The Big Horn Basin Foundation (BHBF) was formed in late 1995 with a grant from The Wyoming Dinosaur Center and other interested individuals in the area. In May 1996, BHBF received 501(c)(3) not-for-profit status.

It is guided by a board of directors and three advisory councils: a Scientific Advisory Council from the scientific and professional fields; an Educational Advisory Council composed of educators from all levels; and a Corporate Advisory Council to represent the business and corporate world. In addition, the "Friends of the Dinosaurs" group provides a core of volunteers to aid with BHBF projects.

The Foundation works closely with the Wyoming Dinosaur Center, a museum inspired by the 1993 discovery of dinosaur fossils on the Warm Springs Ranch near Thermopolis, Wyoming. The museum facility, where fossil specimens are prepared and exhibited, was established in 1994 as a means of keeping the fossils in Wyoming, developing the site as an educational and scientific resource, and preserving one of the state’s important assets. The Wyoming Dinosaur Center (WDC) and the Warm Springs Ranch fossil sites are privately owned.