Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
Name of foundation
KIMBELL ART FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)301 COMMERCE STREET NO 2300   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
FORT WORTH, TX761024123
A Employer identification number

75-6036226
B Telephone number (see instructions)

(817) 336-6100
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$2,432,551,259J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach
schedule).............. 3,481,633
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 12,874 12,874 12,874
4 Dividends and interest from securities...... 1,183,195 1,183,195 1,183,195
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 11,219,982
b Gross sales price for all assets on line 6a 29,153,315
7 Capital gain net income (from Part IV, line 2)... 11,210,971
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances 1,590,137
b Less: Cost of goods sold.... 932,123
c Gross profit or (loss) (attach schedule)..... 658,014 658,014
11 Other income (attach schedule)....... Click to see attachment 37,324,786 33,074,530 37,324,786
12 Total. Add lines 1 through 11........ 53,880,484 45,481,570 39,178,869
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 700,000 230,000 230,000 470,000
14 Other employee salaries and wages...... 6,729,298 226,385 226,385 6,502,914
15 Pension plans, employee benefits....... 1,580,246 80,543 80,543 1,499,704
16a Legal fees (attach schedule)......... Click to see attachment 115,455 60,403 60,403 55,051
b Accounting fees (attach schedule)....... Click to see attachment 96,460 38,458 38,458 58,003
c Other professional fees (attach schedule).... Click to see attachment 567,984 548,274 548,274 19,710
17 Interest............... 3,888,281 0 0 3,888,281
18 Taxes (attach schedule) (see instructions)... Click to see attachment 2,488,425 1,808,425 1,808,425 680,000
19 Depreciation (attach schedule) and depletion... Click to see attachment 12,412,104 6,561,391 6,561,391
20 Occupancy.............. 671,071 90,495 90,495 580,576
21 Travel, conferences, and meetings....... 32,256 4,795 4,795 27,460
22 Printing and publications.......... 11,008 291 291 10,717
23 Other expenses (attach schedule)....... Click to see attachment 9,317,442 30,467 2,399,197 6,918,245
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 38,610,030 9,679,927 12,048,657 20,710,661
25 Contributions, gifts, grants paid........ 621,000 621,000
26 Total expenses and disbursements. Add lines 24 and 25 39,231,030 9,679,927 12,048,657 21,331,661
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 14,649,454
b Net investment income (if negative, enter -0-) 35,801,643
c Adjusted net income (if negative, enter -0-)... 27,130,212
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 4,894,971 3,131,440 3,131,440
2 Savings and temporary cash investments.......... 4,751,279 17,892,060 17,892,060
3 Accounts receivable bullet22,199
Less: allowance for doubtful accounts bullet   5,561,820 22,199 22,199
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use............... 945,307 841,505 841,505
9 Prepaid expenses and deferred charges........... 167,216 194,292 194,292
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 93,167,436 Click to see attachment90,151,917 118,569,724
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet302,430
Less: accumulated depreciation (attach schedule) bullet91,610 24,742 Click to see attachment210,820 211,000
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 131,277,016 Click to see attachment155,131,701 328,812,939
14 Land, buildings, and equipment: basis bullet168,758,650
Less: accumulated depreciation (attach schedule) bullet15,713,418 152,018,045 Click to see attachment153,045,232 237,736,000
15 Other assets (describe bullet) Click to see attachment296,574,423 Click to see attachment310,543,633 Click to see attachment1,725,140,100
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 689,382,255 731,164,799 2,432,551,259
