASHINGTON, DC 20001
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| March 31, 2026 | 990 | $69,195,897 | $50,569,335 | $18,626,562 | $213,708,628 | $3,566,886 | $210,141,742 |
| March 31, 2025 | 990 | $62,821,387 | $47,370,866 | $15,450,521 | $190,480,742 | $3,404,763 | $187,075,979 |
| March 31, 2024 | 990 | $71,927,807 | $41,834,120 | $30,093,687 | $172,218,520 | $2,142,731 | $170,075,789 |
Financial details: 990 for the year ended March 31, 2026
Revenue
- Contributions, gifts and grants
- $55,163,662
- Program service revenue
- $285,254
- Investment income
- $13,167,078
- Royalties
- $11,817
- Net gain from sales of assets
- $7,763,697
- Net income from sales of inventory
- $26,672
- Other revenue
- $579,903
Expenses
- Grants and similar amounts paid
- $136,000
- Compensation of officers, directors and key employees
- $1,832,182
- Other salaries and wages
- $23,613,259
- Salaries, compensation and benefits (total)
- $31,291,120
- Professional fundraising fees
- $447,500
- Legal fees
- $127,871
- Accounting fees
- $34,897
- Occupancy
- $1,627,982
- Travel
- $2,622,182
- Depreciation
- $1,628,183
- Program services (functional)
- $40,771,615
- Management and general (functional)
- $4,077,530
- Fundraising (functional)
- $5,720,190
Balance sheet and other
- Total assets, start of year
- $190,480,742
- Total assets, end of year
- $213,708,628
- Total liabilities, end of year
- $3,566,886
- Net assets, end of year
- $210,141,742
- Land, buildings and equipment
- $29,441,233
- Publicly traded securities
- $176,039,704
- Net assets without donor restrictions
- $195,065,480
- Net assets with donor restrictions
- $15,076,262
- Gross receipts
- $106,025,622
- Employees
- 333
- Volunteers
- 13
- Year formed
- 1974
- State of legal domicile
- KS
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended March 31, 2026, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PETER GOETTLER | PRESIDENT AND CEO Trustee or director, Officer | 40 | $759,553 | $56,754 |
| STEPHEN KURTZ | VP, CHIEF DATA & AI OFFICER Key employee | 40 | $332,399 | $49,247 |
| NORBERT MICHEL | VP, DIRECTOR, MONETARY & FINANCIAL ALTERNATIVES Highest-paid employee | 40 | $253,354 | $44,000 |
| SCOTT LINCICOME | VP, GENERAL ECONOMICS & TRADE Highest-paid employee | 40 | $254,577 | $42,354 |
| HARRISON MOAR | SR VP FOR MARKETING AND PARTNERSHIPS Key employee | 40 | $257,468 | $26,926 |
| CLARK NEILY | SR VP FOR LEGAL STUDIES Highest-paid employee | 40 | $237,839 | $43,278 |
| ALEXANDER NOWRASTEH | SR VP FOR POLICY Highest-paid employee | 40 | $236,293 | $33,751 |
| MARISSA DELGADO | SECRETARY, VP, FINANCE & CFO Officer | 40 | $229,173 | $35,380 |
| MICHAEL CANNON | DIRECTOR OF HEALTH POLICY Highest-paid employee | 40 | $223,530 | $26,027 |
| HOWARD S RICH | DIRECTOR, VICE CHAIRMAN, EXECUTIVE OFFICER Trustee or director, Officer | 2.5 | $0 | $0 |
| JAMES M LAPEYRE JR | DIRECTOR, CHAIRMAN, EXECUTIVE OFFICER Trustee or director, Officer | 2.5 | $0 | $0 |
| BARON BOND | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| CHARLES SUNDERLAND | DIRECTOR (AS OF 10/18/2025) Trustee or director | 2.5 | $0 | $0 |
| DAVID C HUMPHREYS | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| FRED YOUNG | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
7 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JAMES M KILTS | DIRECTOR Trustee or director | 2.5 | $0 |
| JOHN P MACKEY | DIRECTOR Trustee or director | 2.5 | $0 |
| KENNETH LEVY | DIRECTOR Trustee or director | 2.5 | $0 |
| KENNETH R FRENCH | DIRECTOR Trustee or director | 2.5 | $0 |
| LAURA HOLMES JOST | DIRECTOR Trustee or director | 2.5 | $0 |
| ROBERT A TAYLOR | DIRECTOR Trustee or director | 2.5 | $0 |
| ROBERT GELFOND | DIRECTOR Trustee or director | 2.5 | $0 |
990 for the year ended March 31, 2025: 23 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PETER GOETTLER | PRESIDENT AND CEO Trustee or director, Officer | 40 | $711,629 | $54,249 |
| STEPHEN KURTZ | VP, CHIEF DIGITAL OFFICER Key employee | 40 | $313,592 | $42,802 |
| NORBERT MICHEL | VP, DIRECTOR, MONETARY&FINANCIAL Highest-paid employee | 40 | $247,637 | $40,536 |
| SCOTT LINCICOME | VP, GENERAL ECONOMICS & TRADE Highest-paid employee | 40 | $245,178 | $38,826 |
| GENE HEALY | SENIOR VP FOR POLICY Highest-paid employee | 40 | $239,165 | $40,022 |
| CLARK NEILY | SR VP FOR LEGAL STUDIES Highest-paid employee | 40 | $235,896 | $39,907 |
| MICHAEL CANNON | DIRECTOR OF HEALTH POLICY Highest-paid employee | 40 | $225,730 | $24,930 |
| MARISSA DELGADO | SECRETARY, VP, FINANCE & CFO Officer | 40 | $216,517 | $32,097 |
| HARRISON MOAR | VP FOR DEVELOPMENT Key employee | 40 | $219,948 | $24,899 |
| HOWARD S RICH | DIRECTOR, VICE CHAIRMAN, EXECUTIVE OFFICER Trustee or director, Officer | 2.5 | $0 | $0 |
| JAMES M LAPEYRE JR | DIRECTOR, CHAIRMAN, EXECUTIVE OFFICER Trustee or director, Officer | 2.5 | $0 | $0 |
| BARON BOND | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| DAVID C HUMPHREYS | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| EILEEN S LEECH | DIRECTOR (THRU 08/20/2024) Trustee or director | 2.5 | $0 | $0 |
| FRED YOUNG | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| JAMES M KILTS | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| JOHN A ALLISON | DIRECTOR (THRU 01/10/2025) Trustee or director | 2.5 | $0 | $0 |
