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.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
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 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. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... 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$2,773,520,344J Accounting method:
Modified Cash Basis
(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) 1,262,179
2 Check bullet.............
3 Interest on savings and temporary cash investments 66,231 66,231 66,231
4 Dividends and interest from securities... 622,170 622,170 622,170
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,591,018
b Gross sales price for all assets on line 6a 9,425,084
7 Capital gain net income (from Part IV, line 2)... 2,515,551
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances 491,016
b Less: Cost of goods sold.... 307,159
c Gross profit or (loss) (attach schedule)..... Click to see attachment 183,857  
11 Other income (attach schedule)....... Click to see attachment 17,483,441 17,314,758 17,483,441
12 Total. Add lines 1 through 11........ 22,208,896 20,518,710 18,171,842
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 645,800 194,450 194,450 451,350
14 Other employee salaries and wages...... 7,495,590 299,967 299,967 7,195,623
15 Pension plans, employee benefits....... 1,701,352 84,980 84,980 1,616,372
16a Legal fees (attach schedule)......... Click to see attachment 343,345 266,079 266,079 77,266
b Accounting fees (attach schedule)....... Click to see attachment 107,929 51,197 51,197 56,732
c Other professional fees (attach schedule).... Click to see attachment 626,907 412,310 412,310 214,597
17 Interest............... 1,954,973     2,822,399
18 Taxes (attach schedule) (see instructions)... Click to see attachment 946,019 841,019 841,019 105,000
19 Depreciation (attach schedule) and depletion... Click to see attachment 23,295,679 16,367,032 16,367,032
20 Occupancy.............. 550,164 105,507 105,507 444,657
21 Travel, conferences, and meetings....... 39,130 1,117 1,117 38,013
22 Printing and publications.......... 5,523 0 0 5,523
23 Other expenses (attach schedule)....... Click to see attachment 6,008,645 32,213 1,050,695 4,957,950
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 43,721,056 18,655,871 19,674,353 17,985,482
25 Contributions, gifts, grants paid....... 217,500 217,500
26 Total expenses and disbursements. Add lines 24 and 25 43,938,556 18,655,871 19,674,353 18,202,982
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -21,729,660
b Net investment income (if negative, enter -0-) 1,862,839
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
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............. 1,744,884 1,884,078 1,884,078
2 Savings and temporary cash investments......... 6,932,968 2,309,486 2,309,486
3 Accounts receivable bullet2,577
Less: allowance for doubtful accounts bullet0 76,127 2,577 2,577
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet   0 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.............. 758,781 810,600 810,600
9 Prepaid expenses and deferred charges.......... 453,222 372,895 372,895
10a Investments—U.S. and state government obligations (attach schedule) 0 0 0
b Investments—corporate stock (attach schedule)....... 34,920,976 Click to see attachment37,947,209 58,790,348
c Investments—corporate bonds (attach schedule)....... 0   0
11 Investments—land, buildings, and equipment: basis bullet394,888
Less: accumulated depreciation (attach schedule) bullet292,650 139,930 Click to see attachment102,238 102,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 154,517,498 Click to see attachment142,301,372 252,423,260
14 Land, buildings, and equipment: basis bullet191,049,617
Less: accumulated depreciation (attach schedule) bullet52,205,169 145,128,814 Click to see attachment138,844,448 279,489,000
15 Other assets (describe bullet) Click to see attachment343,482,631 Click to see attachment343,501,154 Click to see attachment2,177,336,100
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 688,155,831 668,076,057 2,773,520,344
Liabilities 17 Accounts payable and accrued expenses.......... 53,337 99,718
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)...... 0 Click to see attachment4,300,000
22 Other liabilities (describe bullet) Click to see attachment61,308,398 Click to see attachment58,611,903
23 Total liabilities (add lines 17 through 22)......... 61,361,735 63,011,621
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 625,025,618 603,094,755
25 Net assets with donor restrictions............ 1,768,478 1,969,681
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 626,794,096 605,064,436
30 Total liabilities and net assets/fund balances (see instructions). 688,155,831 668,076,057
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 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
626,794,096
2
Enter amount from Part I, line 27a .....................
2
-21,729,660
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
605,064,436
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 29 .
6
605,064,436
Form 990-PF (2020)
Form 990-PF (2020)
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 2019-01-01 2020-12-31
b HEDGE FUNDS P 2019-01-01 2020-12-31
c PARTNERSHIP INVESTMENTS P 2019-01-01 2020-12-31
d EXEMPT FUNCTION ASSETS P 2019-01-01 2020-12-31
e U.S. EQUITIES P 2020-01-01 2020-12-31
PARTNERSHIP INVESTMENTS P 2020-01-01 2020-12-31
