Form990-PF

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
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
Name of foundation
KIMBELL ART FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)301 COMMERCE ST SUITE 2300
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
FORT WORTH, TX761024122
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:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$2,392,519,962J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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) 5,136,900
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 15,998 15,998 15,998
4 Dividends and interest from securities... 985,330 985,330 985,330
5a Gross rents............   0  
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 12,385,929
b Gross sales price for all assets on line 6a 52,550,693
7 Capital gain net income (from Part IV, line 2)... 12,686,167
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances 1,489,422
b Less: Cost of goods sold.... 832,946
c Gross profit or (loss) (attach schedule)..... Click to see attachment 656,476 656,476
11 Other income (attach schedule)....... Click to see attachment 23,647,197 19,888,587 23,647,197
12 Total. Add lines 1 through 11........ 42,827,830 33,576,082 25,305,001
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 683,000 225,750 225,750 457,250
14 Other employee salaries and wages...... 6,781,665 233,792 233,792 6,547,873
15 Pension plans, employee benefits....... 1,651,312 81,781 81,781 1,569,531
16a Legal fees (attach schedule)......... Click to see attachment 111,823 23,958 23,958 87,865
b Accounting fees (attach schedule)....... Click to see attachment 94,363 31,944 31,944 62,419
c Other professional fees (attach schedule).... Click to see attachment 621,866 593,344 593,344 28,522
17 Interest............... 4,024,620 0 0 4,024,620
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,940,070 1,490,070 1,490,070 450,000
19 Depreciation (attach schedule) and depletion... Click to see attachment 13,088,412 7,165,701 7,165,701
20 Occupancy.............. 629,137 93,194 93,194 535,943
21 Travel, conferences, and meetings....... 33,996 3,251 3,251 30,745
22 Printing and publications.......... 10,357 127 127 10,230
23 Other expenses (attach schedule)....... Click to see attachment 7,094,028 45,683 1,791,168 5,302,860
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 36,764,649 9,988,595 11,734,080 19,107,858
25 Contributions, gifts, grants paid....... 382,500 382,500
26 Total expenses and disbursements. Add lines 24 and 25 37,147,149 9,988,595 11,734,080 19,490,358
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 5,680,681
b Net investment income (if negative, enter -0-) 23,587,487
c Adjusted net income (if negative, enter -0-)... 13,570,921
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
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............. 3,131,440 2,791,204 2,791,204
2 Savings and temporary cash investments......... 17,892,060 37,608,851 37,608,851
3 Accounts receivable bullet5,518,568
Less: allowance for doubtful accounts bullet0 22,199 5,518,568 5,518,568
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions)..... 0 0 0
7 Other notes and loans receivable (attach schedule) bullet0
Less: allowance for doubtful accounts bullet0 0 0 0
8 Inventories for sale or use.............. 841,505 774,582 774,582
9 Prepaid expenses and deferred charges.......... 194,292 247,793 247,793
10a Investments—U.S. and state government obligations (attach schedule) 0 0 0
b Investments—corporate stock (attach schedule)....... 62,239,115 Click to see attachment46,119,140 56,575,486
c Investments—corporate bonds (attach schedule)....... 0 Click to see attachment0 0
11 Investments—land, buildings, and equipment: basis bullet387,185
Less: accumulated depreciation (attach schedule) bullet83,391 210,820 Click to see attachment303,794 303,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 183,044,503 Click to see attachment177,411,858 283,903,378
14 Land, buildings, and equipment: basis bullet172,327,883
Less: accumulated depreciation (attach schedule) bullet21,387,715 153,045,232 Click to see attachment150,940,168 237,182,000
15 Other assets (describe bullet) Click to see attachment310,543,633 Click to see attachment314,733,294 Click to see attachment1,767,615,100
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 731,164,799 736,449,252 2,392,519,962
Liabilities 17 Accounts payable and accrued expenses.......... 42,421 38,943
18 Grants payable..................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons 0 0
21 Mortgages and other notes payable (attach schedule)...... 49,000,000 Click to see attachment53,800,000
22 Other liabilities (describe bullet) Click to see attachment64,582,750 Click to see attachment59,390,000
23 Total liabilities (add lines 17 through 22)......... 113,625,171 113,228,943
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 616,863,744 622,528,265
25 Temporarily restricted............... 275,884 292,044
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)..... 617,539,628 623,220,309
31 Total liabilities and net assets/fund balances (see instructions). 731,164,799 736,449,252
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
617,539,628
2
Enter amount from Part I, line 27a .....................
2
5,680,681
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
623,220,309
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
623,220,309
Form 990-PF (2015)
Form 990-PF (2015)
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 U.S. Equities P 2014-01-01 2015-12-31
b International Equities P 2014-01-01 2015-12-31
c Hedge Funds P 2014-01-01 2015-12-31
d Partnership Investments P 2014-01-01 2015-12-31
e U.S. Equities P 2015-01-01 2015-12-31
Partnership Investments P 2015-01-01 2015-12-31
(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 24,473,543   16,566,049 7,907,494
b 1,108,879   1,098,772 10,107
c 9,067,077   7,443,708 1,623,369
d 7,204,626   4,000,000 3,204,626
e 10,691,023   10,667,597 23,426
0   82,855 -82,855
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     0 7,907,494
b     0 10,107
c     0 1,623,369
d     0 3,204,626
e     0 23,426
    0 -82,855
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 12,686,167
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 -59,429
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))
2014 38,949,931 459,435,370 0.084778
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
2
Total of line 1, column (d) .....................
20.621981
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
0.124396
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
427,484,592
5
Multiply line 4 by line 3......................
5
53,177,373
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
235,875
7
Add lines 5 and 6........................
7
53,413,248
8
Enter qualifying distributions from Part XII, line 4.............
8
31,015,168
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 (2015)
Form 990-PF (2015)
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 Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 471,750
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  
3 Add lines 1 and 2........................... 3 471,750
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 471,750
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 507,458
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 70,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 577,458
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
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 10 105,708
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet105,708 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 .Click to see attachment
    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 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
    Yes
     
