2024-11-13T14:09:08+00:00 2023-12-31 350921680 CROWE LLP 5810 TENNYSON PARKWAY Suite 450 Plano TX 750244112 990PF 2023-01-01 756036226 Kimbell Art Foundation KIMB 8173366100 3230 Camp Bowie Boulevard 600 Fort Worth TX 761072746 Brenda Cline CFO, Secr./Treas. 8173366100 2024-11-13 true true Lori McLaughlin P01231707 2147775200 2024-11-13 2023 2024-10-15 13:58:12Z X X 2979425437 X 7385185 903207 903207 903207 902570 902570 902570 5042297 13000678 5165259 499485 1283432 674352 609080 45064835 43740780 45064835 59907174 50711816 47370097 757700 216350 216350 541350 8126948 322598 322598 7804350 1779571 92750 92750 1686821 299618 27413 27413 272205 133745 59466 59466 74279 666901 442535 442535 224366 1764408 0 0 2452053 2252414 1851068 1851068 390000 23041600 16149957 16149957 732821 153930 153930 578891 65985 4655 4655 61330 4506 0 0 4506 8490501 37934 1163025 7327477 48116718 19358656 20483747 21417628 34000 34000 48150718 19358656 20483747 21451628 11756456 31353160 26886350 3072443 2562569 2562569 16754446 7668889 7668889 43942 0 55611 43942 43942 0 0 0 0 0 0 0 0 0 0 0 0 0 791896 822185 822185 454187 428213 428213 0 0 0 46274745 47980579 72960228 0 0 397214 350437 54865 46777 47000 164210838 160185473 346523311 192387676 72678876 125785563 119708800 277863000 370073292 398052912 2270506100 727527886 737500339 2979425437 75004 152111 0 0 0 0 55088184 53227074 55163188 53379185 X 670053291 681669772 2311407 2451382 672364698 684121154 727527886 737500339 672364698 11756456 0 684121154 0 684121154 U.S. EQUITIES P 2022-01-01 2023-12-31 5359959 4480909 879050 0 879050 HEDGE FUNDS P 2022-01-01 2023-12-31 4267770 1952199 2315571 0 2315571 OIL & GAS ROYALTIES P 2022-01-01 2023-12-31 1680134 0 1680134 0 1680134 PARTNERSHIP INVESTMENTS P 2022-01-01 2023-12-31 0 213531 -213531 0 -213531 EXEMPT FUNCTION ASSETS P 2022-01-01 2023-12-31 4550 69210 69210 4550 0 4550 U.S. EQUITIES P 2023-01-01 2023-12-31 1157219 1188517 -31298 0 -31298 INTERNATIONAL EQUITIES P 2023-01-01 2023-12-31 265355 0 265355 0 265355 OIL & GAS ROYALTIES P 2023-01-01 2023-12-31 107399 0 107399 0 107399 PARTNERSHIP INVESTMENTS P 2023-01-01 2023-12-31 158029 0 158029 0 158029 5165259 499485 435809 435809 435809 427101 203000 630101 194292 194292 0 false false false 0 0 0 false false true true false true true TX true true false false false true WWW.KIMBELLART.ORG Brenda A Cline 8173366100 3230 Camp Bowie Blvd Suite 600 Fort Worth TX 761072746 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 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 CFO, Secr./Treas. 30.000 432700 41892 13905 Susan R Drake 3333 Camp Bowie Blvd Fort Worth TX 76107 Dep. Dir. Fina./Admin., Asst. Secr./Treas. 35.000 325000 36357 0 Mrs Glenn M Darden 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 Director 3.000 0 0 0 Ms Karen Fortson Davis 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 Director 3.000 0 0 0 Mrs Peter O Alcorn 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 Director 3.000 0 0 0 Mr Stewart R Henderson 301 Commerce St Fort Worth TX 761024122 Director 5.000 0 0 0 Mrs William K Burton 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 Director; Vice President 4.000 0 0 0 Mrs Mitchell S Wynne 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 Director; Vice Chairman, President & CEO 8.000 0 0 0 Mrs Ben J Fortson 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 Director; Chairman 4.000 0 0 0 Mr Ben J Fortson 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 Director; Exec. Vice President & CIO 8.000 0 0 0 Mr Win S Ryan 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 Director 5.000 0 0 0 Eric M Lee 3333 Camp Bowie Blvd Fort Worth TX 76107 Museum Director 35.000 747700 60642 13621 George TM Shackelford 3333 Camp Bowie Blvd Fort Worth TX 76107 Deputy Director 35.000 425400 35098 0 Robert McAn 3333 Camp Bowie Blvd Fort Worth TX 76107 Donor/ Membrshp Dir. 35.000 185600 20095 0 Mark K Rich 3230 Camp Bowie Blvd STE 600 Fort Worth TX 761072746 Dir. of Investments 35.000 249600 34129 0 Nancy Edwards 3333 Camp Bowie Blvd Fort Worth TX 76107 Curator; Educ. Dir. 35.000 136200 10066 0 41 Kelly Hart & Hallman LLP 201 Main Street Ste 2500 