(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 6,495,318   4,442,504 2,052,814
b 137   0 137
c 686,954   0 686,954
d 0   0 0
e 2,167,208   2,022,923 144,285
0   368,639 -368,639
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 2,052,814
b     0 137
c     0 686,954
d     0 0
e     0 144,285
    0 -368,639
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 2,515,551
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 -224,354
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 25,893
c All other domestic foundations enter 1.39% 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 25,893
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 25,893
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 217,842
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 217,842
8 Enter any penalty for underpayment of estimated tax. Check here 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 10 191,949
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet191,949 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 the instructions
for the 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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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 2020 or the taxable year beginning in 2020? See the 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 (2020)
    Form 990-PF (2020)
    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 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, 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 the instructions for exceptions and filing requirements for FinCEN Form 114. 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 2020?.............
    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 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    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 2020 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 2020.)..................
    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 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    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:
    Yes
    No
    (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
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    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
    Brenda A Cline CFO, Secr./Treas.
    30.000     		388,900 37,712 16,102
    301 Commerce St
    Fort Worth,TX761024122
    Susan R Drake Dep. Dir. Fina./Admin., Asst. Secr./Treas.
    35.000     		256,900 18,928 5,261
    3333 Camp Bowie Blvd
    Fort Worth,TX76107
    Mrs Glenn M Darden Director
    3.000     		0 0 0
    301 Commerce St
    Fort Worth,TX761024122
    Ms Karen Fortson Davis Director
    3.000     		0 0 0
    301 Commerce St
    Fort Worth,TX761024122
    Mrs John L Marion Director
    3.000     		0 0 0
    301 Commerce St
    Fort Worth,TX761024122
    Mrs Peter O Alcorn Director
    3.000     		0 0 0
    301 Commerce St
    Fort Worth,TX761024122
    Mr Stewart L Henderson Director
    3.000     		0 0 0
    301 Commerce St
    Fort Worth,TX761024122
    Mrs William K Burton Director; Vice President
    8.000     		0 0 0
    301 Commerce St
    Fort Worth,TX761024122
    Mrs Mitchell S Wynne Director; Vice Chairman, President & CEO
    20.000     		0 0 0
    301 Commerce St
    Fort Worth,TX761024122
    Mrs Ben J Fortson Director; Chairman
    8.000     		0 0 0
    301 Commerce St
    Fort Worth,TX761024122
    Mr Ben J Fortson Director; Exec. Vice President & CIO
    30.000     		0 0 0
    301 Commerce St
    Fort Worth,TX761024122
    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     		623,900   11,389
    3333 Camp Bowie Blvd
    Fort Worth,TX76107
    George TM Shackelford Deputy Director
    35.000     		432,839   0
    3333 Camp Bowie Blvd
    Fort Worth,TX76107
    Claire M Barry Dir. of Conservation
    35.000     		233,000   0
    3333 Camp Bowie Blvd
    Fort Worth,TX76107
    Mark K Rich Dir. of Investments
    35.000     		220,000   0
    301 Commerce St
    Fort Worth,TX761024122
    Larry D Eubank Operations Manager
    35.000     		188,200   0
    3333 Camp Bowie Blvd
    Fort Worth,TX76107
    Total number of other employees paid over $50,000...................bullet 36
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    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 624,160
    1501 Luna Road
    Carrollton,TX75006
    Timothy Madigan Author 145,000
    262 Carroll Street
    Fort Worth,TX76107
    Northern Trust Investment Custody Services 126,996
    50 S LaSalle St
    Chicago,IL60603
    Kelly Hart & Hallman LLP Legal Services 86,595
    201 Main Street Ste 2500
    Fort Worth,TX76102
    Whitley Penn LLP Accounting Services 78,055
    640 Taylor Street Ste 2200
    Fort Worth,TX76102
    Total number of others receiving over $50,000 for professional services.............bullet5
    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 (SEE STATEMENT) 19,779,268
    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 None  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    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
    52,897,312
    b
    Average of monthly cash balances.......................
    1b
    1,899,825
    c
    Fair market value of all other assets (see instructions)................
    1c
    248,906,998
    d
    Total (add lines 1a, b, and c).........................
    1d
    303,704,135
    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
     