Liabilities 17 Accounts payable and accrued expenses.......... 392,081 42,421
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 25,300,000 49,000,000
22 Other liabilities (describe bullet) Click to see attachment60,800,000 Click to see attachment64,582,750
23 Total liabilities (add lines 17 through 22).......... 86,492,081 113,625,171
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted................... 602,249,754 616,863,744
25 Temporarily restricted................ 240,420 275,884
26 Permanently restricted................ 400,000 400,000
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)...... 602,890,174 617,539,628
31 Total liabilities and net assets/fund balances (see instructions).. 689,382,255 731,164,799
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 602,890,174
2 Enter amount from Part I, line 27a..................... 2 14,649,454
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 617,539,628
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 617,539,628
Form 990-PF (2014)
Form 990-PF (2014)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a LUTHER KING CAPITAL MANAGEMENT   2014-01-01 2014-12-31
b LOOMIS, SAYLES & COMPANY, LP   2014-01-01 2014-12-31
c J.P. MORGAN SECURITIES LLC   2014-01-01 2014-12-31
d DEFERRED COMPENSATION ASSETS - TIAA CREF   2014-01-01 2014-12-31
e FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT)   2014-01-01 2014-12-31
DODGE & COX   2013-01-01 2014-12-31
LUTHER KING CAPITAL MANAGEMENT   2013-01-01 2014-12-31
LOOMIS, SAYLES & COMPANY, LP   2013-01-01 2014-12-31
J.P. MORGAN SECURITIES LLC   2013-01-01 2014-12-31
DEFERRED COMPENSATION ASSETS - TIAA CREF   2013-01-01 2014-12-31
FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT)   2013-01-01 2014-12-31
MANNING & NAPIER ADVISORS, LLC P 2014-01-01 2014-12-31
MANNING & NAPIER ADVISORS, LLC P 2013-01-01 2014-12-31
BALBOA CDO P 2013-01-01 2014-12-31
OVERSEAS CAP PARTNERS, INC. P 2013-01-01 2014-12-31
DOUBLE BLACK DIAMOND, LTD. P 2013-01-01 2014-12-31
AMERICAN PRIVATE EQUITY PARTNERS II, LP P 2014-01-01 2014-12-31
AMERICAN PRIVATE EQUITY PARTNERS II, LP P 2013-01-01 2014-12-31
AMERICAN PRIVATE EQUITY PARTNERS, LP P 2013-01-01 2014-12-31
CHASE CAPITAL PARTNERS PRIVATE EQUITY FUND OF FUNDS II, LTD. P 2014-01-01 2014-12-31
CHASE CAPITAL PARTNERS PRIVATE EQUITY FUND OF FUNDS II, LTD. P 2013-01-01 2014-12-31
COMMONFUND CAPITAL INTERNATIONAL PARTNERS V, LP P 2014-01-01 2014-12-31
COMMONFUND CAPITAL INTERNATIONAL PARTNERS V, LP P 2013-01-01 2014-12-31
COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VI, LP P 2014-01-01 2014-12-31
COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VI, LP P 2013-01-01 2014-12-31
CONGRUENT CREDIT OPPORTUNITIES FUND II, LP P 2014-01-01 2014-12-31
CONGRUENT CREDIT OPPORTUNITIES FUND II, LP P 2013-01-01 2014-12-31
CONGRUENT CREDIT OPPORTUNITIES FUND III, LP P 2014-01-01 2014-12-31
COTTON CREEK CAPITAL PARTNERS, LTD. P 2013-01-01 2014-12-31
JP MORGAN PARTNERS GLOBAL PRIVATE INVESTORS I, LP P 2013-01-01 2014-12-31
MURPHREE VENTURE PARTNERS VI, LP P 2013-01-01 2014-12-31
OAK HILL CAPITAL PARTNERS III, LP P 2013-01-01 2014-12-31
PNL INSTITUTIONAL PARTNERS, LP P 2013-01-01 2014-12-31
PTV SCIENCES II, LP P 2013-01-01 2014-12-31
THE RCP GRADUATE FUND, LP P 2014-01-01 2014-12-31
THE RCP GRADUATE FUND, LP P 2013-01-01 2014-12-31
RGG RADIO III, LLC P 2013-01-01 2014-12-31
RGG RADIO PARTNERS, LLC P 2013-01-01 2014-12-31
SVB STRATEGIC INVESTORS FUND III, LP P 2014-01-01 2014-12-31
SVB STRATEGIC INVESTORS FUND III, LP P 2013-01-01 2014-12-31
SVB STRATEGIC INVESTORS FUND IV, LP P 2014-01-01 2014-12-31
SVB STRATEGIC INVESTORS FUND IV, LP P 2013-01-01 2014-12-31
TPG ENDOWMENT FUND V, LP P 2013-01-01 2014-12-31
TPG BLUEGRASS V-AIV 1, LP P 2013-01-01 2014-12-31
TPG ENDOWMENT FUND VI, LP P 2014-01-01 2014-12-31
TPG ENDOWMENT FUND VI, LP P 2013-01-01 2014-12-31
VSS COMMUNICATIONS PARALLEL PARTNERS IV, LP P 2014-01-01 2014-12-31
VSS COMMUNICATIONS PARALLEL PARTNERS IV, LP P 2013-01-01 2014-12-31
