Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public Inspection
For calendar year 2022, or tax year beginning 01-01-2022 , and ending 12-31-2022
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 right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$2,934,763,333J 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) 14,332,573
2 Check right arrow.............
3 Interest on savings and temporary cash investments 202,811 202,811 202,811
4 Dividends and interest from securities... 725,636 725,636 725,636
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
List of Attached Documents:
// Content
32,110,716
b Gross sales price for all assets on line 6a 40,759,087
7 Capital gain net income (from Part IV, line 2)... 32,113,101
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances 975,864
b Less: Cost of goods sold.... 563,124
c Gross profit or (loss) (attach schedule)..... Click to see attachment
List of Attached Documents:
// Content
412,740  
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
50,115,359 46,913,084 50,115,359
12 Total. Add lines 1 through 11........ 97,899,835 79,954,632 51,043,806
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 725,250 210,625 210,625 514,625
14 Other employee salaries and wages...... 7,858,209 299,423 299,423 7,558,786
15 Pension plans, employee benefits....... 1,854,342 87,904 87,904 1,766,438
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
379,264 21,627 21,627 357,637
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
114,108 52,634 52,634 61,474
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
496,249 463,589 463,589 32,660
17 Interest............... 2,032,822 0 0 2,803,634
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
2,714,598 1,768,767 1,768,767 945,000
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
20,291,144 13,257,594 13,257,594
20 Occupancy.............. 604,871 109,193 109,193 495,678
21 Travel, conferences, and meetings....... 51,605 2,968 2,968 48,637
22 Printing and publications.......... 2,455 98 98 2,357
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
7,578,369 34,419 882,363 6,696,006
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 44,703,286 16,308,841 17,156,785 21,282,932
25 Contributions, gifts, grants paid....... 60,000 60,000
26 Total expenses and disbursements. Add lines 24 and 25 44,763,286 16,308,841 17,156,785 21,342,932
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 53,136,549
b Net investment income (if negative, enter -0-) 63,645,791
c Adjusted net income (if negative, enter -0-)... 33,887,021
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2022)
Form 990-PF (2022)
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............. 2,387,161 3,072,443 3,072,443
2 Savings and temporary cash investments......... 10,722,019 16,754,446 16,754,446
3 Accounts receivable right arrow55,611
Less: allowance for doubtful accounts right arrow   3,601 55,611 55,611
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow   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) right arrow0
Less: allowance for doubtful accounts right arrow0 0 0 0
8 Inventories for sale or use.............. 606,604 791,896 791,896
9 Prepaid expenses and deferred charges.......... 312,929 454,187 454,187
10a Investments—U.S. and state government obligations (attach schedule) 0 0 0
b Investments—corporate stock (attach schedule)....... 43,089,457 Click to see attachment
List of Attached Documents:
// Content
46,274,745 		57,439,928
c Investments—corporate bonds (attach schedule)....... 0   0
11 Investments—land, buildings, and equipment: basis right arrow396,496
Less: accumulated depreciation (attach schedule) right arrow341,631 69,149 Click to see attachment
List of Attached Documents:
// Content
54,865 		55,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 148,473,114 Click to see attachment
List of Attached Documents:
// Content
164,210,838 		340,205,722
14 Land, buildings, and equipment: basis right arrow191,652,773
Less: accumulated depreciation (attach schedule) right arrow65,867,210 132,099,200 Click to see attachment
List of Attached Documents:
// Content
125,785,563 		278,132,000
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
351,780,632 		Click to see attachment
List of Attached Documents:
// Content
370,073,292 		Click to see attachment
List of Attached Documents:
// Content
2,237,802,100
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 689,543,866 727,527,886 2,934,763,333
Liabilities 17 Accounts payable and accrued expenses.......... 66,050 75,004
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)...... 12,900,000 Click to see attachment
List of Attached Documents:
// Content
0
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
57,349,667 		Click to see attachment
List of Attached Documents:
// Content
55,088,184
23 Total liabilities (add lines 17 through 22)......... 70,315,717 55,163,188
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 617,089,911 670,053,291
25 Net assets with donor restrictions............ 2,138,238 2,311,407
Foundations that do not follow FASB ASC 958, check here right arrow
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)..... 619,228,149 672,364,698
30 Total liabilities and net assets/fund balances (see instructions). 689,543,866 727,527,886
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
619,228,149
2
Enter amount from Part I, line 27a .....................
2
53,136,549
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
672,364,698
5
Decreases not included in line 2 (itemize) right arrow
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
672,364,698
Form 990-PF (2022)
Form 990-PF (2022)
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 2021-01-01 2022-12-31
b PARTNERSHIP INVESTMENTS P 2021-01-01 2022-12-31
c EXEMPT FUNCTION ASSETS P 2021-01-01 2022-12-31
d ART P 1993-09-15 2022-08-09
e U.S. EQUITIES P 2022-01-01 2022-12-31
PARTNERSHIP INVESTMENTS P 2022-01-01 2022-12-31
(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 7,771,114   4,668,461 3,102,653
b 1,621,586   0 1,621,586
c 60 4,856 5,837 -921
d 30,000,000   2,225,586 27,774,414
e 1,303,658   1,750,958 -447,300
62,669   0 62,669
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 3,102,653
b     0 1,621,586
c     0 -921
d     0 27,774,414
e     0 -447,300
    0 62,669
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 32,113,101
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 -384,631
Form 990-PF (2022)
Form 990-PF (2022)
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 right arrow 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) 1 884,676
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........................... 3 884,676
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- ..... 5 884,676
6 Credits/Payments:
a 2022 estimated tax payments and 2021 overpayment credited to 2022 6a 927,086
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 125,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,052,086
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2221 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 167,410
11 Enter the amount of line 10 to be: Credited to 2023 estimated taxright arrow167,410 Refundedright arrow 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. right arrow$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
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:
round bullet By language in the governing instrument, or
round bullet 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)
right arrowTX
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 2022 or the taxable year beginning in 2022? 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 (2022)
Form 990-PF (2022)
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 addressright arrowWWW.KIMBELLART.ORG
14
The books are in care ofright arrowBrenda A Cline Telephone no.right arrow (817) 336-6100

