In 1986, recognizing the geological, archaeological and historical significance of the Lost River Cave and the mile-long Karst Valley, property owners Raymond and Ann Cravens, Leroy and Dorothy Highbaugh, and Owen and Mary Lawson donated the property to Western Kentucky University to preserve the site in perpetuity as an educational and cultural resource for the citizens of Kentucky. The establishment of the Friends of the Lost River, Inc. in 1990 enabled the preservation, protection and promotion of the site for all who visit.