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. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021
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$2,922,404,203J 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) 8,692,764
2 Check bullet.............
3 Interest on savings and temporary cash investments 34,012    
4 Dividends and interest from securities... 861,711    
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 9,285,862
b Gross sales price for all assets on line 6a 14,324,321
7 Capital gain net income (from Part IV, line 2)... 9,270,240
8 Net short-term capital gain......... 107,127
9 Income modifications...........  
10a Gross sales less returns and allowances 1,001,582
b Less: Cost of goods sold.... 638,115
c Gross profit or (loss) (attach schedule)..... Click to see attachment 363,467  
11 Other income (attach schedule)....... Click to see attachment 33,082,476 30,780,580 33,082,476
12 Total. Add lines 1 through 11........ 52,320,292 40,050,820 33,189,603
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...... 6,818,367 272,770 272,770 6,545,597
15 Pension plans, employee benefits....... 1,526,584 79,351 79,351 1,447,233
16a Legal fees (attach schedule)......... Click to see attachment 52,689 -37,862 -37,862 90,551
b Accounting fees (attach schedule)....... Click to see attachment 99,837 39,522 39,522 60,315
c Other professional fees (attach schedule).... Click to see attachment 502,840 455,424 455,424 47,416
17 Interest............... 1,955,226     2,816,917
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,239,569 1,084,567 1,084,567 155,000
19 Depreciation (attach schedule) and depletion... Click to see attachment 18,704,131 11,589,460 11,589,460
20 Occupancy.............. 589,007 109,072 109,072 479,935
21 Travel, conferences, and meetings....... 4,802 573 573 4,229
22 Printing and publications.......... 3,124 0 0 3,124
23 Other expenses (attach schedule)....... Click to see attachment 5,805,603 31,665 963,669 4,841,934
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 37,947,579 13,818,992 14,750,996 16,943,601
25 Contributions, gifts, grants paid....... 209,000 209,000
26 Total expenses and disbursements. Add lines 24 and 25 38,156,579 13,818,992 14,750,996 17,152,601
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 14,163,713
b Net investment income (if negative, enter -0-) 26,231,828
c Adjusted net income (if negative, enter -0-)... 18,438,607
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
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............. 1,884,078 2,387,161 2,387,161
2 Savings and temporary cash investments......... 2,309,486 10,722,019 10,722,019
3 Accounts receivable bullet3,601
Less: allowance for doubtful accounts bullet0 2,577 3,601 3,601
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.............. 810,600 606,604 606,604
9 Prepaid expenses and deferred charges.......... 372,895 312,929 312,929
10a Investments—U.S. and state government obligations (attach schedule) 0 0 0
b Investments—corporate stock (attach schedule)....... 37,947,209 Click to see attachment43,089,457 69,640,133
c Investments—corporate bonds (attach schedule)....... 0   0
11 Investments—land, buildings, and equipment: basis bullet396,496
Less: accumulated depreciation (attach schedule) bullet327,347 102,238 Click to see attachment69,149 69,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 142,301,372 Click to see attachment148,473,114 309,562,656
14 Land, buildings, and equipment: basis bullet191,182,925
Less: accumulated depreciation (attach schedule) bullet59,083,725 138,844,448 Click to see attachment132,099,200 278,670,000
15 Other assets (describe bullet) Click to see attachment343,501,154 Click to see attachment351,780,632 Click to see attachment2,250,430,100
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 668,076,057 689,543,866 2,922,404,203
Liabilities 17 Accounts payable and accrued expenses.......... 99,718 66,050
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)...... 4,300,000 Click to see attachment12,900,000
22 Other liabilities (describe bullet) Click to see attachment58,611,903 Click to see attachment57,349,667
23 Total liabilities (add lines 17 through 22)......... 63,011,621 70,315,717
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........... 603,094,755 617,089,911
25 Net assets with donor restrictions............ 1,969,681 2,138,238
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)..... 605,064,436 619,228,149
30 Total liabilities and net assets/fund balances (see instructions). 668,076,057 689,543,866
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
605,064,436
2
Enter amount from Part I, line 27a .....................
2
14,163,713
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
619,228,149
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
619,228,149
Form 990-PF (2021)
Form 990-PF (2021)
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 2020-01-01 2021-12-31
b INTERNATIONAL EQUITIES P 2020-01-01 2021-12-31
c HEDGE FUNDS P 2020-01-01 2021-12-31
d OIL & GAS ROYALTIES P 2020-01-01 2021-12-31
e PARTNERSHIP INVESTMENTS P 2020-01-01 2021-12-31
EXEMPT FUNCTION ASSETS P 2020-01-01 2021-12-31
U.S. EQUITIES P 2021-01-01 2021-12-31
PARTNERSHIP INVESTMENTS P 2021-01-01 2021-12-31
(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 6,272,357   2,889,965 3,382,392
b 841,624   0 841,624
c 37,707   15,335 22,372
d 108,154   0 108,154
e 4,805,296   0 4,805,296
3,275 15,345 15,345 3,275
2,240,286   2,129,921 110,365
0   3,238 -3,238
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 3,382,392
b     0 841,624
c     0 22,372
d     0 108,154
e     0 4,805,296
    0 3,275
    0 110,365
    0 -3,238
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 9,270,240
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 3 107,127
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
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 All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) 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........................... 3 364,622
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- ..... 5 364,622
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 346,949
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 175,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 521,949
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 10 157,327
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet157,327 RefundedBullet 11 0
Part VI-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 changesClick to see attachment....
3
Yes
 