Located atright arrow301 Commerce St Suite 2300Fort WorthTX ZIP+4right arrow76102
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2022, 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 right arrow
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
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
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 2022? .............
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 2022, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2022?....................
2a
 
No
If "Yes," list the years right arrow20, 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.
right arrow20, 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 2022 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 2022.) .....................
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 2022? ..
4b
 
No
Form 990-PF (2022)
Form 990-PF (2022)
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
Organizations relying on a current notice regarding disaster assistance check .........right arrow
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 		421,250 42,151 13,100
301 Commerce St
Fort Worth,TX761024122
Susan R Drake Dep. Dir. Fina./Admin., Asst. Secr./Treas.
35.000 		304,000 31,590 5,846
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 		688,629 58,508 12,466
3333 Camp Bowie Blvd
Fort Worth,TX76107
George TM Shackelford Deputy Director
35.000 		419,505 29,082 0
3333 Camp Bowie Blvd
Fort Worth,TX76107
Robert McAn Donor Relations Head
35.000 		181,275 20,265 0
3333 Camp Bowie Blvd
Fort Worth,TX76107
Mark K Rich Dir. of Investments
35.000 		243,400 34,995 0
301 Commerce St
Fort Worth,TX761024122
Larry D Eubank Operations Manager
35.000 		253,541 19,691 0
3333 Camp Bowie Blvd
Fort Worth,TX76107
Total number of other employees paid over $50,000...................right arrow 34
Form 990-PF (2022)
Form 990-PF (2022)
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 272,318
201 Main Street Ste 2500
Fort Worth,TX76102
Adam Williams Fine Art LTD Art Consulting 125,000
24 East 80th Street
New York,NY10075
Resnicow and Associates Inc Public Relations Consulting 121,721
111 Broadway Ste 1306
New York,NY10006
Northern Trust Investment Custody Services 108,452
50 S LaSalle St
Chicago,IL60603
Luther King Capital Management Investment Management Services 99,852
301 Commerce Street
Fort Worth,TX76102
Total number of others receiving over $50,000 for professional services.............right arrow9
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) 32,284,036
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.........................right arrow0
Form 990-PF (2022)
Form 990-PF (2022)
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
72,824,544
b
Average of monthly cash balances.......................
1b
4,048,129
c
Fair market value of all other assets (see instructions)................
1c
331,079,609
d
Total (add lines 1a, b, and c).........................
1d
407,952,282
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
407,952,282
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
6,119,284
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
401,832,998
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
20,091,650
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 2022 from Part V, line 5.......
2a
 