Fort Worth TX 76102 Legal Services 229795 Adam Williams Fine Art LTD 24 East 80th Street New York NY 10075 Art Consulting 200000 August Debouzy 7 rue de Thran Paris FR 75008 Legal Services 104829 Luther King Capital Management 301 Commerce Street Fort Worth TX 76102 Investment Management Services 99293 Loomis Sayles & Company LP One Financial Center Boston MA 02111 Investment Management Services 92107 6 (SEE STATEMENT) 46980728 None 0 83170680 2707208 338324402 424202290 0 424202290 6363034 417839256 20891963 X 21451628 0 24794009 0 46245637 1972-03-31 X 20891963 20091650 17780385 0 58763998 17758169 17077903 15113327 0 49949398 46245637 32381092 17801502 18865786 115294017 34000 60000 209000 217500 520500 46211637 32321092 17592502 18648286 114773517 13927975 13394433 11853590 9971619 49147618 X The Architectural League of New York 594 Broadway Suite 607 NEW YORK NY 10012 None PC Operating Support 20000 The Cultural Landscape Foundation 1711 Connecticut Avenue NW STE 20 WASHINGTON DC 20009 None PC Operating Support 2500 Fort Worth Symphony Orchestra 330 E 4TH STREET STE 200 FORT WORTH TX 76102 None PC Operating Support 3000 St Andrews Anglican Church 917 LAMAR STREET FORT WORTH TX 76102 None PC Operating Support 1000 Texans For The Arts Foundation PO BOX 4549 AUSTIN TX 78765 None PC Operating Support 5000 Union Gospel Mission OF Tarrant County PO Box 1957 FORT WORTH TX 76101 None PC Operating Support 1000 Van Cliburn Foundation 201 MAIN STE 100 FORT WORTH TX 76102 None PC Operating Support 1500 34000 0 14 903207 14 902570 523000 -122962 18 5165259 3 325859 283221 Membership Revenue 2180953 Special Programs and Projects 474627 Conservation Revenue 30851 Other Exempt Revenue 15 72680 Pass-through from Partnership Investments 523000 -1312665 14 198848 Mineral Interests - Royalties 15 31234170 Net Profit Interest - Royalties 15 2334748 Kimbell Royalty Operating, LLC 523000 -122391 15 9973014 -1558018 51037675 3042332 52521989 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 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 10000 X 2 Dr Carlos Araoz 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5000 X 3 Arts Fort Worth 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 40000 X 4 The Burnett Foundation 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 383541 X 5 Virginia F Clay 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 50000 X 6 Glenn and Kim Darden 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5000 X 7 Folsom Point Charities 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 15000 X 8 Fort Worth Tourism Public Improvement District 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 50547 X 9 Frost Bank 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 25000 X 10 George A And Nancy P Shutt Foundation 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5000 X 11 Qurumbli Fund 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 20000 X 12 Nancy Montae Imbt Johnson 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 452263 X 13 Luther King Capital Management 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 10000 X 14 Marlene And Spencer Hays Foundation 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 10000 X 15 Mary Potishman Lard Trust 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 25000 X 16 Dan McRee 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 10000 X 17 Ronald Moore 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5000 X 18 National Philanthropic Trust 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5000 X 19 North Texas Community Foundation 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5500 X 20 Dan and Gail Settle 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5000 X 21 Stastny Folk Art And Crafts Foundation 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 100000 X 22 Texas Commission on the Arts 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 466000 X 23 Texas Travel Industry Recovery Program 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 20000 X 24 Ralph and Hester Treese 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5000 X 25 Vanguard Charitable 