BRANDES EMERGING MARKETS EQUITY PORTFOLIO II P 2014-01-01 2014-12-31
BRANDES EMERGING MARKETS EQUITY PORTFOLIO II P 2013-01-01 2014-12-31
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 3,135,787   3,753,273 -617,486
b 19,853   19,017 836
c 5,148   5,196 -48
d 1,985     1,985
e 17,378     17,378
314,404     314,404
8,591,668   5,718,013 2,873,655
1,415,699   923,629 492,070
299     299
5,995     5,995
44,297     44,297
142,701     142,701
621,928     621,928
32,650     32,650
6,000,000   4,959,180 1,040,820
3,000,000   2,488,086 511,914
16     16
243,183     243,183
26,042     26,042
306     306
185,521     185,521
1,446     1,446
63,398     63,398
    318 -318
56,147     56,147
704     704
22,675     22,675
2,792     2,792
    83 -83
488,490     488,490
10,050     10,050
739,500     739,500
175,467     175,467
288,102     288,102
    651 -651
30,044     30,044
    49,730 -49,730
9,393     9,393
15,855     15,855
881,593     881,593
13,664     13,664
475,655     475,655
486,654     486,654
71,626     71,626
    2 -2
161,620     161,620
    15,336 -15,336
65,180     65,180
391,064     391,064
887,506     887,506
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a       -617,486
b       836
c       -48
d       1,985
e       17,378
      314,404
      2,873,655
      492,070
      299
      5,995
      44,297
      142,701
      621,928
      32,650
      1,040,820
      511,914
      16
      243,183
      26,042
      306
      185,521
      1,446
      63,398
      -318
      56,147
      704
      22,675
      2,792
      -83
      488,490
      10,050
      739,500
      175,467
      288,102
      -651
      30,044
      -49,730
      9,393
      15,855
      881,593
      13,664
      475,655
      486,654
      71,626
      -2
      161,620
      -15,336
      65,180
      391,064
      887,506
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 11,210,971
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3 -45,094
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2013 66,646,398 434,588,117 0.153355
2012 62,581,414 420,048,826 0.148986
2011 67,030,513 425,056,948 0.157698
2010 32,542,136 421,725,874 0.077164
2009 26,032,353 362,728,441 0.071768
2 Total of line 1, column (d) ...................... 2 0.608971
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3 0.121794
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 459,435,370
5 Multiply line 4 by line 3....................... 5 55,956,471
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 358,016
7 Add lines 5 and 6......................... 7 56,314,487
8 Enter qualifying distributions from Part XII, line 4.............. 8 38,949,931
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions.
Form 990-PF (2014)
Form 990-PF (2014)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 716,033
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 716,033
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 716,033
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 703,885
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 75,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 778,885
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 394
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 62,458
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet62,458 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletTX
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
    Yes
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.KIMBELLART.ORG
    14
    The books are in care ofbulletBRENDA A CLINE Telephone no.bullet (817) 336-6100
    Located atbullet301 COMMERCE STE 2300FORT WORTHTX ZIP+4bullet76102
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2014?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?........................
    b
    If "Yes," did it have excess business holdings in 2014 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2014.)....................
    3b
     
