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Cato Institute

Washington, District of Columbia · EIN 23-7432162 · Public & Societal Benefit · tax-exempt since 1975

C

Charity Clarity grade C (score 60.5 of 100), based on the Form 990 for the year ended March 2026.

Graded against 324 public & societal benefit nonprofits with revenue over $50M filing the same form. A = top 10%, B = next 20%, C = middle 40%, D = next 20%, F = bottom 10%.

What goes into the grade

MeasureThis charityScore (0–100)
ReservesMonths of spending covered by unrestricted net assets.49.9 months19
GovernanceBoard independence, key policies and audit, per the 990.98% of practices98
Margin stabilityHow steady the surplus or deficit is year to year.69
Revenue spreadHow much revenue rests on one type of income.80% from one source39
Filing recordOn-time, complete filings, year after year.100%100
Program spendingSelf-reported by the filer.86.7%not scored
Management costsShare of spending.1.1%not scored
Cost to raise $1Fundraising cost per dollar given.$0.10not scored

Scores compare this charity with its peer group; 100 is best. How Charity Clarity rates charities.

Year by year

2016201720182019202120222023202420252026grey: revenue · green: spending
Year endedFormRevenueSpendingSurplusNet assetsMonths of spendingStaffGrade
Mar 2026Form 990$69.20M$50.57M$18.63M$210.14M49.9333C
Mar 2025Form 990$62.82M$47.37M$15.45M$187.08M47.4317C
Mar 2024Form 990$71.93M$41.83M$30.09M$170.08M48.8304C
Mar 2023Form 990$57.67M$37.72M$19.95M$132.74M42.2289C
Mar 2022Form 990$45.93M$31.34M$14.59M$114.16M43.7283C
Mar 2021Form 990$43.02M$28.21M$14.81M$101.09M43.0271C
Mar 2019Form 990$30.26M$30.60M−$340K$81.42M31.9299C
Mar 2018Form 990$36.68M$30.38M$6.30M$81.42M32.2279B
Mar 2017Form 990$36.89M$30.15M$6.74M$75.71M30.1266C
Mar 2016Form 990$27.87M$29.16M−$1.29M$68.97M28.4263C

From the organisation’s own IRS filings. “Months of spending” is total net assets divided by a month of that year’s spending. A blank grade means that year was not rated.

Read the filings

Every figure here comes from the returns this charity filed with the IRS. These sites show the full returns and more about the organisation:

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