The City of Greenwood gave the Museum space to set up the Museum in the City Hall.  an operation grant from the City and an operating grant from the Board of Trade administered through the Tourist Association funded the Museum.  Admission fees and donations from Friends of the Museum enabled the Museum to maintain their holdings and pay a Curator an honorarium.

By 1979, it became apparent that the City Offices and the Museum were both cramped for space.  A study was made resulting in the decision to build a new Museum.  the City of Greenwood donated 3 lots, the Museum Association purchased 3 adjoining lots and the construction of the building was funded by the Travel Industry Development Subsidiary Agreement, a joint Federal-Provincial Initiative.  the 3200 square foot building has a full basement, loading dock, parking and outside display areas as well as the necessary  environmental controls.  Located on the Southern Trans-Provincial Highway 3, (the Crowsnest Highway), the Museum was designed with a Mining Heritage Theme in keeping with the Architectural Style still present in Greenwood.  the Official Opening was held on May 8, 1982. 

The Greenwood Museum was encouraged to apply for funding through the Community Archives Assistance Program and in 1997 the museum became the recipient of a grant to develop archival policy and procedures.  a professional archivist was hired on contract to establish the structure for policy and procedures of an archives program, begin processing the endangered holdings of the Archives and submit recommendations.

On January 1999, the Greenwood Museum Association's name was changed to the Greenwood Heritage Society.  The Greenwood Heritage Society is the governing body of the Museum, Archives and Visitor Information Booth.