    No
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2014?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)..................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.......................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    MRS BEN J FORTSON DIRECTOR, PRESIDENT & CEO
    15.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    MR BEN J FORTSON DIRECTOR, VICE-PRESIDENT
    10.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    MR BEN J FORTSON III DIRECTOR, VICE-PRESIDENT
    1.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    MRS WILLIAM K BURTON DIRECTOR
    1.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    MRS GLENN M DARDEN DIRECTOR
    1.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    MS KAREN FORTSON DAVIS DIRECTOR
    1.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    MR EDWARD R HUDSON JR DIRECTOR
    1.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    MRS JOHN L MARION DIRECTOR
    1.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    MRS LISA K ALCORN DIRECTOR
    1.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    MRS MITCHELL S WYNNE DIRECTOR
    1.00     		0 0 0
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    BRENDA A CLINE EXEC. VP, CFO, SECR./TREAS
    35.00     		460,000 42,007 13,728
    301 COMMERCE STREET SUITE 2300
    FORT WORTH,TX76102
    SUSAN R DRAKE ASST. SECR./TREAS., DEP. DIR. FINA/ADM
    35.00     		240,000 30,115 3,962
    3333 CAMP BOWIE BLVD
    FORT WORTH,TX76107
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    ERIC M LEE MUSEUM DIRECTOR
    35.00     		565,000 47,107 9,619
    3333 CAMP BOWIE BLVD
    FORT WORTH,TX76107
    GEORGE TM SHACKELFORD DEPUTY DIRECTOR
    35.00     		314,000 26,601 0
    3333 CAMP BOWIE BLVD
    FORT WORTH,TX76107
    CLAIRE M BARRY DIRECTOR OF CONSERVA
    35.00     		212,000 19,855 0
    3333 CAMP BOWIE BLVD
    FORT WORTH,TX76107
    LARRY D EUBANK OPERATIONS MANAGER
    35.00     		150,000 15,357 0
    3333 CAMP BOWIE BLVD
    FORT WORTH,TX76107
    MARK K RICH DIRECTOR OF INVESTME
    35.00     		137,000 23,344 0
    301 COMMERCE ST STE 2300
    FORT WORTH,TX76102
    Total number of other employees paid over $50,000...................bullet 29
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    THE BECK GROUP CONSTRUCTION MANAGEMENT 4,157,474
    810 HEMPHILL STREET
    FORT WORTH,TX76104
    BRAZOS MINERALS II LLC OIL & GAS CONSULTING 522,295
    306 WEST 7TH STREET STE 302
    FORT WORTH,TX76102
    BRETT TAYLOR ROYALTY TRUST OIL & GAS CONSULTING 425,262
    PO BOX 9
    ALEDO,TX76008
    BGT INVESTMENTS LLC OIL & GAS CONSULTING 341,353
    PO BOX 9
    ALEDO,TX76008
    WESTSIDE ENERGY LLC OIL & GAS CONSULTING 244,320
    306 WEST 7TH STREET STE 888
    FORT WORTH,TX76102
    Total number of others receiving over $50,000 for professional services.............bullet12
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 THE KIMBELL ART FOUNDATION'S DIRECT CHARITABLE ACTIVITY IS ITS OWNERSHIP AND OPERATION OF THE KIMBELL ART MUSEUM, LOCATED AT 3333 CAMP BOWIE BOULEVARD, FORT WORTH, TEXAS 40,638,660
    2  
    3  
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A 0
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    92,489,662
    b
    Average of monthly cash balances.......................
    1b
    5,677,896
    c
    Fair market value of all other assets (see instructions)................
    1c
    368,264,290
    d
    Total (add lines 1a, b, and c).........................
    1d
    466,431,848
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    466,431,848
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    6,996,478
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    459,435,370
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    22,971,769
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
     