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    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 ST SUITE 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 2015, 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  
    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 2015?.............
    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 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    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 2015 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 2015.)..................
    3b
     
     
    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 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    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
     
    No
    .........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 (2015)
    Form 990-PF (2015)
    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
    30.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Mr Ben J Fortson Director, Vice President
    25.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Mr Ben J Fortson III Director, Vice President
    1.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Mrs William K Burton Director
    1.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Mrs Glenn M Darden Director
    1.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Ms Karen Fortson Davis Director
    1.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Mr Edward R Hudson Jr Director
    1.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Mrs John L Marion Director
    1.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Mrs Lisa K Alcorn Director
    1.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Mrs Mitchell S Wynne Director, Vice President
    15.000     		0 0 0
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Brenda A Cline Exec. VP, CFO, Secr./Treas.
    35.000     		451,500 42,282 14,214
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Susan R Drake Dep. Dir. Fina./Adm., Asst. Secr./Treas.
    35.000     		231,500 30,588 4,043
    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
    35.000     		562,500   47,832
    3333 Camp Bowie Blvd
    FORT WORTH,TX76107
    George TM Shackelford Deputy Director
    35.000     		311,000   27,051
    3333 Camp Bowie Blvd
    FORT WORTH,TX76107
    Claire M Barry Dir. of Conservation
    35.000     		210,100   20,824
    3333 Camp Bowie Blvd
    FORT WORTH,TX76107
    Larry D Eubank Operations Manager
    35.000     		145,000   16,085
    3333 Camp Bowie Blvd
    FORT WORTH,TX76107
    Mark K Rich Investment Director
    35.000     		142,000   23,708
    301 COMMERCE ST
    FORT WORTH,TX761024122
    Total number of other employees paid over $50,000...................bullet 32
    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
    Humphrey & Associates Inc Construction Management 1,829,030
    11235 Shady Trail
    Dallas,TX75229
    Rivercrest Royalties LLC Minerals Management 1,030,084
    777 Taylor Street
    Fort Worth,TX76102
    The Beck Group Construction Management 623,077
    810 Hemphill Street
    Fort Worth,TX76104
    SEDALCO Inc Construction Management 176,516
    4100 Fossil Creek Blvd
    Fort Worth,TX76137
    Bank of Oklahoma-Trust Services Minerals Management 166,200
    PO Box 1270
    Tulsa,OK74101
    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. 32,310,653
    2  
    3  
    4  
    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  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    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
    100,571,129
    b
    Average of monthly cash balances.......................
    1b
    3,146,508
    c
    Fair market value of all other assets (see instructions)................
    1c
    330,276,872
    d
    Total (add lines 1a, b, and c).........................
    1d
    433,994,509
    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
    433,994,509
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    6,509,917
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    427,484,592
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    21,374,230
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
     