    3
    Subtract line 2 from line 1d.........................
    3
    303,704,135
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    4,555,562
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    299,148,573
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    14,957,429
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
     
    b
    Income tax for 2020. (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
    18,202,982
    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
    662,804
    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
    18,865,786
    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
    18,865,786
    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 (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$  
    a Applied to 2019, 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 2020 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2020.    
    (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 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		 
    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) .......     		 
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020....  
    Form 990-PF (2020)
    Form 990-PF (2020)
    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 2020, 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) 2020 (b) 2019 (c) 2018 (d) 2017
    0 11,805,409 19,121,224 13,094,084 44,020,717
    b 85% of line 2a ......... 0 10,034,598 16,253,040 11,129,971 37,417,609
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		18,865,786 24,276,879 42,248,499 26,256,749 111,647,913
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		217,500 306,693 84,500 370,500 979,193
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		18,648,286 23,970,186 42,163,999 25,886,249 110,668,720
    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...     		9,971,619 11,158,012 12,747,483 12,850,376 46,727,490
    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 foundation 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 (2020)
    Form 990-PF (2020)
    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
    The AIA Foundation
    1735 NEW YORK AVENUE NW
    WASHINGTON,DC20006     		NONE PC Operating Support 1,000
    Amon Carter Museum of American Art
    3501 CAMP BOWIE BLVD
    FORT WORTH,TX76107     		NONE PC Capital Campaign 200,000
    Fort Worth Symphony Orchestra
    330 E 4TH STREET STE 200
    FORT WORTH,TX76102     		NONE PC Operating Support 3,000
    Southern Methodist University
    PO BOX 750281
    DALLAS,TX75275     		NONE PC Capital Campaign 10,000
    Texans For The Arts Foundation
    PO BOX 4549
    AUSTIN,TX78765     		NONE PC Operating Support 2,500
    University of Texas at Dallas
    800 W CAMPBELL ROAD SPN 10
    RICHARDSON,TX75080     		NONE PC Operating Support 1,000
    Total .................................bullet 3a 217,500
    bApproved for future payment
    Amon Carter Museum of American Art
    3501 CAMP BOWIE BLVD
    FORT WORTH,TX76107     		NONE PC Capital Campaign 200,000
    Total .................................bullet 3b 200,000
    Form 990-PF (2020)
    Form 990-PF (2020)
    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 66,231  
    4 Dividends and interest from securities....     14 622,170  
    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 75,467 18 2,515,551  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory     3 62,330 121,527
    11 Other revenue:
    aMembership Revenue     		        1,863,085
    bSpecial Programs and Projects         349,568
    cConservation Revenue         263,719
    dOther Exempt Revenue     15 20,303  
    ePass-through from Partnership Investments 523000 34,677 14 86,463  
    fMineral Interests - Royalties     15 10,304,610  
    gNet Profit Interest - Royalties     15 736,124  
    hKimbell Royalty Operating, LLC 523000 -2,362,669 15 6,187,504  
    iOther Income     18 57  
    12 Subtotal. Add columns (b), (d), and (e).. -2,252,525 20,601,343 2,597,899
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    20,946,717
    (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.)
    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 (2020)
    Form 990-PF (2020)
    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) (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) (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 instructions.
    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 (2020)
    Additional Data


    Software ID: 20011424
    Software Version: 2020v4.0


    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 Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2020
    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 isn't covered by the General Rule and/or the Special Rules doesn't 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 doesn't 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) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020) Page 2
    Name of organization
    Kimbell Art Foundation
          		Employer identification number
    75-6036226
    Part I
    Contributors
    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
    Alice L Walton Foundation
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 15,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    Arts Council of Fort Worth
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 55,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    Mrs Mercedes T Bass
     
    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
    4
    Virginia F Clay
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 55,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    Consulate General of Italy in Houston
     
    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
    Ellsworth Kelly Foundation
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 100,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Name of organization
    Kimbell Art Foundation
          		Employer identification number
    75-6036226
    Part I
    Contributors
    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
    Folsom Point Charities
     
