2022-11-15T13:34:22-06:00 2021-12-31 350921680 CROWE LLP 750 N St Paul Suite 850 Dallas TX 752013246 990PF 2021-01-01 756036226 Kimbell Art Foundation KIMB 8173366100 301 Commerce St 2300 Fort Worth TX 761024122 Brenda Cline CFO, Secr./Treas. 8173366100 2022-11-15 true Brenda Cline 999009999 Lori McLaughlin P01231707 2147775200 2021 2022-09-23 18:48:47Z X 2922404203 X 8692764 34012 861711 9285862 14324321 9270240 107127 1001582 638115 363467 33082476 30780580 33082476 52320292 40050820 33189603 645800 194450 194450 451350 6818367 272770 272770 6545597 1526584 79351 79351 1447233 52689 -37862 -37862 90551 99837 39522 39522 60315 502840 455424 455424 47416 1955226 2816917 1239569 1084567 1084567 155000 18704131 11589460 11589460 589007 109072 109072 479935 4802 573 573 4229 3124 0 0 3124 5805603 31665 963669 4841934 37947579 13818992 14750996 16943601 209000 209000 38156579 13818992 14750996 17152601 14163713 26231828 18438607 1884078 2387161 2387161 2309486 10722019 10722019 3601 0 2577 3601 3601 0 0 0 0 0 0 0 0 0 0 0 810600 606604 606604 372895 312929 312929 0 0 0 37947209 43089457 69640133 0 0 396496 327347 102238 69149 69000 142301372 148473114 309562656 191182925 59083725 138844448 132099200 278670000 343501154 351780632 2250430100 668076057 689543866 2922404203 99718 66050 0 0 4300000 12900000 58611903 57349667 63011621 70315717 X 603094755 617089911 1969681 2138238 605064436 619228149 668076057 689543866 605064436 14163713 0 619228149 0 619228149 U.S. EQUITIES P 2020-01-01 2021-12-31 6272357 2889965 3382392 0 3382392 INTERNATIONAL EQUITIES P 2020-01-01 2021-12-31 841624 0 841624 0 841624 HEDGE FUNDS P 2020-01-01 2021-12-31 37707 15335 22372 0 22372 OIL & GAS ROYALTIES P 2020-01-01 2021-12-31 108154 0 108154 0 108154 PARTNERSHIP INVESTMENTS P 2020-01-01 2021-12-31 4805296 0 4805296 0 4805296 EXEMPT FUNCTION ASSETS P 2020-01-01 2021-12-31 3275 15345 15345 3275 0 3275 U.S. EQUITIES P 2021-01-01 2021-12-31 2240286 2129921 110365 0 110365 PARTNERSHIP INVESTMENTS P 2021-01-01 2021-12-31 0 3238 -3238 0 -3238 9270240 107127 364622 364622 364622 346949 175000 521949 157327 157327 0 false false false false true true true false true true TX true true false false false true WWW.KIMBELLART.ORG Brenda A Cline 8173366100 301 Commerce St Suite 2300 Fort Worth TX 76102 false false false false true false false false false false true false false false false false false false false false false false false Brenda A Cline 301 Commerce St Fort Worth TX 761024122 CFO, Secr./Treas. 30.000 388900 41036 12535 Susan R Drake 3333 Camp Bowie Blvd Fort Worth TX 76107 Dep. Dir. Fina./Admin., Asst. Secr./Treas. 35.000 256900 18897 5542 Mrs Glenn M Darden 301 Commerce St Fort Worth TX 761024122 Director 3.000 0 0 0 Ms Karen Fortson Davis 301 Commerce St Fort Worth TX 761024122 Director 3.000 0 0 0 Mrs Peter O Alcorn 301 Commerce St Fort Worth TX 761024122 Director 3.000 0 0 0 Mr Stewart L Henderson 301 Commerce St Fort Worth TX 761024122 Director 3.000 0 0 0 Mrs William K Burton 301 Commerce St Fort Worth TX 761024122 Director; Vice President 8.000 0 0 0 Mrs Mitchell S Wynne 301 Commerce St Fort Worth TX 761024122 Director; Vice Chairman, President & CEO 20.000 0 0 0 Mrs Ben J Fortson 301 Commerce St Fort Worth TX 761024122 Director; Chairman 8.000 0 0 0 Mr Ben J Fortson 301 Commerce St Fort Worth TX 761024122 Director; Exec. Vice President & CIO 30.000 0 0 0 Mr Win S Ryan 301 Commerce St Fort Worth TX 761024122 