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
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024
Name of foundation
Kimbell Art Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)3230 Camp Bowie Boulevard 600
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Fort Worth, TX761072746
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$3,066,838,454J 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) 5,272,732
2 Check right arrow.............
3 Interest on savings and temporary cash investments 477,411 477,411 477,411
4 Dividends and interest from securities... 1,195,510 1,195,510 1,195,510
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
7,637,486
b Gross sales price for all assets on line 6a 12,013,119
7 Capital gain net income (from Part IV, line 2)... 7,596,618
8 Net short-term capital gain......... 1,060,352
9 Income modifications...........  
10a Gross sales less returns and allowances 1,228,811
b Less: Cost of goods sold.... 661,730
c Gross profit or (loss) (attach schedule)..... Click to see attachment
List of Attached Documents:
// Content
567,081 567,081
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
38,025,675 35,913,451 38,025,675
12 Total. Add lines 1 through 11........ 53,175,895 45,182,990 41,326,029
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 852,200 226,100 226,100 626,100
14 Other employee salaries and wages...... 8,794,044 397,569 397,569 8,396,475
15 Pension plans, employee benefits....... 2,005,003 113,028 113,028 1,891,975
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
28,239 5,348 5,348 22,891
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
127,849 58,465 58,465 69,384
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
615,615 541,560 541,560 74,055
17 Interest............... 2,970,111 0 0 3,580,788
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
1,925,614 1,497,270 1,497,270 423,000
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
21,805,121 15,270,348 15,270,348
20 Occupancy.............. 852,931 226,955 226,955 625,976
21 Travel, conferences, and meetings....... 66,456 4,521 4,521 61,935
22 Printing and publications.......... 3,090 0 0 3,090
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
7,490,844 51,494 964,286 6,526,558
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 47,537,117 18,392,658 19,305,450 22,302,227
25 Contributions, gifts, grants paid....... 9,500 9,500
26 Total expenses and disbursements. Add lines 24 and 25 47,546,617 18,392,658 19,305,450 22,311,727
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 5,629,278
b Net investment income (if negative, enter -0-) 26,790,332
c Adjusted net income (if negative, enter -0-)... 22,020,579
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
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............. 2,562,569 2,027,817 2,027,817
2 Savings and temporary cash investments......... 7,668,889 10,379,427 10,379,427
3 Accounts receivable right arrow17,109
Less: allowance for doubtful accounts right arrow0 43,942 17,109 17,109
4 Pledges receivable right arrow0
Less: allowance for doubtful accounts right arrow0 0 0 0
5 Grants receivable................. 0 0 0
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.............. 822,185 782,339 782,339
9 Prepaid expenses and deferred charges.......... 428,213 410,989 410,989
10a Investments—U.S. and state government obligations (attach schedule) 0 0 0
b Investments—corporate stock (attach schedule)....... 47,980,579 Click to see attachment
List of Attached Documents:
// Content
53,574,473 		84,610,603
c Investments—corporate bonds (attach schedule)....... 0   0
11 Investments—land, buildings, and equipment: basis right arrow740,665
Less: accumulated depreciation (attach schedule) right arrow70,740 46,777 Click to see attachment
List of Attached Documents:
// Content
669,925 		670,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 160,185,473 Click to see attachment
List of Attached Documents:
// Content
143,035,906 		348,526,070
14 Land, buildings, and equipment: basis right arrow192,548,998
Less: accumulated depreciation (attach schedule) right arrow78,898,317 119,708,800 Click to see attachment
List of Attached Documents:
// Content
113,650,681 		277,858,000
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
398,052,912 		Click to see attachment
List of Attached Documents:
// Content
434,707,672 		Click to see attachment
List of Attached Documents:
// Content
2,341,556,100
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 737,500,339 759,256,338 3,066,838,454
Liabilities 17 Accounts payable and accrued expenses.......... 152,111 116,390
18 Grants payable................. 0 0
19 Deferred revenue................. 0 0
20 Loans from officers, directors, trustees, and other disqualified persons 0 0
21 Mortgages and other notes payable (attach schedule)...... 0 Click to see attachment
List of Attached Documents:
// Content
18,000,000
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
53,227,074 		Click to see attachment
List of Attached Documents:
// Content
51,389,516
23 Total liabilities (add lines 17 through 22)......... 53,379,185 69,505,906
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........... 681,669,772 687,123,255
25 Net assets with donor restrictions............ 2,451,382 2,627,177
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)..... 684,121,154 689,750,432
30 Total liabilities and net assets/fund balances (see instructions). 737,500,339 759,256,338
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
684,121,154
2
Enter amount from Part I, line 27a .....................
2
5,629,278
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
689,750,432
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
689,750,432
Form 990-PF (2024)
Form 990-PF (2024)
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 2023-01-01 2024-12-31
b INTERNATIONAL EQUITIES P 2023-01-01 2024-12-31
c OIL & GAS ROYALTIES P 2023-01-01 2024-12-31
