In 1988, local businessman Raul Walters made a contribution to honor and in memory of his parents, Bucky and Lala, to the construction of a new museum building for the society. In return, the society included the Walters name in the finished museum's name - The Walters Boone County Historical Museum & Visitors Center. In 1993 an estate gift left by famed artist, Tracy Montminy, allowed for the addition of a 6,000-square-foot space to the west end of the original museum building. The 3,000-square-foot ground floor was dedicated to collections storage and the 3,000-square-foot top floor became the Montminy Art Gallery. Around 2009, the organization began to refer to its venues collectively as the Boone County Historical Museum & Galleries. That was an effort to better describe both the history galleries and the Montminy Art Gallery, as well as the newly built Riverhorse Pavilion. In the years since 1993, not only has the organization produced over 100 major art exhibits, but has also produced dozens of professional music concerts, book readings and other cultural programming. In 2016, the board of directors enacted a long-term plan to improve the organization by changing the mission statement and name.