    b
    Income tax for 2015. (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 Click to see attachment..........
    1a
    19,490,358
    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
    11,524,810
    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
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    31,015,168
    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
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    31,015,168
    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 (2015)
    Form 990-PF (2015)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2014     		(c)
    2014     		(d)
    2015
    1 Distributable amount for 2015 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2015:
    a From 2010......  
    b From 2011......  
    c From 2012......  
    d From 2013......  
    e From 2014......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$  
    a Applied to 2014, 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 2015 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2015.    
    (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 2014. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2016. 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 2010 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2011....  
    b Excess from 2012....  
    c Excess from 2013....  
    d Excess from 2014....  
    e Excess from 2015....  
    Form 990-PF (2015)
    Form 990-PF (2015)
    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 2015, 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) 2015 (b) 2014 (c) 2013 (d) 2012
    13,570,921 22,971,769 21,729,406 21,002,441 79,274,537
    b 85% of line 2a ......... 11,535,283 19,526,004 18,469,995 17,852,075 67,383,357
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		31,057,739 38,949,931 66,936,598 62,919,714 199,863,982
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		382,500 621,000 126,948 83,500 1,213,948
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		30,675,239 38,328,931 66,809,650 62,836,214 198,650,034
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		14,249,486 15,314,513 14,486,271 14,001,627 58,051,897
    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) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    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 (2015)
    Form 990-PF (2015)
    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 STE 200
    FORT WORTH,TX76102     		None PC Operating Support 2,000
    Fort Worth Zoological Association
    1989 COLONIAL PARKWAY
    FORT WORTH,TX76110     		None PC Capital Campaign 250,000
    Michael J Fox Foundation
    PO Box 5014
    Hagerstown,MD21741     		None PC Operating Support 1,000
    Texas Christian University
    2800 S UNIVERSITY DRIVE
    FORT WORTH,TX76129     		None PC Endowment Support 40,000
    Texas Christian University
    2800 S UNIVERSITY DRIVE
    FORT WORTH,TX76129     		None PC Operating Support 18,000
    University of Texas
    1 UNIVERSITY STATION
    AUSTIN,TX78712     		None PC Operating Support 70,000
    Van Cliburn Foundation
    2525 RIDGMAR BLVD 307
    FORT WORTH,TX76116     		None PC Operating Support 1,500
    Total .................................bullet 3a 382,500
    bApproved for future payment
    Fort Worth Zoological Association
    1989 COLONIAL PARKWAY
    Fort Worth,TX76110     		None PC Capital Campaign 500,000
    Total .................................bullet 3b 500,000
    Form 990-PF (2015)
    Form 990-PF (2015)
    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 15,998  
    4 Dividends and interest from securities....     14 985,330  
    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 -276,721 18 12,686,167 -23,517
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..         656,476
    11 Other revenue:
    aMembership Revenue     		        2,669,996
    bSpecial Programs and Projects         713,089
    cConservation Revenue         204,077
    dOil & Gas Royalties     15 18,278,427  
    eNet Profit Interest Royalties     15 422,421  
    fOther Exempt Revenue         44,374
    gOther Income     18 17,742  
    hPass-through from Partnership Investments 523000 127,074 14 1,169,997  
    12 Subtotal. Add columns (b), (d), and (e).. -149,647 33,576,082 4,264,495
    13Total. Add line 12, columns (b), (d), and (e)..................
    1337,690,930
    (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.
    11a Revenue from membership, conservation, special programs and projects related to the Foundation's exempt purpose.
    Form 990-PF (2015)
    Form 990-PF (2015)
    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 organizations?
    Yes
    No
    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 name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2015)
    Additional Data


    Software ID: 15000238
    Software Version: 2015v2.1


    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
    2015
    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) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015) 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
    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
    2
    Burnett Foundation
     

       
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 3,500,000


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

       
    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
    4
    Crystelle Waggoner Charitable Trust Bank of America NA Trustee
     

       
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 100,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    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
    6
    Virginia Clay 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) (2015)
    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
    Hearst Foundations
     

       
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 150,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    8
    James C and Norma I Smith 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
    9
    Kirkpatrick Family 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
    10
    Leo Potishman Foundation JP Morgan Chase Trustee
     

       
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 225,000


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

       
    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
    12
    Luther King Capital Management
     

       
    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) (2015)
    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
    William P McKee Living Trust
     

       
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 100,000


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

       
    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
    15
    Mr and Mrs Robert L Patton Jr
     

       
    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
    16
    Mary K and Arnold E Petsche
     

       
    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
    17
    Qurumbli Fund
     

       
    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
    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) (2015)
    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
    Sotheby's
     

       
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 30,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    20
    Thomas M Helen McKee and John P Ryan Foundation
     

       
    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
    21
    Walsh Foundation
     

       
    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
    22
    Walton Family Foundation
     

       
    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
    23
    Williams Trew Real Estate
     

       
    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
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    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) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    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) (2015)

    Additional Data


    Software ID: 15000238
    Software Version: 2015v2.1

    TY 2015 AccountingFeesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Accounting and Auditing Fees 94,363 31,944 31,944 62,419

