2021-11-10T19:30:47-06:00 2020-12-31 350921680 CROWE LLP 750 N St Paul Suite 850 Dallas TX 752013246 990PF 2020-01-01 756036226 Kimbell Art Foundation KIMB 8173366100 301 Commerce St 2300 Fort Worth TX 761024122 Ben J Fortson Exec. Vice President & CIO 2021-11-10 true Ben J Fortson 999009999 Lori McLaughlin P01231707 2147775200 2020 2022-09-23 18:48:47Z X 2773520344 X 1262179 66231 66231 66231 622170 622170 622170 2591018 9425084 2515551 0 491016 307159 183857 17483441 17314758 17483441 22208896 20518710 18171842 645800 194450 194450 451350 7495590 299967 299967 7195623 1701352 84980 84980 1616372 343345 266079 266079 77266 107929 51197 51197 56732 626907 412310 412310 214597 1954973 2822399 946019 841019 841019 105000 23295679 16367032 16367032 550164 105507 105507 444657 39130 1117 1117 38013 5523 0 0 5523 6008645 32213 1050695 4957950 43721056 18655871 19674353 17985482 217500 217500 43938556 18655871 19674353 18202982 -21729660 1862839 0 1744884 1884078 1884078 6932968 2309486 2309486 2577 0 76127 2577 2577 0 0 0 0 0 0 0 0 0 0 0 758781 810600 810600 453222 372895 372895 0 0 0 34920976 37947209 58790348 0 0 394888 292650 139930 102238 102000 154517498 142301372 252423260 191049617 52205169 145128814 138844448 279489000 343482631 343501154 2177336100 688155831 668076057 2773520344 53337 99718 0 0 0 4300000 61308398 58611903 61361735 63011621 X 625025618 603094755 1768478 1969681 626794096 605064436 688155831 668076057 626794096 -21729660 0 605064436 0 605064436 U.S. EQUITIES P 2019-01-01 2020-12-31 6495318 4442504 2052814 0 2052814 HEDGE FUNDS P 2019-01-01 2020-12-31 137 0 137 0 137 PARTNERSHIP INVESTMENTS P 2019-01-01 2020-12-31 686954 0 686954 0 686954 EXEMPT FUNCTION ASSETS P 2019-01-01 2020-12-31 0 0 0 0 0 U.S. EQUITIES P 2020-01-01 2020-12-31 2167208 2022923 144285 0 144285 PARTNERSHIP INVESTMENTS P 2020-01-01 2020-12-31 0 368639 -368639 0 -368639 2515551 -224354 25893 25893 25893 217842 0 217842 191949 191949 0 false false false false false 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 37712 16102 Susan R Drake 3333 Camp Bowie Blvd Fort Worth TX 76107 Dep. Dir. Fina./Admin., Asst. Secr./Treas. 35.000 256900 18928 5261 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 John L Marion 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 Eric M Lee 3333 Camp Bowie Blvd Fort Worth TX 76107 Museum Director 35.000 623900 11389 George TM Shackelford 3333 Camp Bowie Blvd Fort Worth TX 76107 Deputy Director 35.000 432839 0 Claire M Barry 3333 Camp Bowie Blvd Fort Worth TX 76107 Dir. of Conservation 35.000 233000 0 Mark K Rich 301 Commerce St Fort Worth TX 761024122 Dir. of Investments 35.000 220000 0 Larry D Eubank 3333 Camp Bowie Blvd Fort Worth TX 76107 Operations Manager 35.000 188200 0 36 Humphrey & Associates Inc 1501 Luna Road Carrollton TX 75006 Construction Management 624160 Timothy Madigan 262 Carroll Street Fort Worth TX 76107 Author 145000 Northern Trust 50 S LaSalle St Chicago IL 60603 Investment Custody Services 126996 Kelly Hart & Hallman LLP 201 Main Street Ste 2500 Fort Worth TX 76102 Legal Services 86595 Whitley Penn LLP 640 Taylor Street Ste 2200 Fort Worth TX 76102 Accounting Services 78055 5 (SEE STATEMENT) 19779268 None 0 52897312 1899825 248906998 303704135 0 303704135 4555562 299148573 14957429 X 18202982 0 662804 0 18865786 18865786 