The Waldorf Lutheran College Foundation was incorporated on January 6, 2006, and granted its 501(c)(3) nonprofit status on August 17, 2007. The original purpose was to maximize the earnings of the endowment fund and then use those earnings to offset expenses and enrich the academic programs and student experience at Waldorf College.
The inaugural meeting of the Board of Directors for the Foundation was held November 8, 2006. Initial board members included:
David K. Arndt, Forest City
Certified Public Accountant
Steven R. Bakke, Forest City, IA
Attorney
Roger Espe, Des Moines, IA
Retired Reinsurance Executive
Kenneth Holmen, North Oaks, MN
Vice President for Business Development and Physician Strategy at HealthPartners and Regions Hospital
Herbert Ihle, Naples, FL
Retired Senior Vice President of Northwest Airlines
The first gifts to the Waldorf Foundation were deposited in November of 2006. All gifts were invested, not spent.
In January, 2010, the by-laws of the Foundation were revised since Waldorf College became a for-profit institution, and the Foundation was not able to directly support the college.
The Foundation’s non-profit status has not changed, but its priorities have. The Foundation currently serves as the vehicle through which private and estate gifts can still benefit the students and alumni of Waldorf College by funding the following:
• Student Scholarships – to ensure more students have access to the Waldorf experience. All scholarships will be awarded directly to students.
• Campus Ministry – to ensure campus ministry organizations continue. This may also include mission trips and service projects for our students.
• Alumni / Community Relations – to foster stronger relationships with alumni and the Forest City community through Homecoming events, regional gatherings, and regular communication.
The Foundation is currently governed by a nine member Board, and the day-to-day activities are run by three full-time volunteers.