2023-11-14T16:59:21+00:00 2022-12-31 350921680 CROWE LLP 5810 TENNYSON PARKWAY Suite 450 Plano TX 750244112 990PF 2022-01-01 756036226 Kimbell Art Foundation KIMB 8173366100 301 Commerce St 2300 Fort Worth TX 761024122 Brenda Cline CFO, Secr./Treas. 8173366100 2023-11-14 true Brenda Cline 999009999 Lori McLaughlin P01231707 2147775200 2022 2023-04-26 12:10:37Z X 2934763333 X 14332573 202811 202811 202811 725636 725636 725636 32110716 40759087 32113101 0 975864 563124 412740 50115359 46913084 50115359 97899835 79954632 51043806 725250 210625 210625 514625 7858209 299423 299423 7558786 1854342 87904 87904 1766438 379264 21627 21627 357637 114108 52634 52634 61474 496249 463589 463589 32660 2032822 0 0 2803634 2714598 1768767 1768767 945000 20291144 13257594 13257594 604871 109193 109193 495678 51605 2968 2968 48637 2455 98 98 2357 7578369 34419 882363 6696006 44703286 16308841 17156785 21282932 60000 60000 44763286 16308841 17156785 21342932 53136549 63645791 33887021 2387161 3072443 3072443 10722019 16754446 16754446 55611 3601 55611 55611 0 0 0 0 0 0 0 0 0 0 0 606604 791896 791896 312929 454187 454187 0 0 0 43089457 46274745 57439928 0 0 396496 341631 69149 54865 55000 148473114 164210838 340205722 191652773 65867210 132099200 125785563 278132000 351780632 370073292 2237802100 689543866 727527886 2934763333 66050 75004 0 0 12900000 0 57349667 55088184 70315717 55163188 X 617089911 670053291 2138238 2311407 619228149 672364698 689543866 727527886 619228149 53136549 0 672364698 0 672364698 U.S. EQUITIES P 2021-01-01 2022-12-31 7771114 4668461 3102653 0 3102653 PARTNERSHIP INVESTMENTS P 2021-01-01 2022-12-31 1621586 0 1621586 0 1621586 EXEMPT FUNCTION ASSETS P 2021-01-01 2022-12-31 60 4856 5837 -921 0 -921 ART P 1993-09-15 2022-08-09 30000000 2225586 27774414 0 27774414 U.S. EQUITIES P 2022-01-01 2022-12-31 1303658 1750958 -447300 0 -447300 PARTNERSHIP INVESTMENTS P 2022-01-01 2022-12-31 62669 0 62669 0 62669 32113101 -384631 884676 884676 884676 927086 125000 1052086 167410 167410 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 421250 42151 13100 Susan R Drake 3333 Camp Bowie Blvd Fort Worth TX 76107 Dep. Dir. Fina./Admin., Asst. Secr./Treas. 35.000 304000 31590 5846 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 688629 58508 12466 George TM Shackelford 3333 Camp Bowie Blvd Fort Worth TX 76107 Deputy Director 35.000 419505 29082 0 Robert McAn 3333 Camp Bowie Blvd Fort Worth TX 76107 Donor Relations Head 35.000 181275 20265 0 Mark K Rich 301 Commerce St Fort Worth TX 761024122 Dir. of Investments 35.000 243400 34995 0 Larry D Eubank 3333 Camp Bowie Blvd Fort Worth TX 76107 Operations Manager 35.000 253541 19691 0 34 Kelly Hart & Hallman LLP 201 Main Street Ste 2500 Fort Worth TX 76102 Legal Services 272318 Adam Williams Fine Art LTD 24 East 80th Street New York NY 10075 Art Consulting 125000 Resnicow and Associates Inc 111 Broadway Ste 1306 New York NY 10006 Public Relations Consulting 121721 Northern Trust 50 S LaSalle St Chicago IL 60603 Investment Custody Services 108452 Luther King Capital Management 301 Commerce Street Fort Worth TX 76102 Investment Management Services 99852 9 (SEE STATEMENT) 32284036 None 0 72824544 4048129 331079609 407952282 0 407952282 6119284 401832998 20091650 X 21342932 0 11038160 0 32381092 1972-03-31 X 20091650 17780385 0 11805409 49677444 17077903 15113327 0 10034598 42225827 32381092 17801502 18865786 24276879 93325259 60000 209000 217500 306693 