2020-11-09T16:00:26-06:00 2019-12-31 350921680 CROWE LLP 750 N St Paul Suite 850 Dallas TX 75201 990PF 2019-01-01 756036226 Kimbell Art Foundation KIMB 8173366100 301 Commerce St 2300 Fort Worth TX 761024122 Ben J Fortson Exec. Vice President & CIO 2020-11-09 true Rachel Spurlock P00520729 2147775200 2019 2021-04-22 16:20:28Z X 2808023958 X 4904025 355594 355594 355594 765469 765469 765469 10929469 19101875 10926322 0 1915090 934629 980461 25099032 20622410 25099032 43034050 32669795 26220095 630000 189700 189700 440300 7922745 287595 287595 7635150 1774936 84852 84852 1690084 280298 203885 203885 76413 104103 32449 32449 71654 627774 393059 393059 234715 2075799 0 0 2948806 1150687 970687 970687 180000 16388001 9437553 9437553 632877 101947 101947 530930 92170 4963 4963 87207 10999 293 293 10706 8494187 37637 2707703 5786484 40184576 11744620 14414686 19692449 306693 306693 40491269 11744620 14414686 19999142 2542781 20925175 11805409 2901100 1744884 1744884 27453063 6932968 6932968 76127 24668 76127 76127 0 0 0 0 0 0 0 0 0 0 0 723356 758781 758781 291520 453222 453222 0 0 0 32073930 34920976 49301306 0 0 394888 254958 179153 139930 140000 144846680 154517498 290966570 190405336 45276522 149310554 145128814 280332000 338323601 343482631 2177318100 696127625 688155831 2808023958 41133 53337 0 0 8000000 0 63835177 61308398 71876310 61361735 X 622854047 625025618 1397268 1768478 624251315 626794096 696127625 688155831 624251315 2542781 0 626794096 0 626794096 U.S. EQUITIES P 2018-01-01 2019-12-31 4966272 2897867 2068405 0 2068405 HEDGE FUNDS P 2018-01-01 2019-12-31 11684177 3643678 8040499 0 8040499 PARTNERSHIP INVESTMENTS P 2018-01-01 2019-12-31 1028671 0 1028671 0 1028671 EXEMPT FUNCTION ASSETS P 2018-01-01 2019-12-31 5441 572016 664088 -86631 0 -86631 U.S. EQUITIES P 2019-01-01 2019-12-31 1396880 1538789 -141909 0 -141909 PARTNERSHIP INVESTMENTS P 2019-01-01 2019-12-31 17287 0 17287 0 17287 10926322 -124622 false 41898961 382424479 0.109561 26256749 385511267 0.068109 24871799 376090570 0.066132 31015168 427484592 0.072553 38949931 459435370 0.084778 0.401133 0.080227 334740367 26855215 209252 27064467 24276879 418504 418504 418504 531346 65000 596346 177842 177842 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 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 379400 37327 16837 Susan R Drake 3333 Camp Bowie Blvd Fort Worth TX 76107 Dep. Dir. Fina./Admin., Asst. Secr./Treas. 35.000 250600 18581 5023 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 808700 11393 George TM Shackelford 3333 Camp Bowie Blvd Fort Worth TX 76107 Deputy Director 35.000 380000 0 Claire M Barry 3333 Camp Bowie Blvd Fort Worth TX 76107 Dir. of Conservation 35.000 227400 0 Mark K Rich 301 Commerce St Fort Worth TX 761024122 Dir. of Investments 35.000 200600 0 Larry D Eubank 3333 Camp Bowie Blvd Fort Worth TX 76107 Operations Manager 35.000 183600 0 37 Humphrey & Associates Inc 1501 Luna Road Carrollton TX 75006 Construction Management 1963706 Taylor Companies Royalty Holdings I LLC 2777 N Stemmons Fwy Suite 1133 Dallas TX 75207 Oil & Gas Consulting 542880 ARUP Texas Inc 10370 Richmond Ave Suite 475 Houston TX 77042 Architectural Engineering 211353 Timothy Madigan 262 Carroll Street Fort Worth TX 76107 Author 145000 Northern Trust 50 S LaSalle St Chicago IL 60603 Investment Custody Services 118217 9 (SEE STATEMENT) 26766942 None 0 59705062 3454545 276678329 339837936 0 339837936 5097569 334740367 16737018 X 19999142 0 4277737 0 24276879 24276879 1972-03-31 X 11805409 19121224 