1972-03-31 X 0 11805409 19121224 13094084 44020717 0 10034598 16253040 11129971 37417609 18865786 24276879 42248499 26256749 111647913 217500 306693 84500 370500 979193 18648286 23970186 42163999 25886249 110668720 9971619 11158012 12747483 12850376 46727490 X The AIA Foundation 1735 NEW YORK AVENUE NW WASHINGTON DC 20006 NONE PC Operating Support 1000 Amon Carter Museum of American Art 3501 CAMP BOWIE BLVD FORT WORTH TX 76107 NONE PC Capital Campaign 200000 Fort Worth Symphony Orchestra 330 E 4TH STREET STE 200 FORT WORTH TX 76102 NONE PC Operating Support 3000 Southern Methodist University PO BOX 750281 DALLAS TX 75275 NONE PC Capital Campaign 10000 Texans For The Arts Foundation PO BOX 4549 AUSTIN TX 78765 NONE PC Operating Support 2500 University of Texas at Dallas 800 W CAMPBELL ROAD SPN 10 RICHARDSON TX 75080 NONE PC Operating Support 1000 217500 Amon Carter Museum of American Art 3501 CAMP BOWIE BLVD FORT WORTH TX 76107 NONE PC Capital Campaign 200000 200000 14 66231 14 622170 523000 75467 18 2515551 3 62330 121527 Membership Revenue 1863085 Special Programs and Projects 349568 Conservation Revenue 263719 Other Exempt Revenue 15 20303 Pass-through from Partnership Investments 523000 34677 14 86463 Mineral Interests - Royalties 15 10304610 Net Profit Interest - Royalties 15 736124 Kimbell Royalty Operating, LLC 523000 -2362669 15 6187504 Other Income 18 57 -2252525 20601343 2597899 20946717 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 15000 X 2 Arts Council of Fort Worth 301 Commerce Street STE 2300 Fort Worth TX 76102 55000 X 3 Mrs Mercedes T Bass 301 Commerce Street STE 2300 Fort Worth TX 76102 95000 X 4 Virginia F Clay 301 Commerce Street STE 2300 Fort Worth TX 76102 55000 X 5 Consulate General of Italy in Houston 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 6 Ellsworth Kelly Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 100000 X 7 Folsom Point Charities 301 Commerce Street STE 2300 Fort Worth TX 76102 20000 X 8 Fort Worth Tourism Public Improvement District 301 Commerce Street STE 2300 Fort Worth TX 76102 40500 X 9 The Havener 20 Charitable Fund at the North Texas Community Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 10 Heart of Neiman Marcus Foundation Fund of Communities Foundation of Texas 301 Commerce Street STE 2300 Fort Worth TX 76102 25000 X 11 The Lowe Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 100000 X 12 Luther King Capital Management 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 13 Mary Potishman Lard Trust 301 Commerce Street STE 2300 Fort Worth TX 76102 50000 X 14 John and Kathy Nugent 301 Commerce Street STE 2300 Fort Worth TX 76102 20000 X 15 Preservation Tree Services 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 16 Qurumbli Fund 301 Commerce Street STE 2300 Fort Worth TX 76102 20000 X 17 Texas Commission on the Arts 301 Commerce Street STE 2300 Fort Worth TX 76102 481511 X 18 Virginia Clay Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 50000 X Accounting and Auditing Fees 107929 51197 51197 56732 Land Improvements 12332991 3275444 SL 15.0 779322 Museum Buildings 122554444 18572961 SL 40.0 3063861 Building Improvements 38691362 14915402 SL 15.0 2155263 Leasehold Improvements 46434 14954 SL 15.0 3096 Furniture & Fixtures 6326696 4544133 SL 10.0 450256 Equipment 2857161 1822777 SL 