Waldorf was founded in 1903 by The Reverend C. S. Salveson, then the pastor of what is now Immanuel Lutheran Church in Forest City. Unlike several other Lutheran colleges founded by Norwegian immigrants and the first generation of their progeny, Waldorf began operation as an academy and business college rather than as a preparatory program primarily for future pastors. Since 1920, when Waldorf became a junior college, the curriculum has gradually evolved to fully reflect a liberal arts emphasis. Now, nearly all students enroll with the intent of ultimately earning at least a bachelors degree. In the spring of 1994, the College was accredited by the North Central Association of Colleges and Schools to offer the bachelors degree.