d PARTNERSHIP INVESTMENTS P 2023-01-01 2024-12-31
e LEASEHOLD IMPROVEMENTS P 2023-01-01 2024-12-31
EXEMPT FUNCTION ASSETS P 2023-01-01 2024-12-31
U.S. EQUITIES P 2024-01-01 2024-12-31
INTERNATIONAL EQUITIES P 2024-01-01 2024-12-31
OIL & GAS ROYALTIES P 2024-01-01 2024-12-31
PARTNERSHIP INVESTMENTS P 2024-01-01 2024-12-31
(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 7,735,614   3,494,242 4,241,372
b 1,553,084   0 1,553,084
c 674,551   0 674,551
d 124,888   0 124,888
e 0 67,999 108,346 -40,347
1,875 53,033 72,190 -17,282
729,589   780,755 -51,166
594,446   0 594,446
552,632   0 552,632
0   35,560 -35,560
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 4,241,372
b     0 1,553,084
c     0 674,551
d     0 124,888
e     0 -40,347
    0 -17,282
    0 -51,166
    0 594,446
    0 552,632
    0 -35,560
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 7,596,618
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 1,060,352
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) 1 372,386
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-) Click to see attachment
List of Attached Documents:
// Content
2 0
3 Add lines 1 and 2........................... 3 372,386
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- ..... 5 372,386
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 405,939
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 145,000
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 550,939
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.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 178,553
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow178,553 Refundedright arrow 11 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 4
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$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
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 2024 or the taxable year beginning in 2024? 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
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 arrow3230 Camp Bowie Blvd Suite 600Fort WorthTX ZIP+4right arrow761072746
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 2024, 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
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
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 2024? .............
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 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
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 2024 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 2024.) .....................
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 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
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.
30.00 		452,200 45,287 15,030
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Susan R Drake Dep. Dir. Fina./Admin., Asst. Secr./Treas.
35.00 		400,000 42,677 0
3333 Camp Bowie Blvd
Fort Worth,TX76107
Kimberly Williamson Darden Director
1.00 		0 0  
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Karen Fortson Davis Director
1.00 		0 0  
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Lisa Wynne Alcorn Director
1.00 		0 0  
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Stewart R Henderson Director
2.00 		0 0  
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Lisa Fortson Burton Director; Vice President
2.00 		0 0  
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Kimbell Fortson Wynne Director; Vice Chairman, President & CEO
6.00 		0 0  
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Kay C Fortson Director; Chairman
1.00 		0 0  
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Ben J Fortson (thru May 2024) Director; Exec. Vice President & CIO
8.00 		0 0  
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Win S Ryan Director
2.00 		0 0  
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
Eric M Lee Museum Director
35.00 		800,000 66,174 14,786
3333 Camp Bowie Blvd
Fort Worth,TX76107
George TM Shackelford Deputy Director
35.00 		475,000 38,933 0
3333 Camp Bowie Blvd
Fort Worth,TX76107
Robert McAn Donor/Member/Spec.Ev
35.00 		194,000 21,757 0
3333 Camp Bowie Blvd
Fort Worth,TX76107
Mark K Rich Dir. of Investments
35.00 		300,000 40,274 0
3230 Camp Bowie Blvd STE 600
Fort Worth,TX761072746
Amy Grimes HR and Payroll
35.00 		150,000 29,567 0
3333 Camp Bowie Blvd
Fort Worth,TX76107
Total number of other employees paid over $50,000...................right arrow 45
Form 990-PF (2024)
Form 990-PF (2024)
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
Scott & Reid General Contractors Inc Construction Management 686,431
15207 Addison Rd
Addison,TX75001
Northern Trust Investment Custody 134,744
50 S LaSalle St
Chicago,IL60603
Loomis Sayles & Company LP Investment Management 126,280
One Financial Center
Boston,MA02111
Luther King Capital Management Investment Management 114,646
301 Commerce Street
Fort Worth,TX76102
Wiss Janney Elstner Associates Inc Architectural Engineering 99,888
6363 N Highway 161
Irving,TX75038
Total number of others receiving over $50,000 for professional services.............right arrow5
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) 59,932,931
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 (2024)
Form 990-PF (2024)
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
89,607,832
b
Average of monthly cash balances.......................
1b
2,276,026
c
Fair market value of all other assets (see instructions)................
1c
346,350,540
d
Total (add lines 1a, b, and c).........................
1d
438,234,398
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
438,234,398
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
6,573,516
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
431,660,882
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
21,583,044
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 2024 from Part V, line 5 .......
2a
 