Director 3.000 0 0 0 Eric M Lee 3333 Camp Bowie Blvd Fort Worth TX 76107 Museum Director 35.000 623900 58223 12567 George TM Shackelford 3333 Camp Bowie Blvd Fort Worth TX 76107 Deputy Director 35.000 397876 27868 0 Robert McAn 3333 Camp Bowie Blvd Fort Worth TX 76107 Donor Relations Head 35.000 170000 19657 0 Mark K Rich 301 Commerce St Fort Worth TX 761024122 Dir. of Investments 35.000 220000 35552 0 Larry D Eubank 3333 Camp Bowie Blvd Fort Worth TX 76107 Operations Manager 35.000 188200 20829 0 30 Kelly Hart & Hallman LLP 201 Main Street Ste 2500 Fort Worth TX 76102 Legal Services 136043 Taylor Companies Royalty Holdings II LLC 2777 N Stemmons Fwy Dallas TX 75207 Oil & Gas Consulting 112000 Luther King Capital Management 301 Commerce Street Fort Worth TX 76102 Investment Management Services 109937 Northern Trust 50 S LaSalle St Chicago IL 60603 Investment Custody Services 103444 Loomis Sayles One Financial Center Boston MA 02111 Investment Management Services 97006 4 (SEE STATEMENT) 18578506 None 0 73485887 3121480 284415683 361023050 0 361023050 5415346 355607704 17780385 X 17152601 0 648901 0 17801502 1972-03-31 X 17780385 0 11805409 19121224 48707018 15113327 0 10034598 16253040 41400965 17801502 18865786 24276879 42248499 103192666 209000 217500 306693 84500 817693 17592502 18648286 23970186 42163999 102374973 11853590 9971619 11158012 12747483 45730704 X Amon Carter Museum of American Art 3501 CAMP BOWIE BLVD FORT WORTH TX 76107 NONE PC Capital Campaign 200000 Aspen Center for Physics 700 GILLESPIE AVE ASPEN CO 81611 NONE PC Operating Support 1000 Fort Worth Symphony Orchestra 330 E 4TH STREET STE 200 FORT WORTH TX 76102 NONE PC Operating Support 4000 Texans For The Arts Foundation PO BOX 4549 AUSTIN TX 78765 NONE PC Operating Support 2500 Van Cliburn Foundation 201 MAIN STE 100 FORT WORTH TX 76102 NONE PC Operating Support 1500 209000 0 14 34012 14 861711 523000 15622 18 9270240 3 142777 220690 Membership Revenue 2261488 Special Programs and Projects 489619 Conservation Revenue 42161 Other Exempt Revenue 15 3727 Pass-through from Partnership Investments 523000 -574724 14 2121639 Mineral Interests - Royalties 15 18583233 Net Profit Interest - Royalties 15 1920845 Kimbell Royalty Operating, LLC 523000 79625 15 8154857 Other Income 18 6 -479477 41089320 3017685 43627528 10 Sale of Museum Shop items such as books and other materials which promote interest in various art forms to the general public and buffet food items served for the benefit of museum patrons. 11a Revenue from membership, conservation, special programs and projects related to the Foundation's exempt purpose. false false false false false false false false false false X X 1 Alice L Walton Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 7500 X 2 The Anne H Bass Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 3 Arts Council of Fort Worth 301 Commerce Street STE 2300 Fort Worth TX 76102 60000 X 4 Mrs Mercedes T Bass 301 Commerce Street STE 2300 Fort Worth TX 76102 90000 X 5 Virginia F Clay 301 Commerce Street STE 2300 Fort Worth TX 76102 50000 X 6 Crystelle Waggoner Charitable Trust Bank of America NA Trustee 301 Commerce Street STE 2300 Fort Worth TX 76102 100000 X 7 The Estate of Dr Ralph C Disch 301 Commerce Street STE 2300 Fort Worth TX 76102 12508 X 8 Thomas Fagadau 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 9 Folsom Point Charities 301 Commerce Street STE 2300 Fort Worth TX 76102 