    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
    8
    Fort Worth Tourism Public Improvement District
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 40,500


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    9
    The Havener 20 Charitable Fund at the North Texas Community Foundation
     
    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
    Heart of Neiman Marcus Foundation Fund of 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
    11
    The Lowe Foundation
     
    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
    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) (2020)
    Name of organization
    Kimbell Art Foundation
          		Employer identification number
    75-6036226
    Part I
    Contributors
    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
    Mary Potishman Lard 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
    14
    John and Kathy Nugent
     
    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
    Preservation Tree Services
     
    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
    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
    17
    Texas Commission on the Arts
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 481,511


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    18
    Virginia Clay Foundation
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 50,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    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) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    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) (2020)
    Additional Data


    Software ID: 20011424
    Software Version: 2020v4.0

    TY 2020 AccountingFeesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Accounting and Auditing Fees 107,929 51,197 51,197 56,732

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

    TY 2020 DepreciationSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    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   12,332,991 3,275,444 SL 15.0 779,322      
    Museum Buildings   122,554,444 18,572,961 SL 40.0 3,063,861      
    Building Improvements   38,691,362 14,915,402 SL 15.0 2,155,263      
    Leasehold Improvements   46,434 14,954 SL 15.0 3,096      
    Furniture & Fixtures   6,326,696 4,544,133 SL 10.0 450,256      
    Equipment   2,857,161 1,822,777 SL 10.0 174,725      
    Computer Equipment   3,142,029 2,130,852 SL 5.0 302,124      
    Furniture & Fixtures   221,882 165,084 SL 7.0 25,799 25,799 25,799  
    Computer Equipment   64,660 54,981 SL 5.0 4,670 4,670 4,670  
    Leasehold Improvements   108,346 34,893 SL 15.0 7,223 7,223 7,223  
    Oil & Gas Investments           16,329,340 16,329,340 16,329,340  

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

    TY 2020 GainLossSaleOtherAssetsSch
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    Capital Gains and Losses from Part IV   P     9,349,617 6,834,066     2,515,551  
    Long-term UBI Pass-through from Partnership Investments 2019-01 P 2020-12   75,442 0     75,442  
    Short-term UBI Pass-through from Partnership Investments 2020-01 P 2021-12   25 0     25  

    TY 2020 GeneralExplanationAttachment
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Identifier Return Reference Explanation
    COLUMN (D) Form 990-PF, Part I, Line 17 BOOK / TAX DIFFERENCE: AMORTIZATION OF LOSS ON REFUNDING OF BOND PAYABLE -- $867,426
    SUMMARY OF DIRECT CHARITABLE ACTIVITIES Form 990-PF, Part IX-A The Kimbell Art Foundation (the "Foundation") is a nonprofit corporation, which was incorporated in Texas in 1936. The Foundation was formed principally for the purpose of founding and maintaining, in the City of Fort Worth, Texas, an art institute to acquire by purchase, exchange, gift, and bequest paintings and other art objects for public exhibition without profit, and to purchase, erect or otherwise acquire suitable sites and structures for such purpose, and thereby to promote the study and appreciation of art. In accordance with this purpose, the Foundation owns and operates the Kimbell Art Museum (the "Museum"), located at 3333 Camp Bowie Boulevard, Fort Worth, Texas, whose permanent collections range in period from antiquity to the 20th century and include European masterpieces by artists such as Fra Angelico, Michelangelo, Caravaggio, Poussin, Velazquez, Monet, Picasso and Matisse; important collections of Egyptian and classical antiquities; and the art of Asia, Africa, and the Ancient Americas. Those collections, as well as special exhibitions, are displayed in the Museum's two buildings: the Kahn Building and the Piano Pavilion which opened in 1972 and 2013, respectively, and are each named in recognition of the design architects, Louis I. Kahn and Renzo Piano. Special exhibitions in 2020 included Flesh and Blood: Italian Masterpieces from the Capodimonte Museum and Queen Nefertari's Egypt. The Museum also offers a wide range of educational programs and resources to enrich its visitors' experiences and enhance their understanding, appreciation, and enjoyment of the artworks and architecture on view. Those include, among others, lectures, films, family festivals, workshops, a drop-in studio, art camps, and teacher training, many of which were available virtually in 2020 through the Foundation website or social media.