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 XIV..................................
    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 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    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 (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-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 2021, 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 VI-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? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (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)? ......................
    1a(5)
     
    No
    (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.) ...............
    1a(6)
     
    No
    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
    c
    ........bullet
    d
    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 2021? .............
    1d
     
    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 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    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? ..............................
    3a
    Yes
     
    b
    If "Yes," did it have excess business holdings in 2021 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 2021.) .....................
    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 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-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))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    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
     
     
    c
    .........bullet
    d
    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? .................
    5d
     
     
    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? .............................
    6a
     
    No
    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?
    7a
     
    No
    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? .........................
    8
     
    No
    Part VII
    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 41,036 12,535
    301 Commerce St
    Fort Worth,TX761024122
    Susan R Drake Dep. Dir. Fina./Admin., Asst. Secr./Treas.
    35.000     		256,900 18,897 5,542
    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 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
    Mr Win S Ryan Director
    3.000     		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 58,223 12,567
    3333 Camp Bowie Blvd
    Fort Worth,TX76107
    George TM Shackelford Deputy Director
    35.000     		397,876 27,868 0
    3333 Camp Bowie Blvd
    Fort Worth,TX76107
    Robert McAn Donor Relations Head
    35.000     		170,000 19,657 0
    3333 Camp Bowie Blvd
    Fort Worth,TX76107
    Mark K Rich Dir. of Investments
    35.000     		220,000 35,552 0
    301 Commerce St
    Fort Worth,TX761024122
    Larry D Eubank Operations Manager
    35.000     		188,200 20,829 0
    3333 Camp Bowie Blvd
    Fort Worth,TX76107
    Total number of other employees paid over $50,000...................bullet 30
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    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
    Kelly Hart & Hallman LLP Legal Services 136,043
    201 Main Street Ste 2500
    Fort Worth,TX76102
    Taylor Companies Royalty Holdings II LLC Oil & Gas Consulting 112,000
    2777 N Stemmons Fwy
    Dallas,TX75207
    Luther King Capital Management Investment Management Services 109,937
    301 Commerce Street
    Fort Worth,TX76102
    Northern Trust Investment Custody Services 103,444
    50 S LaSalle St
    Chicago,IL60603
    Loomis Sayles Investment Management Services 97,006
    One Financial Center
    Boston,MA02111
    Total number of others receiving over $50,000 for professional services.............bullet4
    Part VIII-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) 18,578,506
    2  
    3  
    4  
    Part VIII-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 (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    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
    73,485,887
    b
    Average of monthly cash balances.......................
    1b
    3,121,480
    c
    Fair market value of all other assets (see instructions)................
    1c
    284,415,683
    d
    Total (add lines 1a, b, and c).........................
    1d
    361,023,050
    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
    361,023,050
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    5,415,346
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    355,607,704
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    17,780,385
    Part X
    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 IX, line 6..................
    1
     
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
     
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    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 XII, line 1 ...
    7
     