13094084 10470120 54490837 10034598 16253040 11129971 8899602 46317211 24276879 42248499 26256749 24871799 117653926 306693 84500 370500 341500 1103193 23970186 42163999 25886249 24530299 116550733 11158012 12747483 12850376 12536352 49292223 X Amon Carter Museum of American Art 3501 CAMP BOWIE BLVD FORT WORTH TX 76107 NONE PC Capital Campaign 209693 Fort Worth Symphony Orchestra 330 E 4TH STREET STE 200 FORT WORTH TX 76102 NONE PC Operating Support 3000 Texans For The Arts Foundation PO BOX 4549 AUSTIN TX 78765 NONE PC Operating Support 2500 Texas Christian University 2800 S UNIVERSITY DRIVE FORT WORTH TX 76129 NONE PC Endowment Support 45000 Texas Christian University 2800 S UNIVERSITY DRIVE FORT WORTH TX 76129 NONE PC Operating Support 15000 University of Texas 1 UNIVERSITY STATION AUSTIN TX 78712 NONE PC Operating Support 30000 Van Cliburn Foundation 201 MAIN STE 100 FORT WORTH TX 76102 NONE PC Operating Support 1500 306693 Amon Carter Museum of American Art 3501 CAMP BOWIE BLVD FORT WORTH TX 76107 NONE PC Capital Campaign 400000 400000 14 355594 14 765469 523000 3147 18 10926322 3 335605 644856 Membership Revenue 3018277 Special Programs and Projects 1453799 Conservation Revenue 253085 Other Exempt Revenue 15 31723 Pass-through from Partnership Investments 523000 -41512 14 206238 Mineral Interests - Royalties 15 11738749 Net Profit Interest - Royalties 15 2407217 Kimbell Royalty Operating, LLC 523000 -238750 15 6262813 Other Income 18 7393 -277115 33037123 5370017 38130025 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 Arts Council of Fort Worth 301 Commerce Street STE 2300 Fort Worth TX 76102 64963 X 2 Mr and Mrs Edward P Bass 301 Commerce Street STE 2300 Fort Worth TX 76102 22340 X 3 Virginia F Clay 301 Commerce Street STE 2300 Fort Worth TX 76102 20000 X 4 Crystelle Waggoner Charitable Trust Bank of America NA Trustee 301 Commerce Street STE 2300 Fort Worth TX 76102 75000 X 5 Carolyn Fierer and Bob Brown 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 6 Fort Worth Tourism Public Improvement District 301 Commerce Street STE 2300 Fort Worth TX 76102 59002 X 7 Carol Havener 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 8 Heart of Neiman Marcus Foundation Fund of Communities Foundation of Texas 301 Commerce Street STE 2300 Fort Worth TX 76102 25000 X 9 Leo Potishman Foundation JP Morgan Chase Trustee 301 Commerce Street STE 2300 Fort Worth TX 76102 200000 X 10 Lowdon Family Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 11 The Lowe Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 300000 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 25000 X 14 Stacie and David McDavid 301 Commerce Street STE 2300 Fort Worth TX 76102 10200 X 15 Mollie and Garland Lasater Fund at the North Texas Community Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 16 National Endowment for the Arts 301 Commerce Street STE 2300 Fort Worth TX 76102 30000 X 17 John and Kathy Nugent 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 18 Virginia Clay Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 50000 X 19 Lissa and Chip Wagner 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 20 Walton Family Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 40000 X 21 Charles White 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 22 Worthington National Bank 301 Commerce Street STE 2300 Fort Worth TX 76102 21541 X 23 Yland 23 301 Commerce Street STE 2300 Fort Worth TX 76102 5270 X 24 Gwendolyn Weiner 301 Commerce Street STE 2300 Fort Worth TX 