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
     
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    21,331,661
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    17,618,270
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    38,949,931
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    38,949,931
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012.......  
    e From 2013.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$  
    a Applied to 2013, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2014 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2014.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		 
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013....  
    e Excess from 2014....  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
    1972-03-31
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
    22,971,769 21,729,406 21,002,441 21,252,847 86,956,463
    b 85% of line 2a ......... 19,526,004 18,469,995 17,852,075 18,064,920 73,912,994
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		38,949,931 66,936,598 62,919,714 67,373,445 236,179,688
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		621,000 126,948 83,500 79,500 910,948
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		38,328,931 66,809,650 62,836,214 67,293,945 235,268,740
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......         0
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		         0
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		15,314,513 14,486,271 14,001,627 14,168,565 57,970,976
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    FORT WORTH SYMPHONY ORCHESTRA
    330 E 4TH STREET SUITE 200
    FORT WORTH,TX76102     		NONE PUBLIC OPERATIONS 2,000
    FORT WORTH ZOOLOGICAL ASSOCIATION
    1989 COLONIAL PARKWAY
    FORT WORTH,TX76110     		NONE PUBLIC CAPITAL CAMPAIGN 250,000
    MONUMENTS MEN FOUNDATION FOR THE PRESERVATION OF ART
    1501 DRAGON STREET SUITE 102
    DALLAS,TX75207     		NONE PUBLIC OPERATIONS 250,000
    TEXAS CHRISTIAN UNIVERSITY
    2800 S UNIVERSITY DRIVE
    FORT WORTH,TX76129     		NONE PUBLIC ENDOWMENT 37,000
    TEXAS CHRISTIAN UNIVERSITY
    2800 S UNIVERSITY DRIVE
    FORT WORTH,TX76129     		NONE PUBLIC OPERATIONS 8,000
    TEXAS CULTURAL TRUST COUNCIL
    823 CONGRESS AVE SUITE 650
    AUSTIN,TX78701     		NONE PUBLIC OPERATIONS 25,000
    UNIVERSITY OF TEXAS
    1 UNIVERSITY STATION
    AUSTIN,TX78712     		NONE PUBLIC OPERATIONS 30,000
    VAN CLIBURN FOUNDATION
    2525 RIDGMAR BLVD 307
    FORT WORTH,TX76116     		NONE PUBLIC OPERATIONS 19,000
    Total .................................bullet 3a 621,000
    bApproved for future payment
    FORT WORTH ZOOLOGICAL ASSOCIATION
    1989 COLONIAL PARKWAY
    FORT WORTH,TX76110     		NONE PUBLIC CAPITAL CAMPAIGN 750,000
    Total .................................bullet 3b 750,000
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		    14 12,874  
    4 Dividends and interest from securities....     14 1,183,195  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		523000 8,257 18 11,210,971 754
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..         658,014
    11 Other revenue: aMEMBERSHIP REVENUE         2,697,655
    bSPECIAL PROGRAMS AND PROJECTS         1,351,548
    cCONSERVATION REVENUE         227,323
    dOIL & GAS ROYALTIES     15 26,475,460  
    eNET PROFIT INTEREST ROYALTIES     15 5,107,641  
    fOTHER EXEMPT REVENUE         6,300
    gOTHER INCOME     18 6,386  
    hPASSTHROUGH FROM PARTNERSHIP INVESTMENTS 523000 -32,570 14 1,485,043  
    12 Subtotal. Add columns (b), (d), and (e).. -24,313 45,481,570 4,941,594
    13Total. Add line 12, columns (b), (d), and (e)..................
    1350,398,851
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    8 GAIN ON SALE OF EXEMPT PURPOSE ASSETS
    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.
    11 REVENUE FROM MEMBERSHIP, CONSERVATION, SPECIAL PROGRAMS AND PROJECTS RELATED TO THE FOUNDATION'S EXEMPT PURPOSE.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2014)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.
    OMB No. 1545-0047
    2014
    Name of the organization
    KIMBELL ART FOUNDATION
     
    Employer identification number

    75-6036226
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 2
    Name of organization
    KIMBELL ART FOUNDATION
          		Employer identification number

    75-6036226
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
     
     

    AMON G CARTER FOUNDATION  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$1,000,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
     
     

    LOU ANN BLAYLOCK  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
     
     

    COMMUNITIES FOUNDATION OF TEXAS  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$25,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
     
     

    MRS FRANK DARDEN  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
     
     

    THE DISCOVERY FUND  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$10,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
     
     

    VIRGINIA DORMAN  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$10,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Name of organization
    KIMBELL ART FOUNDATION
          		Employer identification number

    75-6036226
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    7
     
     

    MARCIA FRENCH  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    8
     
     

    JP MORGAN CHASE BANK NA  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$339,500


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    9
     
     

    KLEINHEINZ FAMILY ENDOWMENT FOR THE  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$1,000,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    10
     
     

    MR AND MRS GARLAND LASATER  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$6,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    11
     
     

