The development program was formulated when the board of governors met on campus for the first time on March 7, 1958. The opening of the college had been unofficially set for fall of 1961. CLEF developed a summary of immediate needs for a total amount of $2,135,000. This basic plan would allow for the enrollment of 400 students, 200 of whom were to be residing at the college. CLEF decided that in order to secure the funds, each church body were to share the investment proportionately. With the exception of the site, no gifts larger than $400,000 were responsible for the college. Large donations included a $25,000 gift received from Lutheran Brotherhood, a fraternal insurance society. With the first $300,000 secured, work began on the college library, science building, and student center. Construction on the two dormitories, Alpha and Omega (today known as Thompson and Pederson), was to begin if $500,000 were collected by February 1, 1961. To ensure that the college reached this goal, it sold Investment Trust Certificates as the new college was ineligible for government loans. Certificates were sold in $100 denominations enabling participation from small investors.