b
Income tax for 2024. (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
22,311,727
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
37,131,413
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
59,443,140
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7  
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$  
a Applied to 2023, 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 2024 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2024.    
(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 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		 
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 2019 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
Form 990-PF (2024)
Form 990-PF (2024)
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 2024, 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) 2024 (b) 2023 (c) 2022 (d) 2021
21,583,044 20,891,963 20,091,650 17,780,385 80,347,042
b 85% (0.85) of line 2a ......... 18,345,587 17,758,169 17,077,902 15,113,327 68,294,986
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		59,443,140 46,245,637 32,381,092 17,801,502 155,871,371
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		9,500 34,000 60,000 209,000 312,500
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		59,433,640 46,211,637 32,321,092 17,592,502 155,558,871
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 .. 		14,388,696 13,927,975 13,394,433 11,853,590 53,564,695
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 if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
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 (2024)
Form 990-PF (2024)
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

Fort Worth Symphony Orchestra

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

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 9,500
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2024)
Form 990-PF (2024)
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 ........... 		    14 477,411  
4 Dividends and interest from securities ....     14 1,195,510  
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 40,868 18 7,596,618  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory     3 278,425 288,656
11 Other revenue:
aMembership Revenue 		        2,045,851
bSpecial Programs and Projects         329,869
cConservation Revenue         52,429
dOther Exempt Revenue     15   54,087
ePass-through from Partnership Investments 523000 -481,703 14 368,516  
fMineral Interests - Royalties     15 25,446,879  
gNet Profit Interest - Royalties     15 192,126  
hKimbell Royalty Operating, LLC 523000 111,690 15 9,905,930  
12 Subtotal. Add columns (b), (d), and (e) .. -329,145 45,461,415 2,770,892
13Total. Add line 12, columns (b), (d), and (e)..................
13
47,903,162
(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.)
Form 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.
Form Revenue from membership, conservation, special programs and projects related to the Foundation's exempt purpose.
Form 990-PF (2024)
Form 990-PF (2024)
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 Right Arrow
 Firm's EIN Right Arrow
Firm's address Right Arrow


 Phone no.
Form 990-PF (2024)
Additional Data


Software ID: 24020961
Software Version: 2024v5.1


Form 990PF - Special Condition Description:
Special Condition Description
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

right arrow Attach to Form 990, 990-EZ, or 990-PF.
right arrow Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
Name of the organization
Kimbell Art Foundation
 
Employer identification number

75-6036226
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization


Form 990-PF
501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation
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
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Right Arrow $  
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) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025) Page 2
Name of organization
Kimbell Art Foundation
  		Employer identification number
75-6036226
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
The Anne H Bass Foundation
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 5,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
Arts Fort Worth
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 36,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
3
Mrs Mercedes T Bass
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 90,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
4
BNY Mellon Charitable Gift Fund
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 25,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
5
Roy H Browning Jr
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 5,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
6
The Burnett Foundation
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 61,628


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Name of organization
Kimbell Art Foundation
  		Employer identification number
75-6036226
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
7
Virginia F Clay
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 50,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
8
Estate of Helen Bloxsom Davis
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
9
Fidelity Charitable
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 12,500