b
Income tax for 2022. (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
21,342,932
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
11,038,160
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 XII, line 4. .......
4
32,381,092
Form 990-PF (2022)
Form 990-PF (2022)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2021 		(c)
2021 		(d)
2022
1 Distributable amount for 2022 from Part X, line 7  
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2021 only.......  
b Total for prior years:20, 20, 20  
3 Excess distributions carryover, if any, to 2022:
a From 2017......  
b From 2018......  
c From 2019......  
d From 2020......  
e From 2021......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2022 from Part
XI, line 4: right arrow$  
a Applied to 2021, 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 2022 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2022.    
(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 2021. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2022. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2023 .......... 		 
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 2017 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2023.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2018....  
b Excess from 2019....  
c Excess from 2020....  
d Excess from 2021....  
e Excess from 2022....  
Form 990-PF (2022)
Form 990-PF (2022)
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 2022, enter the date of the ruling ...... right arrow
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 IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2022 (b) 2021 (c) 2020 (d) 2019
20,091,650 17,780,385 0 11,805,409 49,677,444
b 85% (0.85) of line 2a ......... 17,077,903 15,113,327 0 10,034,598 42,225,827
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		32,381,092 17,801,502 18,865,786 24,276,879 93,325,259
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		60,000 209,000 217,500 306,693 793,193
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		32,321,092 17,592,502 18,648,286 23,970,186 92,532,066
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 .. 		13,394,433 11,853,590 9,971,619 11,158,012 46,377,655
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 right arrow
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 (2022)
Form 990-PF (2022)
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

Angelina College Foundation

3500 S FIRST STREET
LUFKIN,TX75901 		NONE PC Operating Support 500

Fort Worth Symphony Orchestra

330 E 4TH STREET STE 200
FORT WORTH,TX76102 		NONE PC Operating Support 3,000

Monuments Men and Women Foundation

4447 N CENTRAL EXPRESSWAY STE 110
DALLAS,TX75205 		NONE PC Special Project 50,000

Texans For The Arts Foundation

PO BOX 4549
AUSTIN,TX78765 		NONE PC Operating Support 5,000

Van Cliburn Foundation

201 MAIN STE 100
FORT WORTH,TX76102 		NONE PC Operating Support 1,500
Total .................................right arrow 3a 60,000
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2022)
Form 990-PF (2022)
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 ........... 		    14 202,811  
4 Dividends and interest from securities ....     14 725,636  
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 -2,385 18 32,113,101  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory     3 189,634 223,106
11 Other revenue:
aMembership Revenue 		        2,067,387
bSpecial Programs and Projects         297,006
cConservation Revenue         21,736
dOther Exempt Revenue     15 36,537  
ePass-through from Partnership Investments 523000 -84,164 14 639,171  
fMineral Interests - Royalties     15 29,818,972  
gNet Profit Interest - Royalties     15 3,968,760  
hKimbell Royalty Operating, LLC 523000 863,773 15 12,486,181  
12 Subtotal. Add columns (b), (d), and (e) .. 777,224 80,180,803 2,609,235
13Total. Add line 12, columns (b), (d), and (e)..................
13
83,567,262
(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 (2022)
Form 990-PF (2022)
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.
right arrow right arrow
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 Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2022)
Additional Data


Software ID: 22016089
Software Version: 2022v5.0


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
2022
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) (2022)
Schedule B (Form 990) (2022) 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
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
2
Dr Carlos Araoz
 
