## Cato Books Find the latest Cato books at [cato​.org/​books.](/books) [![Populism and the Future of the Fed cover image](/sites/cato.org/files/styles/serial_cover_phone/public/2022-04/9781952223556_FC.jpg?itok=xuh1X2fV)](https://www.cato.org/books/populism-future-fed) ##### [Populism and the Future of the Fed](/books/populism-future-fed) [![Superabundance cover](/sites/cato.org/files/styles/serial_cover_phone/public/2022-08/superabundance-cover.jpeg?itok=rr0Hyq43)](https://www.cato.org/books/superabundance) ##### [Superabundance](/books/superabundance) The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet [![Fractured Schoolhouse cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-01/the-fractured-schoolhouse-cover.jpg?itok=3z2kZzpF)](https://www.cato.org/books/fractured-schoolhouse) ##### [The Fractured Schoolhouse](/books/fractured-schoolhouse) Reexamining Education for a Free, Equal, and Harmonious Society [![Cato Supreme Court Review, 2021-2022 cover image](/sites/cato.org/files/styles/serial_cover_phone/public/2022-09/21-22_SCR-cover%20%28002%29.jpg?itok=2sIsOamv)](https://www.cato.org/books/cato-supreme-court-review-2021-2022) ##### [Cato Supreme Court Review: 2021–2022](/books/cato-supreme-court-review-2021-2022) [![Freedom's Furies cover](/sites/cato.org/files/styles/serial_cover_phone/public/2022-10/Freedom%27s%20Furies-REV2.jpg?itok=X8vHraRk)](https://www.cato.org/books/freedoms-furies) ##### [Freedom’s Furies](/books/freedoms-furies) How Isabel Paterson, Rose Wilder Lane, and Ayn Rand Found Liberty in an Age of Darkness [![Unreliable Watchdog front cover image](/sites/cato.org/files/styles/serial_cover_phone/public/2022-11/9781952223334_FC.jpg?itok=NIjgr0Vr)](https://www.cato.org/books/unreliable-watchdog) ##### [Unreliable Watchdog](/books/unreliable-watchdog) The News Media and U.S. Foreign Policy [![Cato 2022 Handbook for Policymakers cover image](/sites/cato.org/files/styles/serial_cover_phone/public/2022-11/2022_handbook_cover_final.png?itok=9gFib5q4)](https://www.cato.org/books/cato-handbook-policymakers) ##### [Cato Handbook for Policymakers](/books/cato-handbook-policymakers) 9th Edition [![Empowering Book Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2022-11/FireShot%20Capture%20186%20-%20%20-%20.png?itok=LIuU8TWS)](https://www.cato.org/books/empowering-new-american-worker) ##### [Empowering the New American Worker](/books/empowering-new-american-worker) Market‐​Based Solutions for Today’s Workforce [![Human Freedom Index 2022 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2023-01/human-freedom-index-2022-cover.jpg?itok=VyVG4ojn)](https://www.cato.org/books/human-freedom-index-2022) ##### [ *Human Freedom Index 2022*](/books/human-freedom-index-2022) ## Fiscal Year 2023 Financial Results Cato’s unaudited financial information for fiscal year 2023 (April 1, 2022, to March 31, 2023) is presented below. Operating revenue of $56,999,000 and operating expenses of $38,418,000 reflect an increase of 26 percent compared with prior year revenue and an increase of 20 percent compared with prior year expenses. The Cato Institute accepts no government funding and is committed to maximizing the resources entrusted to it. Contributions from individuals, foundations, and corporations make possible our ability to drive important policy debates toward individual liberty, limited government, free markets, and peace. ![AR22 - Operating Revenue Chart](/sites/cato.org/files/styles/aside_mobile/public/2023-07/financials1.png?itok=n-FwmogE) ![AR22 - Operating Expenses Chart](/sites/cato.org/files/styles/aside_mobile/public/2023-07/financials2.jpg?itok=dRoEtN1h) ##### Operating Revenue Individual $48,888,000 Foundation $5,634,000 Corporate $1,688,000 Program $368,000 Other Income (Loss) ($421,000) --- Total $56,999,000 ##### Operating Expenses Program $28,082,000 Management & General $5,763,000* Development $4,573,000 --- Total $38,418,000 ##### Assets Cash & Equivalents $44,296,000 Investments $50,095,000 Fixed Assets $32,241,000 Other Assets $8,415,000 --- Total $135,047,000 ##### Liabilities and Net Assets Liabilities $2,306,000 Net Assets $132,741,000 --- Total $135,047,000 \*Includes $2,925,000 impairment of asset (real property) held for sale ## Board of Directors John A. Allison Former President & CEO, Cato Institute; Retired Chairman & CEO, BB&T Baron Bond CEO, The Foundation Group LLC Kenneth R. French Roth Family Distinguished Professor of Finance, Tuck School of Business, Dartmouth College Robert Gelfond CEO and Founder, MQS Management LLC Peter N. Goettler President and CEO, Cato Institute David C. Humphreys President and CEO, TAMKO Building Products Inc. Laura Holmes Jost Senior Vice President, Chandler Residential, Inc. James M. Kilts Partner, Centerview Capital Holdings; Former CEO, The Gillette Company James M. Lapeyre Jr. President, Laitram LLC Ken Levy Levy Family Fund John P. Mackey Co-Founder and Former CEO, Whole Foods Market; Co-Founder and CEO, Love Life! Howard S. Rich Chairman, U.S. Term Limits Robert A. Taylor CEO, EBC Management Fred Young Former Owner, Young Radiator Company ## Directors Emeritus K. Tucker Andersen Frank Bond† William A. Dunn Ethelmae C. Humphreys† David H. Koch† Robert A. Levy John C. Malone William A. Niskanen† David H. Padden† Donald G. Smith† Frederick W. Smith *Board list as of May 2023 †Deceased*