Waldorf College, an institution that sought and found a buyer earlier this year because it was running in the red ink, announced Thursday its staff and faculty would received a 3 percent salary increase for 2010.

Waldorf College President-elect Joseph Manjone announced, at a gathering in the college’s Fireside Room, that the raise would take effect as soon as the college’s sale to Mayes Education Inc. goes through in January.

“Although Waldorf College will still be operating on a deficit next year, it is important to the owners of Mayes Education that you are rewarded for your loyalty to this institution,” said Manjone. “I am proud of the dedication you have each committed to leading us through this transition.”

This employment incentive will be an additional financial commitment to the large debt already being absorbed by Mayes Education, the college said in a news release Friday.  

“I think that it was a very nice of them to give us a raise,” Karla Schaefer, Waldorf College bookstore manager, said. “I feel that it should be a boost for morale. It was very generous for the Mayes family to do that for us.”

The college, in Forest City, Iowa, is affiliated with the Evangelical Lutheran Church in America.

Waldorf officials began its search for a buyer in January 2009 and signed a letter of intent with Mayes Education in February. A purchase agreement was signed by former Waldorf College President Richard Hanson, and Robert Mayes, owner of Mayes Education, on May 7, 2009.

The last major acquisition hurdle was cleared Dec. 2 when the Iowa Student Aid Commission approved the licensing under the Waldorf College name, but with Mayes Education as the new owner.

Located in Forest City, Iowa, Waldorf is a four-year, liberal arts college that delivers engaging experiences through innovative classroom instruction. The college offers bachelor degree programs in business, communication, psychology, education, fire science administration, criminal justice administration and other subjects.

Notable alumni include Brad Anderson, former CEO of Best Buy, Dennis Highby, CEO of Cabela’s and John K. Hanson, founder of Winnebago Industries.