20000 X 10 Fort Worth Tourism Public Improvement District 301 Commerce Street STE 2300 Fort Worth TX 76102 31625 X 11 Carol Havener 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 12 The James and Gayle Halperin Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 25000 X 13 Luther King Capital Management 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 14 Mary Potishman Lard Trust 301 Commerce Street STE 2300 Fort Worth TX 76102 25000 X 15 Stacie and David McDavid 301 Commerce Street STE 2300 Fort Worth TX 76102 5023 X 16 Dan McRee 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 17 Clark and Debra Million 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 18 Mollie and Garland Lasater Fund at the North Texas Community Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 19 John and Kathy Nugent 301 Commerce Street STE 2300 Fort Worth TX 76102 40000 X 20 Qurumbli Fund 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 21 Sam Scott Miller Fund 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 22 Stastny Folk Art And Crafts Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 36123 X 23 Texas Commission on the Arts 301 Commerce Street STE 2300 Fort Worth TX 76102 224082 X 24 Virginia Clay Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 50000 X 25 Charles White 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 26 William M Fuller Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 27 The Burnett Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 235000 X 28 Gwendolyn Weiner 301 Commerce Street STE 2300 Fort Worth TX 76102 7500000 X 27 OIL, GAS, AND MINERAL INTERESTS 235000 2021-10-18 28 UNDIVIDED 20% INTEREST IN AND TO THE LIMESTONE SCULPTURE "HEAD" BY AMEDEO MODIGLIANI 7500000 2021-10-01 Accounting and Auditing Fees 99837 39522 39522 60315 Land Improvements 12332991 4054766 SL 15.0 779322 Museum Buildings 122554444 21636822 SL 40.0 3063861 Building Improvements 38863113 16990245 SL 15.0 2350611 Leasehold Improvements 46434 18050 SL 15.0 3096 Furniture & Fixtures 6330110 4994389 SL 10.0 449780 Equipment 2819096 1895672 SL 10.0 172764 Computer Equipment 3122737 2379110 SL 5.0 295237 Furniture & Fixtures 221882 190883 SL 7.0 25799 25799 25799 Computer Equipment 66268 59651 SL 5.0 1675 1675 1675 Leasehold Improvements 108346 42116 SL 15.0 7223 7223 7223 Oil & Gas Investments 11554763 11554763 11554763 Capital Gains and Losses from Part IV P 14308699 5023114 9270240 15345 Long-term UBI Pass-through from Partnership Investments 2020-01 P 2021-12 15615 0 15615 Short-term UBI Pass-through from Partnership Investments 2021-01 P 2021-12 7 0 7 COLUMN (D) FORM 990-PF, PART I, LINE 17 BOOK / TAX DIFFERENCE: AMORTIZATION OF LOSS ON REFUNDING OF BOND PAYABLE -- $861,691 SUMMARY OF DIRECT CHARITABLE ACTIVITIES FORM 990-PF, PART VIII-A THE KIMBELL ART FOUNDATION (THE "FOUNDATION") IS A NONPROFIT CORPORATION, WHICH WAS INCORPORATED IN TEXAS IN 1936. THE FOUNDATION WAS FORMED PRINCIPALLY FOR THE PURPOSE OF FOUNDING AND MAINTAINING, IN THE CITY OF FORT WORTH, TEXAS, AN ART INSTITUTE TO ACQUIRE BY PURCHASE, EXCHANGE, GIFT, AND BEQUEST PAINTINGS AND OTHER ART OBJECTS FOR PUBLIC EXHIBITION WITHOUT PROFIT, AND TO PURCHASE, ERECT OR OTHERWISE ACQUIRE SUITABLE SITES AND STRUCTURES FOR SUCH PURPOSE, AND THEREBY TO PROMOTE THE STUDY AND APPRECIATION OF ART. IN ACCORDANCE WITH THIS PURPOSE, THE FOUNDATION OWNS AND OPERATES THE KIMBELL ART MUSEUM (THE "MUSEUM"), LOCATED AT 