793193 32321092 17592502 18648286 23970186 92532066 13394433 11853590 9971619 11158012 46377655 X Angelina College Foundation 3500 S FIRST STREET LUFKIN TX 75901 NONE PC Operating Support 500 Fort Worth Symphony Orchestra 330 E 4TH STREET STE 200 FORT WORTH TX 76102 NONE PC Operating Support 3000 Monuments Men and Women Foundation 4447 N CENTRAL EXPRESSWAY STE 110 DALLAS TX 75205 NONE PC Special Project 50000 Texans For The Arts Foundation PO BOX 4549 AUSTIN TX 78765 NONE PC Operating Support 5000 Van Cliburn Foundation 201 MAIN STE 100 FORT WORTH TX 76102 NONE PC Operating Support 1500 60000 0 14 202811 14 725636 523000 -2385 18 32113101 3 189634 223106 Membership Revenue 2067387 Special Programs and Projects 297006 Conservation Revenue 21736 Other Exempt Revenue 15 36537 Pass-through from Partnership Investments 523000 -84164 14 639171 Mineral Interests - Royalties 15 29818972 Net Profit Interest - Royalties 15 3968760 Kimbell Royalty Operating, LLC 523000 863773 15 12486181 777224 80180803 2609235 83567262 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 The Anne H Bass Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 2 Dr Carlos Araoz 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 3 Arts Fort Worth 301 Commerce Street STE 2300 Fort Worth TX 76102 58000 X 4 Bank of America 301 Commerce Street STE 2300 Fort Worth TX 76102 75000 X 5 Mrs Mercedes T Bass 301 Commerce Street STE 2300 Fort Worth TX 76102 90000 X 6 Virginia F Clay 301 Commerce Street STE 2300 Fort Worth TX 76102 50000 X 7 Michael and Wendy Collini 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 8 Glenn and Kim Darden 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 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 37303 X 11 Charles J and Jean T Gilbert 301 Commerce Street STE 2300 Fort Worth TX 76102 34614 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 Dan McRee 301 Commerce Street STE 2300 Fort Worth TX 76102 10000 X 15 Clark and Debra Million 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 16 National Financial Services LLC 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 17 North Texas Community Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 7000 X 18 John and Kathy Nugent 301 Commerce Street STE 2300 Fort Worth TX 76102 40000 X 19 Paul and Sally Prater 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 20 Texas Commission on the Arts 301 Commerce Street STE 2300 Fort Worth TX 76102 21622 X 21 UBS Financial Services Inc 301 Commerce Street STE 2300 Fort Worth TX 76102 25000 X 22 Virginia Clay Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 50000 X 23 Charles White 301 Commerce Street STE 2300 Fort Worth TX 76102 5000 X 24 William & Catherine Bryce Memorial Fund 301 Commerce Street STE 2300 Fort Worth TX 76102 100000 X 25 The Burnett Foundation 301 Commerce Street STE 2300 Fort Worth TX 76102 2133003 X 26 Estate of Anne W Marion 301 Commerce Street STE 2300 Fort Worth TX 76102 6700000 X 27 Nancy Montae Imbt Johnson 301 Commerce Street STE 2300 Fort Worth TX 76102 293222 X 28 Gwendolyn Weiner 301 Commerce Street STE 2300 Fort Worth TX 76102 4000000 X 25 Investments - partnership interests 2133003 2022-10-01 26 Artworks 6700000 2022-04-29 27 Investments - corporate stock 293222 2022-11-21 28 Undivided 10% interest in and to the limestone sculpture "Head" by Amedeo Modigliani 4000000 2022-11-01 Accounting and Auditing Fees 114108 52634 52634 61474 Land