2021-11-09T09:32:03-06:00 2021-03-31 BDO USA LLP 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2020-04-01 237432162 CATO INSTITUTE % MARISSA DELGADO CATO 2028420200 1000 MASSACHUSETTS AVE NW WASHINGTON DC 20001 MARISSA DELGADO VP, Finance & CFO 2028420200 2021-11-05 true MARISSA DELGADO 999009999 Marc Berger P01871563 7038930600 3 2020 2022-09-23 18:48:47Z MARISSA DELGADO 1000 MASSACHUSETTS AVE NW WASHINGTON DC 20001 43194786 false X WWW.CATO.ORG X 1974 KS TO PROMOTE THE PRINCIPLES OF INDIVIDUAL LIBERTY, LIMITED GOVERNMENT, FREE MARKETS, AND PEACE. 17 16 271 16 0 30481359 41647052 557948 0 1187632 1015860 279589 358297 32506528 43021209 872082 669129 0 0 17928029 18715786 391742 372500 2892081 11949727 8449824 31141580 28207239 1364948 14813970 85585362 103817347 4194071 2724232 81391291 101093115 X TO ORIGINATE, DISSEMINATE, AND INCREASE UNDERSTANDING OF PUBLIC POLICIES BASED ON THE PRINCIPLES OF INDIVIDUAL LIBERTY, LIMITED GOVERNMENT, FREE MARKETS, AND PEACE. false true 18727049 617949 0 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. 2075846 51180 184113 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. 2057702 0 0 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 16 MILLION VISITS ANNUALLY. 22860597 true true false false false false false false false true true false false false true true true false false true true false true true false false false true true true false false false false false false false false true false false false false false false false false true 179 0 true 271 true false false false false false true true true 1 false false false false false X 17 16 false false false false false false false true true false false true true true true true true true false false AL AR CA CT FL GA HI IL KS KY ME MD MA MI MN MS NH NJ NM NY NC ND OK OR PA RI SC TN UT VA WV WI X X MARISSA DELGADO 2028420200 1000 MASSACHUSETTS AVE NW WASHINGTON DC 20001 X PETER GOETTLER PRESIDENT & CEO 40.0 0.0 X X 517535 0 32176 DAVID BOAZ EXECUTIVE VP 40.0 0.0 X 325382 0 27508 STEPHEN KURTZ VP, CHIEF DIGITAL OFFICER 40.0 0.0 X 266529 0 33038 LESLEY ALBANESE VP, INITIATIVES 40.0 0.0 X 264100 0 20839 GEORGE SELGIN DIR. 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PART X, LINE 2: 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 IRC, 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, 2021 AND 2020. 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 2018. 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. 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FORM 990, PART III, LINE 3: How COVID-19 impacted the organization's delivery of programs: With pressing questions of public policy at the forefront of the national conversation, our mission and research were more relevant than ever. To address new challenges to the economy, the growth of government during the pandemic, and other pressing policy questions we released a cross-disciplinary initiative, "Pandemics and Policy," featuring analysis across a broad range of policy areas to educate policymakers, thought leaders, journalists, academics, and the general public. Topics included "State Powers and the Constitution," "Balancing Tradeoffs between Liberty and Lives,"COVID-19 Policy: A Failure of Economic Thinking." We immediately and successfully pivoted to a virtual environment, maintained a strong policy and operating performance, significantly advanced strategic goals, and continued to engage broad audiences across America and around the world. How this organization adapted to changing conditions caused by COVID-19: Cato's events, external engagement, and special initiatives successfully pivoted to a largely virtual environment. Cato hosted 300 virtual events, including conferences, policy, book forums, and briefings, which were attended by over 400,000 online viewers. In order to support remote teams, promote collaboration, and advance productivity and impact Cato invested in digital platforms while also utilizing insight, information-sharing, and transparency gained from internal project management tools. In the second quarter of 2021, business travel resumed and in June and July Cato held the Sphere Summit for educators in person and online. Innovations the organization intends to continue permanently after the pandemic: The pivot to virtual provided new information about how to optimize our content for digital audiences. As a result, Cato is investing in resources to optimize our events for a hybrid approach that will better engage digital audiences and provide best-in-class digital content. The pandemic confirmed the importance of the Institute's existing priorities, including a focus on impact and accountability in policy analysis, increased digital capabilities, and reaching new and broader audiences. FORM 990, PART VI, SECTION B, LINE 11B: PROCESS USED TO REVIEW FORM 990: A DRAFT 990 IS PROVIDED TO EACH MEMBER FOR REVIEW AND COMMENT PRIOR TO FINALIZATION. FORM 990, PART VI, SECTION B, LINE 12C: MONITORING AND ENFORCEMENT OF COMPLIANCE WITH CONFLICT OF INTEREST POLICY: CATO REVIEWS CONFLICT OF INTEREST DISCLOSURES. IF A POTENTIAL CONFLICT OF INTEREST ARISES, THE DIRECTOR, OFFICER OR KEY EMPLOYEE WITH THE CONFLICT IS REQUIRED TO CORRECT THE SITUATION OR EITHER STEP DOWN FROM THE BOARD OR FACE TERMINATION FROM EMPLOYMENT. FORM 990, PART VI, SECTION B, LINE 15A: PROCESS FOR DETERMINING COMPENSATION: AN INDEPENDENT CONTRACTOR REVIEWS THE COMPENSATION/BENEFITS OF THE PRESIDENT. THE BOARD DISCUSSES AND APPROVES EXECUTIVE COMPENSATION/BENEFITS BASED ON RESULTS OF THE INDEPENDENT STUDY. FORM 990, PART VI, SECTION C, LINE 19: HOW THE ORGANIZATION MAKES ORGANIZING DOCUMENTS AVAILABLE TO THE PUBLIC: CATO'S BYLAWS, ARTICLES OF INCORPORATION, 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.