| JOHN P MACKEY | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| KENNETH LEVY | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| KENNETH R FRENCH | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| LAURA HOLMES JOST | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| ROBERT A TAYLOR | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| ROBERT GELFOND | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
990 for the year ended March 31, 2024: 23 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PETER GOETTLER | PRESIDENT & CEO Trustee or director, Officer | 40 | $629,856 | $51,787 |
| STEPHEN KURTZ | VP, CHIEF DIGITAL OFFICER Key employee | 40 | $304,008 | $38,931 |
| LESLEY ALBANESE | SR VP, INITIATIVES Highest-paid employee | 40 | $272,595 | $27,587 |
| SCOTT LINCICOME | VP, GENERAL ECONOMICS & TRADE Highest-paid employee | 40 | $236,350 | $37,927 |
| NORBERT MICHEL | VP,DIRECTOR,MONETARY&FINANCIAL Highest-paid employee | 40 | $227,711 | $38,237 |
| CLARK NEILY | SR VP FOR LEGAL STUDIES Highest-paid employee | 40 | $226,692 | $39,112 |
| MARISSA DELGADO | SECRETARY, VP, FINANCE & CFO Officer | 40 | $214,892 | $37,195 |
| HARRISON MOAR | VP FOR DEVELOPMENT Key employee | 40 | $215,474 | $24,366 |
| MICHAEL CANNON | DIRECTOR OF HEALTH POLICY Highest-paid employee | 40 | $215,820 | $23,698 |
| JOHN A ALLISON | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| BARON BOND | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| KENNETH R FRENCH | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| ROBERT GELFOND | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| DAVID C HUMPHREYS | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| LAURA HOLMES JOST | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| JAMES M KILTS | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| JAMES M LAPEYRE JR | CHAIRMAN Trustee or director | 2.5 | $0 | $0 |
| EILEEN S LEECH | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| KENNETH LEVY | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| JOHN P MACKEY | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| HOWARD S RICH | DIR., VICE CHAIR Trustee or director | 2.5 | $0 | $0 |
| ROBERT A TAYLOR | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
| FRED YOUNG | DIRECTOR Trustee or director | 2.5 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1000 MASSACHUSETTS AVE NW, WASHINGTON, DC 20001-5401
- In care of
- % MARISSA DELGADO
- Principal officer (990 for 2025)
- MARISSA DELGADO, 1000 MASSACHUSETTS AVE NW, WASHINGTON, DC 20001
- Signed the 990
- MARISSA DELGADO, VP, FINANCE & CFO
- Phone
- (202) 842-0200
- Website
- WWW.CATO.ORG
- Return prepared by
- BDO USA
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 accomplishments
- 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
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in March, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | March 31, 2026 | August 17, 2026 | 990 on file |
| 2024 | March 31, 2025 | August 15, 2025 | 990 on file |
| 2023 | March 31, 2024 | August 15, 2024 | 990 on file |
IRS record
- EIN
- 23-7432162
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1975
- Accounting year ends
- March
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Public and societal benefit (W200)
- Assets (IRS master file)
- $213,708,628
- Income (IRS master file)
- $106,025,622
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | March 2026 | $69,195,897 | $50,569,335 | $213,708,628 | XML |
| 990 | March 2025 | $62,821,387 | $47,370,866 | $190,480,742 | XML |
| 990 | March 2024 | $71,927,807 | $41,834,120 | $172,218,520 | XML |
| 990 | March 2023 | $57,666,559 | $37,718,015 | $135,047,209 | IRS |
| 990 | March 2022 | $45,929,682 | $31,337,947 | $116,844,158 | IRS |
| 990 | March 2021 | – | – | – | IRS |
| 990 | March 2019 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 23-7432162).
Questions about CATO INSTITUTE
- What is the EIN of CATO INSTITUTE?
- The employer identification number (EIN) of CATO INSTITUTE is 23-7432162.
- Is CATO INSTITUTE tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1975.
- Are donations to CATO INSTITUTE tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does CATO INSTITUTE file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CATO INSTITUTE due?
- The return for tax year 2026 (the year ending March 31, 2027) is due August 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CATO INSTITUTE last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended March 2026.
- Who is the principal officer of CATO INSTITUTE?
- The 990 for the year ended March 31, 2026 names MARISSA DELGADO.
- Who are the officers and directors of CATO INSTITUTE?
- The 990 for the year ended March 31, 2026 lists 22 people; 9 received compensation from the organization, the highest $759,553 (PETER GOETTLER, PRESIDENT AND CEO).
- How much revenue does CATO INSTITUTE have?
- On its 990 for the year ended March 31, 2026 it reported revenue of $69,195,897, expenses of $50,569,335 and total assets of $213,708,628 at year end.
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