    LEO POTISHMAN FOUNDATION  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$112,500


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    12
     
     

    THE LOWE FOUNDATION  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$25,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Name of organization
    KIMBELL ART FOUNDATION
          		Employer identification number

    75-6036226
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    13
     
     

    LUTHER KING CAPITAL MANAGEMENT  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$10,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    14
     
     

    MARY POTISHMAN LARD TRUST  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$20,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    15
     
     

    JOHN MASON  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    16
     
     

    THE ROACH FOUNDATION INC  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    17
     
     

    SAATCHI SAATCHI NORTH AMERICA INC  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$95,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    18
     
     

    SID W RICHARDSON FOUNDATION  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$500,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Name of organization
    KIMBELL ART FOUNDATION
          		Employer identification number

    75-6036226
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    19
     
     

    THOMAS M HELEN MCKEE JOHN P RYAN FO  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$200,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    20
     
     

    BRETT G TAYLOR ROYALTY TRUST  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    21
     
     

    CRYSTELLE WAGGONER CHARITABLE TRUST  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$50,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    22
     
     

    THE WALTON FAMILY FOUNDATION  
    301 COMMERCE STREET STE 2300
     
    FORT WORTH, TX76102

    		$25,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 3
    Name of organization
    KIMBELL ART FOUNDATION
          		Employer identification number

    75-6036226
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 4
    Name of organization
    KIMBELL ART FOUNDATION
          		Employer identification number

    75-6036226
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10)
    that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2014 AccountingFeesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING & AUDITING FEES 96,460 38,458 38,458 58,003

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2014 DepreciationSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    LAND 2011-01-01 5,098,500   L   0 0 0  
    LAND IMPROVEMENTS 2011-01-01 6,157,430 1,367,604 SL 15.000000000000 367,620 0 367,620  
    MUSEUM BUILDINGS & IMPROVEMENTS 2011-01-01 147,574,845 4,742,420 SL 40.000000000000 4,695,862 0 4,695,862  
    FURNITURE AND FIXTURES 2011-01-01 6,074,528 1,809,765 SL 10.000000000000 457,688 0 457,688  
    EQUIPMENT 2011-01-01 2,179,702 1,214,096 SL 10.000000000000 138,662 0 138,662  
    COMPUTER EQUIPMENT 2011-01-01 1,673,645 728,820 SL 5.000000000000 190,881 0 190,881  
    FURNITURE AND FIXTURES 2011-01-01 282,362 81,122 SL 7.000000000000 318 0 318  
    COMPUTER EQUIPMENT 2011-01-01 20,068 8,443 SL 5.000000000000 1,727 0 1,727  

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2014 GainLossSaleOtherAssetsSch
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    COMPUTERS & SOFTWARE 2013-01 PURCHASED 2014-12   1,573 116,747   0 754 115,928
    SHORT-TERM UBI PASSTHROUGH FROM PARTNERSHIPS 2014-01 PURCHASED 2014-12   3,793     0 3,793  
    LONG-TERM UBI PASSTHROUGH FROM PARTNERSHIPS 2013-01 PURCHASED 2014-12   4,464     0 4,464  

    TY 2014 GeneralExplanationAttachment
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Identifier Return Reference Explanation
    SCHEDULE OF CONTRIBUTORS ADDRESSES SCHEDULE B THE ADDRESS LISTED FOR THE 2014 CONTRIBUTORS IS THE KIMBELL ART FOUNDATION ADDRESS. IF YOU WISH TO INQUIRE ABOUT THE ADDRESS OF AN INDIVIDUAL CONTRIBUTOR PLEASE CONTACT THE KIMBELL ART FOUNDATION AT 817-336-6100.