    Part XI
    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
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7  
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017......  
    c From 2018......  
    d From 2019......  
    e From 2020......  
    f Total of lines 3a through e ........  
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$  
    a Applied to 2020, 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 2021 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2021.    
    (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 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		 
    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 2016 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018....  
    c Excess from 2019....  
    d Excess from 2020....  
    e Excess from 2021....  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-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 2021, 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) 2021 (b) 2020 (c) 2019 (d) 2018
    17,780,385 0 11,805,409 19,121,224 48,707,018
    b 85% (0.85) of line 2a ......... 15,113,327 0 10,034,598 16,253,040 41,400,965
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		17,801,502 18,865,786 24,276,879 42,248,499 103,192,666
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		209,000 217,500 306,693 84,500 817,693
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		17,592,502 18,648,286 23,970,186 42,163,999 102,374,973
    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 IX, line 6 for each year listed ..     		11,853,590 9,971,619 11,158,012 12,747,483 45,730,704
    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 XIV
    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 (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    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
    Amon Carter Museum of American Art
    3501 CAMP BOWIE BLVD
    FORT WORTH,TX76107     		NONE PC Capital Campaign 200,000
    Aspen Center for Physics
    700 GILLESPIE AVE
    ASPEN,CO81611     		NONE PC Operating Support 1,000
    Fort Worth Symphony Orchestra
    330 E 4TH STREET STE 200
    FORT WORTH,TX76102     		NONE PC Operating Support 4,000
    Texans For The Arts Foundation
    PO BOX 4549
    AUSTIN,TX78765     		NONE PC Operating Support 2,500
    Van Cliburn Foundation
    201 MAIN STE 100
    FORT WORTH,TX76102     		NONE PC Operating Support 1,500
    Total .................................bullet 3a 209,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-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 34,012  
    4 Dividends and interest from securities ....          
    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 15,622 18 9,270,240  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory     3 142,777 220,690
    11 Other revenue:
    aMembership Revenue     		        2,261,488
    bSpecial Programs and Projects         489,619
    cConservation Revenue         42,161
    dOther Exempt Revenue     15   3,727
    ePass-through from Partnership Investments 523000 -574,724 14 2,121,639  
    fMineral Interests - Royalties     15 18,583,233  
    gNet Profit Interest - Royalties     15 1,920,845  
    hKimbell Royalty Operating, LLC 523000 79,625 15 8,154,857  
    iOther Income     18 6  
    12 Subtotal. Add columns (b), (d), and (e) .. -479,477 41,089,320 3,017,685
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    43,627,528
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-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 XV-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 (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    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 (2021)
    Additional Data


    Software ID: 21014044
    Software Version: 2021v4.2


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990)
    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
    2021
    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) (2021)
    Schedule B (Form 990) (2021) 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

    		$ 7,500


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    The Anne H Bass 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
    3
    Arts Council of Fort Worth
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 60,000


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

    		$ 90,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    Virginia F Clay
     
    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
    6
    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.)
    Schedule B (Form 990) (2021)
    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
    The Estate of Dr Ralph C Disch
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 12,508


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    8
    Thomas Fagadau
     
    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
    9
    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
    10
    Fort Worth Tourism Public Improvement District
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 31,625


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    11
    Carol Havener
     
    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
    12
    The James and Gayle Halperin Foundation
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 25,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    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
    Luther King Capital Management
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 10,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    14
    Mary Potishman Lard Trust
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 25,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    15
    Stacie and David McDavid
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 5,023


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    16
    Dan McRee
     
    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
    Clark and Debra Million
     
    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
    18
    Mollie and Garland Lasater Fund at the North Texas Community Foundation
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 5,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    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
    19
    John and Kathy Nugent
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 40,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    20
    Qurumbli 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
    21
    Sam Scott Miller Fund
     
    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
    Stastny Folk Art And Crafts Foundation
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 36,123


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    23
    Texas Commission on the Arts
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 224,082


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    24
    Virginia Clay Foundation
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 50,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    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
    25
    Charles White
     
    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
    26
    William M Fuller 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
    27
    The Burnett Foundation
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 235,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    28
    Gwendolyn Weiner
     
    301 Commerce Street STE 2300
     
    Fort Worth, TX76102

    		$ 7,500,000


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

    		$  


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

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    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
    27
    		 OIL, GAS, AND MINERAL INTERESTS $ 235,000 2021-10-18
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    28
    		 UNDIVIDED 20% INTEREST IN AND TO THE LIMESTONE SCULPTURE "HEAD" BY AMEDEO MODIGLIANI $ 7,500,000 2021-10-01
    (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) (2021)
    Schedule B (Form 990) (2021)
    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) (2021)
    Additional Data