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 45000 X 26 Virginia Clay Foundation 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 50000 X 27 Charles White 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5000 X 28 Mitchell and Kimbell Wynne 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 5470 X 29 The Burnett Foundation 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 373451 X 30 Nancy Montae Imbt Johnson 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 279914 X 31 Gwendolyn Weiner 3230 Camp Bowie Blvd STE 600 Fort Worth TX 76107 4000000 X 29 Investments - Partnership Interests 373451 2023-01-01 30 Investments - Corporate Stock 279914 2023-01-26 31 Undivded 10% interest in and to the limestone sculpture "Head" by Amedeo Modigliani 4000000 2023-08-01 Accounting and Auditing Fees 133745 59466 59466 74279 Land Improvements 12375667 5613410 SL 15.0 781205 Museum Buildings 122454444 27747877 SL 40.0 2980528 Building Improvements 39476969 21542292 SL 15.0 2365497 Leasehold Improvements 46434 24241 SL 15.0 3096 Furniture & Fixtures 6366966 5881811 SL 10.0 366796 Equipment 2790338 2059066 SL 10.0 160150 Computer Equipment 3581685 2918536 SL 5.0 234371 Furniture & Fixtures 221882 221882 SL 7.0 0 0 0 Computer Equipment 66987 63187 SL 5.0 1583 1583 1583 Leasehold Improvements 108346 56562 SL 15.0 7223 7223 7223 Oil & Gas Investments 16141151 16141151 16141151 Capital Gains and Losses from Part IV P 13000415 7765946 5165259 69210 Long-term UBTI Pass-through from Partnership Interests 263 123225 -122962 0 Short-term UBTI Pass-through from Partnership Interests 0 0 0 0 COLUMN (D) FORM 990-PF, PART I, LINE 17 BOOK / TAX DIFFERENCE: AMORTIZATION OF LOSS ON REFUNDING OF BOND PAYABLE -- $687,645 SUMMRY 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 2023 included Murillo: From Heaven to Earth; The Kimbell at 50; Lives of the Gods: Divinity in Maya Art; and Bonnard's Worlds. The Museum also offers a wide range of in-person and online 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 11661634 13833511 DODGE & COX 10911795 17798768 LUTHER KING CAPITAL MANAGEMENT 11620983 16079209 FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 793229 1080703 LOOMIS, SAYLES & COMPANY, LP 10467891 22082178 NORTHERN TRUST SECURITIES, INC. 2525047 2085859 LEASEHOLD IMPROVEMENTS 108346 63785 44561 45000 EQUIPMENT 288868 286652 2216 2000 MINERAL INTERESTS- ROYALTIES AT COST 58345058 165033179 NET PROFITS INTEREST - ROYALTIES AT COST 104220 14000000 Kimbell Royalty Operating, LLC AT COST 31757430 77538802 PARTNERSHIP INTERESTS AT COST 55205021 71767430 HEDGE FUNDS AT COST 14289407 17426623 DEFERRED COMPENSATION ASSETS AT COST 484337 757277 LAND 5098500 0 5098500 15990000 BUILDINGS 174307080 61030809 113276271 260570000 LEASEHOLD IMPROVEMENTS 46434 27337 19097 19000 EQUIPMENT 12738989 11620730 1118259 1118000 Other 196673 0 196673 166000 Legal Fees 299618 27413 27413 272205 PAINTINGS 248336423 262265217 1952726000 SCULPTURES 108678176 122690139 291873000 DRAWINGS & PRINTS 1355529 1355529 4511000 CERAMICS, LACQUERS & MOSAICS 6707836 6707836 12781000 LIBRARY 2657294 2696157 2696000 SCROLLS & SCREENS 2057487 2057487 5639000 SEALS 170000 170000 170000 FRAMES 82447 82447 82000 MEMBERSHIPS 28100 28100 28100 Special Programs and Projects 5050405 0 505478 4544928 Membership Expenses 619613 0 619613 0 Insurance 978877 0 0 978877 Repair and Maintenance 1137719 0 0 1137719 Administrative Costs 703887 37934 37934 665953 Membership Revenue 2180953 2180953 Special Programs and Projects 474627 474627 Conservation Revenue 30851 30851 Other Exempt Revenue 72680 72680 Pass-through from Partnership Investments -1113817 198848 -1113817 Mineral Interests - Royalties 31234170 31234170 31234170 Net Profit Interest - Royalties 2334748 2334748 2334748 Kimbell Royalty Operating, LLC 9850623 9973014 9850623 BONDS PAYABLE 55057166 53227074 INVESTMENT PURCHASES PAYABLE 31018 0 Investment Management Fees 442535 442535 442535 Other Fees 224366 224366 Museum Shop 855601 459088 325859 Buffet 499895 215264 283221 Ad Valorem Taxes 404033 404033 404033 0 Production Taxes 1447035 1447035 1447035 0 Federal Excise Taxes 390000 0 0 390000 State UBIT 11346 0 0 0