CATO INSTITUTE
Income Statement
Fiscal Year Start:
Apr 1
Revenues in 2025
$62,821,387
Contributions
91%
Investments
7%
Other
<1%
Program Services
<1%
Government Grants
0%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2025
$47,370,866
Salaries & Benefits
59%
Other
16%
Offices, Occupancy & IT
12%
Fees to Service Providers
7%
Depreciation
3%
Advertising & Promotion
<1%
Grants
<1%
Interest
<1%
Benefits to Members
0%
Revenues
2024
2025
Change
Contributions
$67,085,826
$57,383,444
-14%
Government Grants
$0
$0
-
Fundraising Events
$0
$0
-
Program Services
$233,514
$371,720
+59%
Membership Dues
$0
$0
-
Investments
$3,880,465
$4,673,808
+20%
Other
$728,002
$392,415
-46%
Total Revenues
$71,927,807
$62,821,387
-13%
Expenses
2024
2025
Change
Grants
$200,000
$232,000
+16%
Benefits to Members
$0
$0
-
Salaries & Benefits
$25,146,417
$28,144,923
+12%
Fees to Service Providers
$3,162,871
$3,356,225
+6%
Advertising & Promotion
$309,024
$417,350
+35%
Offices, Occupancy & IT
$5,431,467
$5,888,827
+8%
Interest
$1,519
$17,122
+1027%
Depreciation
$1,403,370
$1,590,373
+13%
Other
$6,179,452
$7,724,046
+25%
Total Expenses
$41,834,120
$47,370,866
+13%
Net income
2024
2025
Change
Net income
+$30,093,687
+$15,450,521
-49%
Functional Expenses
Summary
2024
2025
Change
Program
$31,958,365
$37,632,952
+18%
Admin
$4,155,168
$3,930,211
-5%
Fundraising
$5,720,587
$5,807,703
+2%
Total Expenses
$41,834,120
$47,370,866
+13%
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