3333 CAMP BOWIE BOULEVARD, FORT WORTH, TEXAS, WHOSE PERMANENT COLLECTIONS RANGE IN PERIOD FROM ANTIQUITY TO THE 20TH CENTURY AND INCLUDE EUROPEAN MASTERPIECES BY ARTISTS SUCH AS FRA ANGELICO, MICHELANGELO, CARAVAGGIO, POUSSIN, VELAZQUEZ, MONET, PICASSO AND MATISSE; IMPORTANT COLLECTIONS OF EGYPTIAN AND CLASSICAL ANTIQUITIES; AND THE ART OF ASIA, AFRICA, AND THE ANCIENT AMERICAS. THOSE COLLECTIONS, AS WELL AS SPECIAL EXHIBITIONS, ARE DISPLAYED IN THE MUSEUM'S TWO BUILDINGS: THE KAHN BUILDING AND THE PIANO PAVILION WHICH OPENED IN 1972 AND 2013, RESPECTIVELY, AND ARE EACH NAMED IN RECOGNITION OF THE DESIGN ARCHITECTS, LOUIS I. KAHN AND RENZO PIANO. Special exhibitions in 2021 included Queen Nefertari's Egypt; Buddha, Shiva, Lotus, Dragon; and Turner's Modern World. The Museum also offers a wide range of educational programs and resources, both in-person and virtually, to enrich its visitors' experiences and enhance their understanding, appreciation, and enjoyment of the artworks and architecture on view. Those include, among others, lectures, films, family festivals, workshops, a drop-in studio, art camps, and teacher training. AMERICAN BEACON 10654702 12671208 DODGE & COX 9464269 16329754 LUTHER KING CAPITAL MANAGEMENT 10411675 16757374 FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 793229 1218750 LOOMIS, SAYLES & COMPANY, LP 8336344 20894838 NORTHERN TRUST SECURITIES, INC. 3429238 1768209 LEASEHOLD IMPROVEMENTS 108346 49339 59007 59000 EQUIPMENT 288150 278008 10142 10000 MINERAL INTERESTS- ROYALTIES AT COST 41056519 137500000 NET PROFITS INTEREST - ROYALTIES AT COST 127352 14000000 Kimbell Royalty Operating, LLC AT COST 45937298 70247074 PARTNERSHIP INTERESTS AT COST 48977516 69942727 HEDGE FUNDS AT COST 11952199 17175785 DEFERRED COMPENSATION ASSETS AT COST 422230 697070 LAND 5098500 0 5098500 15990000 BUILDINGS 173750549 48875627 124874922 260570000 LEASEHOLD IMPROVEMENTS 46434 21145 25289 25000 EQUIPMENT 12271942 10186953 2084989 2085000 Other 15500 0 15500 0 Legal Fees 52689 -37862 -37862 90551 4300000 Frost Bank None 12900000 2021-08 2024-08 Interest paid monthly 1.75 Unsecured Line of Credit PAINTINGS 246651566 247411819 1968736000 SCULPTURES 84629894 92129894 257075000 DRAWINGS & PRINTS 595276 595276 3761000 CERAMICS, LACQUERS & MOSAICS 6667836 6667836 12227000 LIBRARY 2618548 2637773 2638000 SCROLLS & SCREENS 2057487 2057487 5713000 SEALS 170000 170000 170000 FRAMES 82447 82447 82000 MEMBERSHIPS 28100 28100 28100 Special Programs and Projects 2903218 0 531779 2371439 Membership Expenses 400225 0 400225 0 Insurance 861704 0 0 861704 Repair and Maintenance 1066712 62 62 1066650 Administrative Costs 573744 31603 31603 542141 Membership Revenue 2261488 2261488 Special Programs and Projects 489619 489619 Conservation Revenue 42161 42161 Other Exempt Revenue 3727 3727 Pass-through from Partnership Investments 1546915 2121639 1546915 Mineral Interests - Royalties 18583233 18583233 18583233 Net Profit Interest - Royalties 1920845 1920845 1920845 Kimbell Royalty Operating, LLC 8234482 8154857 8234482 Other Income 6 6 6 BONDS PAYABLE 58611903 56849667 OBLIGATIONS FOR PURCHASE OF ART 0 500000 Investment Management Fees 455424 455424 455424 Other Fees 47416 47416 Museum Shop 799725 503025 220690 Buffet 278246 135090 142777 Ad Valorem Taxes 250541 250541 250541 0 Production Taxes 834026 834026 834026 0 Federal Excise Taxes 155000 0 0 155000 Federal UBIT 0 0 0 0 State UBIT 2 0 0 0