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
10
Folsom Point Charities
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
11
Fort Worth Tourism Public Improvement District
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 36,500


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
12
Frost Bank
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 26,670


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Name of organization
Kimbell Art Foundation
  		Employer identification number
75-6036226
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
13
Nancy Montae Imbt Johnson
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 200,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
14
Luther King Capital Management
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
15
Marlene and Spencer Hays Foundation
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 40,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
16
Mary Potishman Lard Trust
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 25,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
17
Dan McRee
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
18
North Texas Community Foundation
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 12,000


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Name of organization
Kimbell Art Foundation
  		Employer identification number
75-6036226
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
19
Gary Putteet
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 6,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
20
Stastny Folk Art And Crafts Foundation
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 50,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
21
Brett G Taylor
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
22
Texas Commission on the Arts
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 241,497


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
23
Ralph and Hester Treese
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 5,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
24
Vanguard Charitable
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 7,000


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Name of organization
Kimbell Art Foundation
  		Employer identification number
75-6036226
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
25
Virginia Clay Foundation
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 50,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
26
Blaine and Jennifer Werner
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
27
John and Kathy Nugent
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 100,845


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
28
Gwendolyn Weiner
 
3230 Camp Bowie Blvd STE 600
 
Fort Worth, TX761072746

$ 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) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
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
 Investments - Corporate Stock $ 100,845 2024-12-02
(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 2024-08-01
(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) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
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.) $  
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) (Rev. 1-2025)
Additional Data


Software ID: 24020961
Software Version: 2024v5.1

TY 2024 AccountingFeesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Accounting and Auditing Fees 127,849 58,465 58,465 69,384

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

TY 2024 DepreciationSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
Land Improvements   12,375,667 6,394,615 SL 15.0 781,938 0 0  
Museum Buildings   122,454,444 30,728,405 SL 40.0 3,063,861 0 0  
Building Improvements   39,677,668 23,907,789 SL 15.0 2,378,721 0 0  
Leasehold Improvements   223,320 0 SL 15.0 10,491 0 0  
Furniture & Fixtures   6,383,009 6,164,673 SL 10.0 42,254 0 0  
Equipment   2,812,358 2,198,470 SL 10.0 116,393 0 0  
Computer Equipment   3,520,997 2,971,398 SL 5.0 141,115 0 0  
Furniture & Fixtures   229,504 26,471 SL 7.0 16,919 16,919 16,919  
Computer Equipment   14,093 6,119 SL 5.0 1,900 1,900 1,900  
Leasehold Improvements   497,068 0 SL 15.0 23,544 23,544 23,544  
Oil & Gas Investments           15,227,985 15,227,985 15,227,985  

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

TY 2024 GainLossSaleOtherAssetsSch
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
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     11,966,679 4,249,029     7,596,618 121,032
Long-term UBTI Pass-through from Partnership Interests         46,440 0     46,440 0
Short-term UBTI Pass-through from Partnership Interests         0 5,572     -5,572 0

TY 2024 GeneralExplanationAttachment
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Identifier Return Reference Explanation
COLUMN (D) FORM 990-PF, PART I, LINE 17 BOOK / TAX DIFFERENCE: AMORTIZATION OF LOSS ON REFUNDING OF BOND PAYABLE -- $610,677
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 are each named in recognition of their respective design architects, Louis I. Kahn and Renzo Piano. Special exhibitions in 2024 included Bonnard's Worlds; Art and War in the Renaissance: The Battle of Pavia Tapestries; and Dutch Art in a Global Age: Masterpieces from the Museum of Fine Arts, Boston. 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, some of which are also available virtually through the Museum website or social media.