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

    TY 2015 DepreciationSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    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 Improvements   6,196,911 1,735,224 SL 15 327,144      
    Museum Buildings   119,308,209 3,431,649 SL 40 2,960,260      
    Building Improvements   31,279,231 5,888,262 SL 15 1,784,191      
    Leasehold Improvements   46,434 0 SL 15 2,572      
    Furniture & Fixtures   6,165,769 2,236,878 SL 10 479,772      
    Equipment   2,130,854 1,266,624 SL 10 133,335      
    Computer Equipment   1,751,971 906,369 SL 5 235,437      
    Furniture & Fixtures   221,882 40,969 SL 7 20,918 20,918 20,918  
    Computer Equipment   56,957 8,069 SL 5 7,434 7,434 7,434  
    Leasehold Improvements   108,346 0 SL 15 6,001 6,001 6,001  
    Oil & Gas Investments           7,131,348 7,131,348 7,131,348  

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMERICAN BEACON ADVISORS, INC. 10,665,134 12,549,095
    DODGE & COX 9,743,745 12,928,911
    MANNING & NAPIER ADVISORS, INC. 9,806,855 8,738,387
    LUTHER KING CAPITAL MANAGEMENT 8,167,843 10,024,580
    FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 682,550 766,931
    LOOMIS, SAYLES & COMPANY, LP 6,650,815 10,092,324
    NORTHERN TRUST SECURITIES, INC. 402,198 1,475,258

    TY 2015 InvestmentsLandSchedule2
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Land        
    Building     0  
    LeasholdImprovement 108,346 6,001 102,345 102,000
    Equipment 278,839 77,390 201,449 201,000
    Other     0  

    TY 2015 InvestmentsOtherSchedule2
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    MINERAL INTERESTS- ROYALTIES AT COST 88,811,054 101,415,700
    NET PROFITS INTEREST - ROYALTIES AT COST 391,109 329,395
    PARTNERSHIP INTERESTS AT COST 65,815,076 55,052,270
    HEDGE FUNDS AT COST 27,912,802 20,469,094
    DEFERRED COMPENSATION ASSETS AT COST 114,462 145,399

    TY 2015 LandEtcSchedule2
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Land 5,098,500      
    Building 156,784,350 16,126,730 140,657,620 224,738,000
    LeasholdImprovement 46,434 2,572 43,862 44,000
    Equipment 10,048,594 5,258,413 4,790,181 4,790,000
    Other 350,005 0 350,005 0


    TY 2015 LegalFeesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Legal Fees 111,823 23,958 23,958 87,865


    TY 2015 MortgagesAndNotesPayableSch
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Total Mortgage Amount: 49,000,000

    Item No. 1
    Lender's Name JPMorgan Chase Bank NA
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan  
    Balance Due 53,800,000
    Date of Note  
    Maturity Date  
    Repayment Terms  
    Interest Rate  
    Security Provided by Borrower  
    Purpose of Loan  
    Description of Lender Consideration  
    Consideration FMV  


    TY 2015 OtherAssetsSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    PAINTINGS 225,180,560 229,330,293 1,522,411,000
    SCULPTURES 73,369,490 73,369,490 219,320,000
    DRAWINGS & PRINTS 595,276 595,276 5,261,000
    CERAMICS, LACQUERS & MOSAICS 6,667,836 6,667,836 12,198,000
    LIBRARY 2,392,437 2,432,365 2,432,000
    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 2015 OtherExpensesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Special Programs and Projects 4,264,266 0 917,166 3,347,100
    Membership Expenses 828,319 0 828,319 0
    Insurance 566,146 0 0 566,146
    Repair and Maintenance 808,258 0 0 808,258
    Administrative Costs 627,039 45,683 45,683 581,356


    TY 2015 OtherIncomeSchedule2
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Membership Revenue 2,669,996 0 2,669,996
    Pass-through from Partnership Investments 1,297,071 1,169,997 1,297,071
    Special Programs and Projects 713,089 0 713,089
    Conservation Revenue 204,077 0 204,077
    Oil & Gas Royalties 18,278,427 18,278,427 18,278,427
    Net Profit Interest Royalties 422,421 422,421 422,421
    Other Exempt Revenue 44,374 0 44,374
    Other Income 17,742 17,742 17,742


    TY 2015 OtherLiabilitiesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Description Beginning of Year - Book Value End of Year - Book Value
    BONDS PAYABLE 60,800,000 59,040,000
    OBLIGATIONS FOR PURCHASE OF ART 3,782,750 350,000


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Fees 593,344 593,344 593,344 0
    Other Fees 28,522 0 0 28,522


    TY 2015 SalesOfInventoryList 
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1

    Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
    Cost of Goods Sold)
    Museum Shop and Buffet 1,565,694 832,946 656,476

    TY 2015 TaxesSchedule
    Name:
    KIMBELL ART FOUNDATION
    EIN:
    75-6036226
    Software ID:
    15000238
    Software Version:
    2015v2.1
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Ad Valorem Taxes 673,521 673,521 673,521 0
    Production Taxes 816,549 816,549 816,549 0
    Federal Excise Taxes 450,000 0 0 450,000