10.0 174725 Computer Equipment 3142029 2130852 SL 5.0 302124 Furniture & Fixtures 221882 165084 SL 7.0 25799 25799 25799 Computer Equipment 64660 54981 SL 5.0 4670 4670 4670 Leasehold Improvements 108346 34893 SL 15.0 7223 7223 7223 Oil & Gas Investments 16329340 16329340 16329340 Capital Gains and Losses from Part IV P 9349617 6834066 2515551 Long-term UBI Pass-through from Partnership Investments 2019-01 P 2020-12 75442 0 75442 Short-term UBI Pass-through from Partnership Investments 2020-01 P 2021-12 25 0 25 COLUMN (D) Form 990-PF, Part I, Line 17 BOOK / TAX DIFFERENCE: AMORTIZATION OF LOSS ON REFUNDING OF BOND PAYABLE -- $867,426 SUMMARY OF DIRECT CHARITABLE ACTIVITIES Form 990-PF, Part IX-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 2020 included Flesh and Blood: Italian Masterpieces from the Capodimonte Museum and Queen Nefertari's Egypt. The Museum also offers a wide range of educational programs and resources 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, many of which were available virtually in 2020 through the Foundation website or social media. AMERICAN BEACON 9402281 11558000 DODGE & COX 8950988 12396662 LUTHER KING CAPITAL MANAGEMENT 8943840 15214875 FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 718229 1064553 LOOMIS, SAYLES & COMPANY, LP 7601522 17955115 NORTHERN TRUST SECURITIES, INC. 2330349 601143 LEASEHOLD IMPROVEMENTS 108346 42116 66230 66000 EQUIPMENT 286542 250534 36008 36000 MINERAL INTERESTS- ROYALTIES AT COST 35449696 128400000 NET PROFITS INTEREST - ROYALTIES AT COST 146889 14000000 Kimbell Royalty Operating, LLC AT COST 51300141 40874759 PARTNERSHIP INTERESTS AT COST 48045563 55465214 HEDGE FUNDS AT COST 6967534 13088710 DEFERRED COMPENSATION ASSETS AT COST 391549 594577 LAND 5098500 0 5098500 15990000 BUILDINGS 173578797 42762253 130816544 260570000 LEASEHOLD IMPROVEMENTS 46434 18050 28384 28000 EQUIPMENT 12325886 9424866 2901020 2901000 Other 0 0 0 0 Legal Fees 343345 266079 266079 77266 0 Frost Bank None 4300000 2018-08 2021-08 Interest paid monthly 1.4 Unsecured Line of Credit PAINTINGS 246651566 246651566 1902162000 SCULPTURES 84629894 84629894 248574000 DRAWINGS & PRINTS 595276 595276 5761000 CERAMICS, LACQUERS & MOSAICS 6667836 6667836 12227000 LIBRARY 2600025 2618548 2619000 SCROLLS & SCREENS 2057487 2057487 5713000 SEALS 170000 170000 170000 FRAMES 82447 82447 82000 MEMBERSHIPS 28100 28100 28100 Special Programs and Projects 3463001 0 613287 2849714 Membership Expenses 405195 0 405195 0 Insurance 815707 0 0 815707 Repair and Maintenance 755808 497 497 755311 Administrative Costs 568934 31716 31716 537218 Membership Revenue 1863085 1863085 Special Programs and Projects 349568 349568 Conservation Revenue 263719 263719 Other Exempt Revenue 20303 20303 Pass-through from Partnership Investments 121140 86463 121140 Mineral Interests - Royalties 10304610 10304610 10304610 Net Profit Interest - Royalties 736124 736124 736124 Kimbell Royalty Operating, LLC 3824835 6187504 3824835 Other Income 57 57 57 BONDS PAYABLE 61226963 58611903 INVESTMENT PURCHASES PAYABLE 81435 0 Investment Management Fees 412310 412310 412310 Other Fees 214597 214597 Museum Shop 378292 229387 121527 Buffet 140184 77772 62330 Ad Valorem Taxes 326104 326104 326104 0 Production Taxes 514915 514915 514915 0 Federal Excise Taxes 105000 0 0 105000