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
3
Arts Fort Worth
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 58,000


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

$ 75,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
5
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
6
Virginia F Clay
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 50,000


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2022)
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
Michael and Wendy Collini
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 5,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
8
Glenn and Kim Darden
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 5,000


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

$ 37,303


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
11
Charles J and Jean T Gilbert
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 34,614


(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) (2022)
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

$ 25,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
14
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
15
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
16
National Financial Services LLC
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 5,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
17
North Texas Community Foundation
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 7,000


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

$ 40,000


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2022)
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
Paul and Sally Prater
 
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
20
Texas Commission on the Arts
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 21,622


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
21
UBS Financial Services Inc
 
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
22
Virginia Clay Foundation
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 50,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
23
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
24
William & Catherine Bryce Memorial Fund
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 100,000


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2022)
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
The Burnett Foundation
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 2,133,003


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
26
Estate of Anne W Marion
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 6,700,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
27
Nancy Montae Imbt Johnson
 
301 Commerce Street STE 2300
 
Fort Worth, TX76102

$ 293,222


(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

$ 4,000,000


(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) (2022)
Schedule B (Form 990) (2022)
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
25
 Investments - partnership interests $ 2,133,003 2022-10-01
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
26
 Artworks $ 6,700,000 2022-04-29
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
27
 Investments - corporate stock $ 293,222 2022-11-21
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
28
 Undivided 10% interest in and to the limestone sculpture "Head" by Amedeo Modigliani $ 4,000,000 2022-11-01
(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
 
$    
Schedule B (Form 990) (2022)
Schedule B (Form 990) (2022)
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) (2022)
Additional Data


Software ID: 22016089
Software Version: 2022v5.0

TY 2022 AccountingFeesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Accounting and Auditing Fees 114,108 52,634 52,634 61,474

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

TY 2022 DepreciationSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
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 4,834,088 SL 15.0 779,322      
Museum Buildings   122,537,777 24,700,683 SL 40.0 3,047,194      
Building Improvements   38,933,646 19,192,153 SL 15.0 2,350,139      
Leasehold Improvements   46,434 21,145 SL 15.0 3,096      
Furniture & Fixtures   6,334,611 5,444,169 SL 10.0 437,642      
Equipment   2,779,322 1,968,843 SL 10.0 170,200      
Computer Equipment   3,375,576 2,672,579 SL 5.0 245,957      
Furniture & Fixtures   221,882 216,683 SL 7.0 5,199 5,199 5,199  
Computer Equipment   66,268 61,325 SL 5.0 1,862 1,862 1,862  
Leasehold Improvements   108,346 49,339 SL 15.0 7,223 7,223 7,223  
Oil & Gas Investments           13,243,310 13,243,310 13,243,310  

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

TY 2022 GainLossSaleOtherAssetsSch
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
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     40,759,087 8,641,130     32,113,101 4,856
Long-term UBTI Pass-through from Partnership Interests 2021-01 P 2022-12   0 2,385     -2,385  
Short-term UBTI Pass-through from Partnership Interests 2022-01 P 2022-12   0 0     0  

TY 2022 GeneralExplanationAttachment
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Identifier Return Reference Explanation
COLUMN (D) FORM 990-PF, PART I, LINE 17 BOOK / TAX DIFFERENCE: AMORTIZATION OF LOSS ON REFUNDING OF BOND PAYABLE -- $770,812
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 2022 included The Language of Beauty in African Art; SLAY: Artemisia Gentileschi & Kehinde Wiley; Murillo: From Heaven to Earth; and The Kimbell at 50 . 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 2022 through the Foundation website or social media.

