The Terry Lee Wells Foundation was established in 1999 by Terry Lee Wells, a native of Reno. During her lifetime, Terry supported organizations in northern Nevada that help to improve the quality of life for the underprivileged, with a special emphasis on women and children. She created the Foundation to carry on her philanthropic legacy and fulfill her dreams of "Reaching Out, Touching Hearts, Changing Lives."

The Foundation does not operate any programs, but makes grants to private, non-profit organizations and public agencies to carry out projects that address the medical, educational, and quality-of-life issues faced by the underserved population of northern Nevada. The Foundation is especially interested in helping rural areas become more self-sufficient and enable them to offer a wider range of services to residents in these small communities.

To date, the Terry Lee Wells Foundation has given nearly $5 million to the museum, enabling the purchase and remodeling of the building and design and construction of all of the galleries and exhibits.