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMERICAN BEACON ADVISORS, INC. 10,365,579 12,776,587
    DODGE & COX 15,397,389 22,364,271
    MANNING & NAPIER ADVISORS, LLC 10,747,616 10,178,706
    LUTHER KING CAPITAL MANAGEMENT 14,948,402 19,471,854
    FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 657,550 795,922
    H OFFSHORE FUND, LTD 3,407,869 7,363,707
    OVERSEAS CAP PARTNERS, INC. 10,040,820 12,128,345
    ONE WILLIAM STREET CAPITAL OFFSHORE FUND, LTD 5,000,000 6,577,367
    DOUBLE BLACK DIAMOND, LTD 7,511,914 9,092,438
    LOOMIS, SAYLES & COMPANY, LP 9,958,155 14,233,402
    YOST OFFSHORE FUND, LTD 1,952,199 2,914,904
    NORTHERN TRUST SECURITIES, INC. 164,424 672,221

    TY 2014 InvestmentsLandSchedule2
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    FURNITURE AND FIXTURES 282,362 81,440 200,922 201,000
    COMPUTER EQUIPMENT 20,068 10,170 9,898 10,000

    TY 2014 InvestmentsOtherSchedule2
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    MINERAL INTERESTS - ROYALTIES AT COST 88,811,054 230,000,000
    NET PROFITS INTEREST - ROYALTIES AT COST 391,109 24,000,000
    PARTNERSHIP INTERESTS AT COST 65,815,076 74,669,831
    DEFERRED COMPENSATION ASSETS AT COST 114,462 143,108

    TY 2014 LandEtcSchedule2
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND 5,098,500 0 5,098,500 7,610,000
    LAND IMPROVEMENTS 6,157,430 1,735,224 4,422,206  
    MUSEUM BUILDINGS & IMPROVEMENTS 147,574,845 9,438,282 138,136,563 224,738,000
    FURNITURE AND FIXTURES 6,074,528 2,267,453 3,807,075 3,807,000
    EQUIPMENT 2,179,702 1,352,758 826,944 827,000
    COMPUTER EQUIPMENT 1,673,645 919,701 753,944 754,000


    TY 2014 LegalFeesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 115,455 60,403 60,403 55,051


    TY 2014 OtherAssetsSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    PAINTINGS 211,256,994 225,180,560 1,493,011,000
    SCULPTURES 73,369,490 73,369,490 206,660,000
    DRAWINGS & PRINTS 595,276 595,276 5,761,000
    CERAMICS, LACQUERS & MOSAICS 6,667,836 6,667,836 11,323,000
    LIBRARY 2,346,793 2,392,437 2,392,000
    SCROLLS & SCREENS 2,057,487 2,057,487 5,713,000
    SEALS 170,000 170,000 170,000
    FRAMES 82,447 82,447 82,000
    MEMBERSHIPS 28,100 28,100 28,100


    TY 2014 OtherExpensesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SPECIAL PROGRAMS AND PROJECTS 6,444,701 0 1,578,871 4,865,830
    MEMBERSHIP EXPENSES 789,859 0 789,859 0
    INSURANCE 554,631 0 0 554,631
    REPAIRS AND MAINTENANCE 713,396 16 16 713,380
    ADMINISTRATIVE COSTS 635,017 30,451 30,451 604,566
    PIANO PAVILION COSTS 179,838 0 0 179,838


    TY 2014 OtherIncomeSchedule2
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MEMBERSHIP REVENUE 2,697,655   2,697,655
    SPECIAL PROGRAMS AND PROJECTS 1,351,548   1,351,548
    CONSERVATION REVENUE 227,323   227,323
    OIL & GAS ROYALTIES 26,475,460 26,475,460 26,475,460
    NET PROFIT INTEREST ROYALTIES 5,107,641 5,107,641 5,107,641
    OTHER EXEMPT REVENUE 6,300   6,300
    OTHER INCOME 6,386 6,386 6,386
    PASSTHROUGH FROM PARTNERSHIP INVESTMENTS 1,452,473 1,485,043 1,452,473


    TY 2014 OtherLiabilitiesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Description Beginning of Year - Book Value End of Year - Book Value
    BONDS PAYABLE 60,800,000 60,800,000
    OBLIGATIONS FOR PURCHASE OF ART 0 3,782,750


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 548,274 548,274 548,274 0
    OTHER FEES 19,710 0 0 19,710


    TY 2014 TaxesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN: 75-6036226
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    AD VALOREM TAXES 735,333 735,333 735,333 0
    PRODUCTION TAXES 1,073,092 1,073,092 1,073,092 0
    FEDERAL EXCISE TAXES 680,000 0 0 680,000