TY 2022 InvestmentsCorpStockSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Name of Stock End of Year Book Value End of Year Fair Market Value
AMERICAN BEACON 10,958,601 11,296,308
DODGE & COX 10,259,775 15,149,937
LUTHER KING CAPITAL MANAGEMENT 10,574,488 12,481,355
FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 793,229 919,781
LOOMIS, SAYLES & COMPANY, LP 9,966,191 15,292,830
NORTHERN TRUST SECURITIES, INC. 3,722,461 2,299,717

TY 2022 InvestmentsLandSchedule2
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
LEASEHOLD IMPROVEMENTS 108,346 56,562 51,784 52,000
EQUIPMENT 288,150 285,069 3,081 3,000

TY 2022 InvestmentsOtherSchedule2
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
MINERAL INTERESTS- ROYALTIES AT COST 54,460,861 154,971,840
NET PROFITS INTEREST - ROYALTIES AT COST 113,771 14,000,000
Kimbell Royalty Operating, LLC AT COST 41,270,080 86,011,585
PARTNERSHIP INTERESTS AT COST 55,854,029 68,719,239
HEDGE FUNDS AT COST 12,059,577 15,961,243
DEFERRED COMPENSATION ASSETS AT COST 452,520 541,815

TY 2022 LandEtcSchedule2
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
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 173,804,415 54,903,579 118,900,836 260,570,000
LEASEHOLD IMPROVEMENTS 46,434 24,241 22,193 22,000
EQUIPMENT 12,489,508 10,939,390 1,550,118 1,550,000
Other 213,916 0 213,916 0


TY 2022 LegalFeesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Legal Fees 379,264 21,627 21,627 357,637


TY 2022 MortgagesAndNotesPayableSch
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Total Mortgage Amount: 12,900,000

Item No. 1
Lender's Name  
Lender's Title  
Relationship to Insider  
Original Amount of Loan  
Balance Due 0
Date of Note  
Maturity Date  
Repayment Terms  
Interest Rate  
Security Provided by Borrower  
Purpose of Loan  
Description of Lender Consideration  
Consideration FMV  


TY 2022 OtherAssetsSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
PAINTINGS 246,651,566 248,336,423 1,938,726,000
SCULPTURES 92,129,894 108,678,176 272,992,000
DRAWINGS & PRINTS 1,355,529 1,355,529 4,511,000
CERAMICS, LACQUERS & MOSAICS 6,667,836 6,707,836 13,008,000
LIBRARY 2,637,773 2,657,294 2,657,000
SCROLLS & SCREENS 2,057,487 2,057,487 5,628,000
SEALS 170,000 170,000 170,000
FRAMES 82,447 82,447 82,000
MEMBERSHIPS 28,100 28,100 28,100


TY 2022 OtherExpensesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Special Programs and Projects 4,100,024 0 318,742 3,781,282
Membership Expenses 529,202 0 529,202 0
Insurance 934,626 0 0 934,626
Repair and Maintenance 1,342,213 0 0 1,342,213
Administrative Costs 672,304 34,419 34,419 637,885


TY 2022 OtherIncomeSchedule2
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Membership Revenue 2,067,387   2,067,387
Special Programs and Projects 297,006   297,006
Conservation Revenue 21,736   21,736
Other Exempt Revenue 36,537   36,537
Pass-through from Partnership Investments 555,007 639,171 555,007
Mineral Interests - Royalties 29,818,972 29,818,972 29,818,972
Net Profit Interest - Royalties 3,968,760 3,968,760 3,968,760
Kimbell Royalty Operating, LLC 13,349,954 12,486,181 13,349,954


TY 2022 OtherLiabilitiesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Description Beginning of Year - Book Value End of Year - Book Value
BONDS PAYABLE 56,849,667 55,057,166
OBLIGATIONS FOR PURCHASE OF ART 500,000 0
INVESTMENT PURCHASES PAYABLE 0 31,018


TY 2022 OtherProfessionalFeesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Fees 463,589 463,589 463,589  
Other Fees 32,660     32,660


TY 2022 SalesOfInventoryList 
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0

Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
Cost of Goods Sold)
Museum Shop 687,996 397,677 223,106
Buffet 355,472 165,447 189,634

TY 2022 TaxesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
22016089
Software Version:
2022v5.0
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Ad Valorem Taxes 250,873 250,873 250,873 0
Production Taxes 1,517,894 1,517,894 1,517,894 0
Federal Excise Taxes 945,000 0 0 945,000
State UBIT 831 0 0 0