Karen Lake Buttrey was honored posthumously with the IUPUI Chancellor's Medallion by Chancellor Charles R. Bantz at the 8th Annual Thomas H. Lake Lecture on March 24, 2011 for her philanthropic contributions. Her husband, Don Buttrey, accepted the award on her behalf. 

Karen was actively involved in several nonprofit organizations: American Red Cross; Community Centers of Indianapolis; Pleasant Run Children's Home; Lacy Leadership Development Program as a member of the Race Relations Project; and United Way of Greater Indianapolis where she served as Vice Chair of the Agency Relations Committee.