76102 3750000 X 24 UNDIVIDED 10% INTEREST IN AND TO THE LIMESTONE SCULPTURE "HEAD" BY AMEDEO MODIGLIANI 3750000 2019-06-13 Accounting and Auditing Fees 104103 32449 32449 71654 Land Improvements 12332991 2496122 SL 15.0 779322 Museum Buildings 122554444 15509100 SL 40.0 3063861 Building Improvements 35383206 12759678 SL 15.0 2155724 Leasehold Improvements 46434 11859 SL 15.0 3096 Furniture & Fixtures 6291847 4091686 SL 10.0 452448 Equipment 2851732 1660191 SL 10.0 162586 Computer Equipment 3095170 1797441 SL 5.0 333411 Furniture & Fixtures 221882 139285 SL 7.0 25799 25799 25799 Computer Equipment 64660 44826 SL 5.0 10154 10154 10154 Leasehold Improvements 108346 27670 SL 15.0 7223 7223 7223 Oil & Gas Investments 9394377 9394377 9394377 Capital Gains and Losses from Part IV P 19098728 8172406 10926322 Long-term UBI Pass-through from Partnership Investments P 3147 0 3147 COLUMN (D) FORM 990-PF, PART I, LINE 17 BOOK / TAX DIFFERENCE: AMORTIZATION OF LOSS ON REFUNDING OF BOND PAYABLE -- $873,077 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 2019 included Bellotto: The Lure of Dresden, Monet: The Late Years, and Renoir: The Body, The Senses. 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. AMERICAN BEACON 9217538 11436443 DODGE & COX 8143351 11568565 LUTHER KING CAPITAL MANAGEMENT 8484745 11058078 FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 718229 926026 LOOMIS, SAYLES & COMPANY, LP 6412857 13628671 NORTHERN TRUST SECURITIES, INC. 1944256 683523 LEASEHOLD IMPROVEMENTS 108346 34893 73453 73000 EQUIPMENT 286542 220065 66477 67000 MINERAL INTERESTS- ROYALTIES AT COST 33866151 124300000 NET PROFITS INTEREST - ROYALTIES AT COST 161039 14000000 Kimbell Royalty Operating, LLC AT COST 65737844 87552091 PARTNERSHIP INTERESTS AT COST 47498112 51649985 HEDGE FUNDS AT COST 6967397 13033557 DEFERRED COMPENSATION ASSETS AT COST 286955 430937 LAND 5098500 0 5098500 15990000 BUILDINGS 170270642 36763807 133506835 260570000 LEASEHOLD IMPROVEMENTS 46434 14954 31480 31000 EQUIPMENT 12238748 8497761 3740987 3741000 Other 2751012 0 2751012 0 Legal Fees 280298 203885 203885 76413 8000000 Frost Bank None 0 2018-08 2021-08 Interest paid monthly Unsecured Line of Credit PAINTINGS 245286157 246651566 1902162000 SCULPTURES 80879894 84629894 248575000 DRAWINGS & PRINTS 595276 595276 5761000 CERAMICS, LACQUERS & MOSAICS 6667836 6667836 12227000 LIBRARY 2556404 2600025 2600000 SCROLLS & SCREENS 2057487 2057487 5713000 SEALS 170000 170000 170000 FRAMES 82447 82447 82000 MEMBERSHIPS 28100 28100 28100 Special Programs and Projects 5039126 0 1706884 3332242 Membership Expenses 963182 0 963182 0 Insurance 663829 0 0 663829 Repair and Maintenance 1149913 250 250 1149663 Administrative Costs 678137 37387 37387 640750 Membership Revenue 3018277 3018277 Special Programs and Projects 1453799 1453799 Conservation Revenue 253085 253085 Other Exempt Revenue 31723 31723 Pass-through from Partnership Investments 164726 206238 164726 Mineral Interests - Royalties 11738749 11738749 11738749 Net Profit Interest - Royalties 2407217 2407217 2407217 Kimbell Royalty Operating, LLC 6024063 6262813 6024063 Other Income 7393 7393 7393 BONDS PAYABLE 63735177 61226963 OBLIGATIONS FOR PURCHASE OF ART 100000 0 INVESTMENT PURCHASES PAYABLE 0 81435 Investment Management Fees 393059 393059 393059 0 Other Fees 234715 0 0 234715 Museum Shop 1454449 682418 644856 Buffet 587973 252211 335605 Ad Valorem Taxes 359990 359990 359990 0 Production Taxes 610697 610697 610697 0 Federal Excise Taxes 180000 0 0 180000