TY 2024 InvestmentsCorpStockSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Name of Stock End of Year Book Value End of Year Fair Market Value
AMERICAN BEACON 14,436,755 14,122,677
DODGE & COX 12,486,896 20,380,751
LUTHER KING CAPITAL MANAGEMENT 11,815,825 17,922,447
FIDELITY INVESTMENTS (CONSERVATION ENDOWMENT) 793,229 1,186,245
LOOMIS, SAYLES & COMPANY, LP 12,089,858 29,552,986
NORTHERN TRUST SECURITIES, INC. 1,951,910 1,445,497

TY 2024 InvestmentsLandSchedule2
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
LEASEHOLD IMPROVEMENTS 497,068 19,331 477,737 478,000
EQUIPMENT 243,597 51,409 192,188 192,000

TY 2024 InvestmentsOtherSchedule2
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
MINERAL INTERESTS- ROYALTIES AT COST 54,385,868 166,633,417
NET PROFITS INTEREST - ROYALTIES AT COST 95,999 10,000,000
Kimbell Royalty Operating, LLC AT COST 23,234,858 83,598,126
PARTNERSHIP INTERESTS AT COST 54,750,248 73,009,548
HEDGE FUNDS AT COST 10,021,610 14,299,074
DEFERRED COMPENSATION ASSETS AT COST 547,323 985,905

TY 2024 LandEtcSchedule2
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
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 174,507,779 67,255,329 107,252,450 260,570,000
LEASEHOLD IMPROVEMENTS 223,320 8,685 214,635 215,000
EQUIPMENT 12,716,364 11,634,303 1,082,061 1,083,000
Other 3,035 0 3,035 0


TY 2024 LegalFeesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Legal Fees 28,239 5,348 5,348 22,891


TY 2024 MortgagesAndNotesPayableSch
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Total Mortgage Amount: 0

Item No. 1
Lender's Name FROST BANK
Lender's Title  
Relationship to Insider NONE
Original Amount of Loan  
Balance Due 18,000,000
Date of Note 2024-06
Maturity Date 2027-08
Repayment Terms INTEREST PAID MONTHLY
Interest Rate 5.8713
Security Provided by Borrower UNSECURED
Purpose of Loan LINE OF CREDIT
Description of Lender Consideration  
Consideration FMV  


TY 2024 OtherAssetsSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
PAINTINGS 262,265,217 294,863,229 2,017,226,000
SCULPTURES 122,690,139 126,697,092 298,373,000
DRAWINGS & PRINTS 1,355,529 1,355,529 4,511,000
CERAMICS, LACQUERS & MOSAICS 6,707,836 6,707,837 12,781,000
LIBRARY 2,696,157 2,745,951 2,746,000
SCROLLS & SCREENS 2,057,487 2,057,487 5,639,000
SEALS 170,000 170,000 170,000
FRAMES 82,447 82,447 82,000
MEMBERSHIPS 28,100 28,100 28,100


TY 2024 OtherExpensesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Special Programs and Projects 4,010,782 0 382,299 3,628,483
Membership Expenses 530,493 0 530,493 0
Insurance 1,003,865 0 0 1,003,865
Repair and Maintenance 1,125,578 0 0 1,125,578
Administrative Costs 820,126 51,494 51,494 768,632


TY 2024 OtherIncomeSchedule2
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Membership Revenue 2,045,851 0 2,045,851
Special Programs and Projects 329,869 0 329,869
Conservation Revenue 52,430 0 52,430
Other Exempt Revenue 54,087 0 54,087
Pass-through from Partnership Investments -113,187 368,516 -113,187
Mineral Interests - Royalties 25,446,879 25,446,879 25,446,879
Net Profit Interest - Royalties 192,126 192,126 192,126
Kimbell Royalty Operating, LLC 10,017,620 9,905,930 10,017,620


TY 2024 OtherLiabilitiesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Description Beginning of Year - Book Value End of Year - Book Value
BONDS PAYABLE 53,227,074 51,365,207
INVESTMENT PURCHASES PAYABLE 0 24,309


TY 2024 OtherProfessionalFeesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Fees 541,560 541,560 541,560 0
Other Fees 74,055 0 0 74,055


TY 2024 SalesOfInventoryList 
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1

Category Gross Sales Cost of Goods Sold Net (Gross Sales Minus
Cost of Goods Sold)
Museum Shop 765,032 421,220 288,656
Buffet 520,165 240,510 278,425

TY 2024 TaxesSchedule
Name:
Kimbell Art Foundation
EIN:
75-6036226
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Ad Valorem Taxes 390,772 390,772 390,772 0
Production Taxes 1,106,498 1,106,498 1,106,498 0
Federal Excise Taxes 423,000     423,000
State UBIT 5,344 0 0 0