Improvements 12332991 4834088 SL 15.0 779322 Museum Buildings 122537777 24700683 SL 40.0 3047194 Building Improvements 38933646 19192153 SL 15.0 2350139 Leasehold Improvements 46434 21145 SL 15.0 3096 Furniture & Fixtures 6334611 5444169 SL 10.0 437642 Equipment 2779322 1968843 SL 10.0 170200 Computer Equipment 3375576 2672579 SL 5.0 245957 Furniture & Fixtures 221882 216683 SL 7.0 5199 5199 5199 Computer Equipment 66268 61325 SL 5.0 1862 1862 1862 Leasehold Improvements 108346 49339 SL 15.0 7223 7223 7223 Oil & Gas Investments 13243310 13243310 13243310 Capital Gains and Losses from Part IV P 40759087 8641130 32113101 4856 Long-term UBTI Pass-through from Partnership Interests 2021-01 P 2022-12 0 2385 -2385 Short-term UBTI Pass-through from Partnership Interests 2022-01 P 2022-12 0 0 0 COLUMN (D) FORM 990-PF, PART I, LINE 17 BOOK / TAX DIFFERENCE: AMORTIZATION OF LOSS ON REFUNDING OF BOND PAYABLE -- $770,812 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 2022 included The Language of Beauty in African Art; SLAY: Artemisia Gentileschi & Kehinde Wiley; Murillo: From Heaven to Earth; and The Kimbell at 50 . 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 2022 through the Foundation website or social media. AMERICAN BEACON 10958601 11296308 DODGE & COX 10259775 15149937 LUTHER KING CAPITAL MANAGEMENT 10574488 12481355 FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 793229 919781 LOOMIS, SAYLES & COMPANY, LP 9966191 15292830 NORTHERN TRUST SECURITIES, INC. 3722461 2299717 LEASEHOLD IMPROVEMENTS 108346 56562 51784 52000 EQUIPMENT 288150 285069 3081 3000 MINERAL INTERESTS- ROYALTIES AT COST 54460861 154971840 NET PROFITS INTEREST - ROYALTIES AT COST 113771 14000000 Kimbell Royalty Operating, LLC AT COST 41270080 86011585 PARTNERSHIP INTERESTS AT COST 55854029 68719239 HEDGE FUNDS AT COST 12059577 15961243 DEFERRED COMPENSATION ASSETS AT COST 452520 541815 LAND 5098500 0 5098500 15990000 BUILDINGS 173804415 54903579 118900836 260570000 LEASEHOLD IMPROVEMENTS 46434 24241 22193 22000 EQUIPMENT 12489508 10939390 1550118 1550000 Other 213916 0 213916 0 Legal Fees 379264 21627 21627 357637 12900000 0 PAINTINGS 246651566 248336423 1938726000 SCULPTURES 92129894 108678176 272992000 DRAWINGS & PRINTS 1355529 1355529 4511000 CERAMICS, LACQUERS & MOSAICS 6667836 6707836 13008000 LIBRARY 2637773 2657294 2657000 SCROLLS & SCREENS 2057487 2057487 5628000 SEALS 170000 170000 170000 FRAMES 82447 82447 82000 MEMBERSHIPS 28100 28100 28100 Special Programs and Projects 4100024 0 318742 3781282 Membership Expenses 529202 0 529202 0 Insurance 934626 0 0 934626 Repair and Maintenance 1342213 0 0 1342213 Administrative Costs 672304 34419 34419 637885 Membership Revenue 2067387 2067387 Special Programs and Projects 297006 297006 Conservation Revenue 21736 21736 Other Exempt Revenue 36537 36537 Pass-through from Partnership Investments 555007 639171 555007 Mineral Interests - Royalties 29818972 29818972 29818972 Net Profit Interest - Royalties 3968760 3968760 3968760 Kimbell Royalty Operating, LLC 13349954 12486181 13349954 BONDS PAYABLE 56849667 55057166 OBLIGATIONS FOR PURCHASE OF ART 500000 0 INVESTMENT PURCHASES PAYABLE 0 31018 Investment Management Fees 463589 463589 463589 Other Fees 32660 32660 Museum Shop 687996 397677 223106 Buffet 355472 165447 189634 Ad Valorem Taxes 250873 250873 250873 0 Production Taxes 1517894 1517894 1517894 0 Federal Excise Taxes 945000 0 0 945000 State UBIT 831 0 0 0