    Software ID: 21014044
    Software Version: 2021v4.2

    TY 2021 AccountingFeesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Accounting and Auditing Fees 99,837 39,522 39,522 60,315

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

    TY 2021 DepreciationSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    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 4,054,766 SL 15.0 779,322      
    Museum Buildings   122,554,444 21,636,822 SL 40.0 3,063,861      
    Building Improvements   38,863,113 16,990,245 SL 15.0 2,350,611      
    Leasehold Improvements   46,434 18,050 SL 15.0 3,096      
    Furniture & Fixtures   6,330,110 4,994,389 SL 10.0 449,780      
    Equipment   2,819,096 1,895,672 SL 10.0 172,764      
    Computer Equipment   3,122,737 2,379,110 SL 5.0 295,237      
    Furniture & Fixtures   221,882 190,883 SL 7.0 25,799 25,799 25,799  
    Computer Equipment   66,268 59,651 SL 5.0 1,675 1,675 1,675  
    Leasehold Improvements   108,346 42,116 SL 15.0 7,223 7,223 7,223  
    Oil & Gas Investments           11,554,763 11,554,763 11,554,763  

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

    TY 2021 GainLossSaleOtherAssetsSch
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    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     14,308,699 5,023,114     9,270,240 15,345
    Long-term UBI Pass-through from Partnership Investments 2020-01 P 2021-12   15,615 0     15,615  
    Short-term UBI Pass-through from Partnership Investments 2021-01 P 2021-12   7 0     7  

    TY 2021 GeneralExplanationAttachment
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Identifier Return Reference Explanation
    COLUMN (D) FORM 990-PF, PART I, LINE 17 BOOK / TAX DIFFERENCE: AMORTIZATION OF LOSS ON REFUNDING OF BOND PAYABLE -- $861,691
    SUMMARY OF DIRECT CHARITABLE ACTIVITIES FORM 990-PF, PART VIII-A THE KIMBELL ART FOUNDATION (THE "FOUNDATION") IS A NONPROFIT CORPORATION, WHICH WAS INCORPORATED IN TEXAS IN 1936. THE FOUNDATION WAS FORMED PRINCIPALLY FOR THE PURPOSE OF FOUNDING AND MAINTAINING, IN THE CITY OF FORT WORTH, TEXAS, AN ART INSTITUTE TO ACQUIRE BY PURCHASE, EXCHANGE, GIFT, AND BEQUEST PAINTINGS AND OTHER ART OBJECTS FOR PUBLIC EXHIBITION WITHOUT PROFIT, AND TO PURCHASE, ERECT OR OTHERWISE ACQUIRE SUITABLE SITES AND STRUCTURES FOR SUCH PURPOSE, AND THEREBY TO PROMOTE THE STUDY AND APPRECIATION OF ART. IN ACCORDANCE WITH THIS PURPOSE, THE FOUNDATION OWNS AND OPERATES THE KIMBELL ART MUSEUM (THE "MUSEUM"), LOCATED AT 3333 CAMP BOWIE BOULEVARD, FORT WORTH, TEXAS, WHOSE PERMANENT COLLECTIONS RANGE IN PERIOD FROM ANTIQUITY TO THE 20TH CENTURY AND INCLUDE EUROPEAN MASTERPIECES BY ARTISTS SUCH AS FRA ANGELICO, MICHELANGELO, CARAVAGGIO, POUSSIN, VELAZQUEZ, MONET, PICASSO AND MATISSE; IMPORTANT COLLECTIONS OF EGYPTIAN AND CLASSICAL ANTIQUITIES; AND THE ART OF ASIA, AFRICA, AND THE ANCIENT AMERICAS. THOSE COLLECTIONS, AS WELL AS SPECIAL EXHIBITIONS, ARE DISPLAYED IN THE MUSEUM'S TWO BUILDINGS: THE KAHN BUILDING AND THE PIANO PAVILION WHICH OPENED IN 1972 AND 2013, RESPECTIVELY, AND ARE EACH NAMED IN RECOGNITION OF THE DESIGN ARCHITECTS, LOUIS I. KAHN AND RENZO PIANO. Special exhibitions in 2021 included Queen Nefertari's Egypt; Buddha, Shiva, Lotus, Dragon; and Turner's Modern World. The Museum also offers a wide range of educational programs and resources, both in-person and virtually, 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.