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMERICAN BEACON 9,402,281 11,558,000
    DODGE & COX 8,950,988 12,396,662
    LUTHER KING CAPITAL MANAGEMENT 8,943,840 15,214,875
    FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 718,229 1,064,553
    LOOMIS, SAYLES & COMPANY, LP 7,601,522 17,955,115
    NORTHERN TRUST SECURITIES, INC. 2,330,349 601,143

    TY 2020 InvestmentsLandSchedule2
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LEASEHOLD IMPROVEMENTS 108,346 42,116 66,230 66,000
    EQUIPMENT 286,542 250,534 36,008 36,000

    TY 2020 InvestmentsOtherSchedule2
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    MINERAL INTERESTS- ROYALTIES AT COST 35,449,696 128,400,000
    NET PROFITS INTEREST - ROYALTIES AT COST 146,889 14,000,000
    Kimbell Royalty Operating, LLC AT COST 51,300,141 40,874,759
    PARTNERSHIP INTERESTS AT COST 48,045,563 55,465,214
    HEDGE FUNDS AT COST 6,967,534 13,088,710
    DEFERRED COMPENSATION ASSETS AT COST 391,549 594,577

    TY 2020 LandEtcSchedule2
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND 5,098,500 0 5,098,500 15,990,000
    BUILDINGS 173,578,797 42,762,253 130,816,544 260,570,000
    LEASEHOLD IMPROVEMENTS 46,434 18,050 28,384 28,000
    EQUIPMENT 12,325,886 9,424,866 2,901,020 2,901,000
    Other 0 0 0 0


    TY 2020 LegalFeesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Legal Fees 343,345 266,079 266,079 77,266


    TY 2020 MortgagesAndNotesPayableSch
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Total Mortgage Amount: 0

    Item No. 1
    Lender's Name Frost Bank
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan  
    Balance Due 4,300,000
    Date of Note 2018-08
    Maturity Date 2021-08
    Repayment Terms Interest paid monthly
    Interest Rate 1.4
    Security Provided by Borrower Unsecured
    Purpose of Loan Line of Credit
    Description of Lender Consideration  
    Consideration FMV  


    TY 2020 OtherAssetsSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    PAINTINGS 246,651,566 246,651,566 1,902,162,000
    SCULPTURES 84,629,894 84,629,894 248,574,000
    DRAWINGS & PRINTS 595,276 595,276 5,761,000
    CERAMICS, LACQUERS & MOSAICS 6,667,836 6,667,836 12,227,000
    LIBRARY 2,600,025 2,618,548 2,619,000
    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 2020 OtherExpensesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Special Programs and Projects 3,463,001 0 613,287 2,849,714
    Membership Expenses 405,195 0 405,195 0
    Insurance 815,707 0 0 815,707
    Repair and Maintenance 755,808 497 497 755,311
    Administrative Costs 568,934 31,716 31,716 537,218


    TY 2020 OtherIncomeSchedule2
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Membership Revenue 1,863,085   1,863,085
    Special Programs and Projects 349,568   349,568
    Conservation Revenue 263,719   263,719
    Other Exempt Revenue 20,303   20,303
    Pass-through from Partnership Investments 121,140 86,463 121,140
    Mineral Interests - Royalties 10,304,610 10,304,610 10,304,610
    Net Profit Interest - Royalties 736,124 736,124 736,124
    Kimbell Royalty Operating, LLC 3,824,835 6,187,504 3,824,835
    Other Income 57 57 57


    TY 2020 OtherLiabilitiesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Description Beginning of Year - Book Value End of Year - Book Value
    BONDS PAYABLE 61,226,963 58,611,903
    INVESTMENT PURCHASES PAYABLE 81,435 0


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Fees 412,310 412,310 412,310  
    Other Fees 214,597     214,597


    TY 2020 SalesOfInventoryList 
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0

    Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
    Cost of Goods Sold)
    Museum Shop 378,292 229,387 121,527
    Buffet 140,184 77,772 62,330

    TY 2020 TaxesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    20011424
    Software Version:
    2020v4.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Ad Valorem Taxes 326,104 326,104 326,104 0
    Production Taxes 514,915 514,915 514,915 0
    Federal Excise Taxes 105,000 0 0 105,000