The Daly Mansion was purchased by the State of Montana in 1986 through the Montana Estate Tax Forgiveness Act, in conjunction with a loan from the National Trust for Historic Preservation. It is operated by the Daly Mansion Preservation Trust (DMPT), which was started in 1986 by a band of courageous citizens determined to save history.

In partnership with the University of Montana, the State of Montana leases the Mansion and approximately 50 acres of grounds to the DMPT. The DMPT is charged with the full financial responsibility of the Mansion which includes salaries, maintenance, and operation costs.