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMERICAN BEACON 10,654,702 12,671,208
    DODGE & COX 9,464,269 16,329,754
    LUTHER KING CAPITAL MANAGEMENT 10,411,675 16,757,374
    FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 793,229 1,218,750
    LOOMIS, SAYLES & COMPANY, LP 8,336,344 20,894,838
    NORTHERN TRUST SECURITIES, INC. 3,429,238 1,768,209

    TY 2021 InvestmentsLandSchedule2
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LEASEHOLD IMPROVEMENTS 108,346 49,339 59,007 59,000
    EQUIPMENT 288,150 278,008 10,142 10,000

    TY 2021 InvestmentsOtherSchedule2
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    MINERAL INTERESTS- ROYALTIES AT COST 41,056,519 137,500,000
    NET PROFITS INTEREST - ROYALTIES AT COST 127,352 14,000,000
    Kimbell Royalty Operating, LLC AT COST 45,937,298 70,247,074
    PARTNERSHIP INTERESTS AT COST 48,977,516 69,942,727
    HEDGE FUNDS AT COST 11,952,199 17,175,785
    DEFERRED COMPENSATION ASSETS AT COST 422,230 697,070

    TY 2021 LandEtcSchedule2
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    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 173,750,549 48,875,627 124,874,922 260,570,000
    LEASEHOLD IMPROVEMENTS 46,434 21,145 25,289 25,000
    EQUIPMENT 12,271,942 10,186,953 2,084,989 2,085,000
    Other 15,500 0 15,500 0


    TY 2021 LegalFeesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Legal Fees 52,689 -37,862 -37,862 90,551


    TY 2021 MortgagesAndNotesPayableSch
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Total Mortgage Amount: 4,300,000

    Item No. 1
    Lender's Name Frost Bank
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan  
    Balance Due 12,900,000
    Date of Note 2021-08
    Maturity Date 2024-08
    Repayment Terms Interest paid monthly
    Interest Rate 1.75
    Security Provided by Borrower Unsecured
    Purpose of Loan Line of Credit
    Description of Lender Consideration  
    Consideration FMV  


    TY 2021 OtherAssetsSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    PAINTINGS 246,651,566 247,411,819 1,968,736,000
    SCULPTURES 84,629,894 92,129,894 257,075,000
    DRAWINGS & PRINTS 595,276 595,276 3,761,000
    CERAMICS, LACQUERS & MOSAICS 6,667,836 6,667,836 12,227,000
    LIBRARY 2,618,548 2,637,773 2,638,000
    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 2021 OtherExpensesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Special Programs and Projects 2,903,218 0 531,779 2,371,439
    Membership Expenses 400,225 0 400,225 0
    Insurance 861,704 0 0 861,704
    Repair and Maintenance 1,066,712 62 62 1,066,650
    Administrative Costs 573,744 31,603 31,603 542,141


    TY 2021 OtherIncomeSchedule2
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Membership Revenue 2,261,488   2,261,488
    Special Programs and Projects 489,619   489,619
    Conservation Revenue 42,161   42,161
    Other Exempt Revenue 3,727   3,727
    Pass-through from Partnership Investments 1,546,915 2,121,639 1,546,915
    Mineral Interests - Royalties 18,583,233 18,583,233 18,583,233
    Net Profit Interest - Royalties 1,920,845 1,920,845 1,920,845
    Kimbell Royalty Operating, LLC 8,234,482 8,154,857 8,234,482
    Other Income 6 6 6


    TY 2021 OtherLiabilitiesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description Beginning of Year - Book Value End of Year - Book Value
    BONDS PAYABLE 58,611,903 56,849,667
    OBLIGATIONS FOR PURCHASE OF ART 0 500,000


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Fees 455,424 455,424 455,424  
    Other Fees 47,416     47,416


    TY 2021 SalesOfInventoryList 
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2

    Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
    Cost of Goods Sold)
    Museum Shop 799,725 503,025 220,690
    Buffet 278,246 135,090 142,777

    TY 2021 TaxesSchedule
    Name:
    Kimbell Art Foundation
    EIN:
    75-6036226
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Ad Valorem Taxes 250,541 250,541 250,541 0
    Production Taxes 834,026 834,026 834,026 0
    Federal Excise Taxes 155,000 0 0 155,000
    Federal UBIT 0 0 0 0
    State UBIT 2 0 0 0