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Cato Institute
Cato Institute reported $69.2 million in revenue and $50.6 million in expenses for the fiscal year ending March 31, 2026. Of every $100 it spent, $80.63 went to program services, $8.06 to management and general costs and $11.31 to fundraising. Its largest source of revenue was contributions and grants: 79.7% of the total. The highest compensation it reported for one person was $816,307 (PRESIDENT AND CEO). 77 people received more than $100,000 in reportable compensation. Revenue rose 113% between FY2020 and FY2026. Source: Form 990, FY2026.
Where $100 of spending went
The fiscal year ending March 31, 2026 · Form 990, Part IX, line 25 · total expenses $51MFor context, the median across 185 covered public & societal benefit charities: $88.81 programs, $11.18 management, $0.01 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending March 31, 2026 · Form 990, Part VIII · total revenue $69MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2026 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 80.6% | 84.9% |
| Management & general Part IX 25(C) ÷ 25(A) | 8.1% | 10.7% |
| Fundraising Part IX 25(D) ÷ 25(A) | 11.3% | 0.0% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.10 | $0.01 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 79.7% | 83.8% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 0.0% |
| Program service revenue share Part VIII 2g ÷ 12 | 0.4% | 3.2% |
| Highest reported compensation Part VII-A, columns D–F | $816,307 | $357,133 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 1.61% | 1.52% |
| People paid over $100,000 Part VII, line 2 | 77 | 12 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 49.9 | 10.5 |
| Independent voting board members Part VI 1a–1b | 13 of 14 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2026 · Form 990, Part III · the three largest programs by expensePublic 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
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…
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…
Highest reported compensation
FY2026 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| PRESIDENT AND CEO Director/trustee, officer, 40.0 hrs/week | $759,553 | $0 | $56,754 | $816,307 |
| VP, CHIEF DATA & AI OFFICER Key employee, 40.0 hrs/week | $332,399 | $0 | $49,247 | $381,646 |
| VP, DIRECTOR, MONETARY & FINANCIAL ALTERNATIVES Highest compensated employee, 40.0 hrs/week | $253,354 | $0 | $44,000 | $297,354 |
| VP, GENERAL ECONOMICS & TRADE Highest compensated employee, 40.0 hrs/week | $254,577 | $0 | $42,354 | $296,931 |
| SR VP FOR MARKETING AND PARTNERSHIPS Key employee, 40.0 hrs/week | $257,468 | $0 | $26,926 | $284,394 |
| SR VP FOR LEGAL STUDIES Highest compensated employee, 40.0 hrs/week | $237,839 | $0 | $43,278 | $281,117 |
| SR VP FOR POLICY Highest compensated employee, 40.0 hrs/week | $236,293 | $0 | $33,751 | $270,044 |
| SECRETARY, VP, FINANCE & CFO Officer, 40.0 hrs/week | $229,173 | $0 | $35,380 | $264,553 |
77 people received more than $100,000 in reportable compensation from Cato Institute (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.8M (Part IX, line 5).
7 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2026 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b14 · 13 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18Yes
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 5333
- Volunteers Part I, line 613
Largest outside contractors
FY2026 · Form 990, Part VII, Section B · businesses only| COMMUNITY COUNSELLING SERVICES CO LLC Fundraising consulting services | $530,000 |
| LOCUST STREET GROUP Marketing consulting services | $365,500 |
| PROFESSIONAL MAINTENANCE CORP Janitorial services | $185,773 |
| ADVANCED ACCESS LLC Building security | $125,789 |
Individuals listed as contractors are left out. 6 contractors were paid more than $100,000 in all.
Private foundation grants it received
182 private foundations reported grants to Cato Institute totaling $13M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Cato Institute's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Cato Institute, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Cato Institute spent in FY2026, $80.63 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Andeco InstituteMcLean, VA · revenue $69M · programs 100.0% · 2024
- Pheaa Student Loan FoundationHarrisburg, PA · revenue $71M · programs 100.0% · FY2025
- Black Veterans for Social JusticeBrooklyn, NY · revenue $68M · programs 90.5% · 2023
- Accesslex InstituteWest Chester, PA · revenue $72M · programs 89.4% · FY2025
- American Association of Motor Vehicle AdministratorsArlington, VA · revenue $61M · programs 76.5% · FY2025
All public & societal benefit charities · Largest charities in District of Columbia
Questions people ask
How much of Cato Institute's spending goes to programs?
In the fiscal year ending March 31, 2026, Cato Institute reported that 80.6% of its $50.6 million in expenses went to program services, 8.1% to management and general and 11.3% to fundraising (Form 990, Part IX).
How much does Cato Institute pay its top executive?
The largest total compensation Cato Institute reported for one person in the fiscal year ending March 31, 2026 was $816,307, for the role of PRESIDENT AND CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Cato Institute get its money?
Of $69.2 million in revenue in the fiscal year ending March 31, 2026, 79.7% came from contributions and grants and 0.4% from program service revenue (Form 990, Part VIII).
Is Cato Institute a registered charity?
The IRS lists EIN 23-7432162 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024, 2025. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2026: Form 990 for the fiscal year ending March 31, 2026, object 202622409349301027 · read the filing
- FY2025: Form 990 for the fiscal year ending March 31, 2025, object 202532419349300218 · read the filing
- FY2024: Form 990 for the fiscal year ending March 31, 2024, object 202422229349301752 · read the filing
- FY2023: Form 990 for the fiscal year ending March 31, 2023, object 202333459349300728 · read the filing
- FY2022: Form 990 for the fiscal year ending March 31, 2022, object 202320319349300102 · read the filing
- FY2021: Form 990 for the fiscal year ending March 31, 2021, object 202113139349302081 · read the filing
- FY2020: Form 990 for the fiscal year ending March 31, 2020, object 202042979349300319 · read the filing
All filings for EIN 23-7432162: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.