Friday, October 20, 2023

National American University Has No Cash

National American University Holdings (NAUH) of Rapid City, South Dakota has no cash.  The company owns National American University and its subsidiary, Henley-Putnam School of Strategic Security.

According to the company's most recent financial statements:

"As of August 31, 2023, the Company had approximately $0.0 million of unrestricted cash and cash equivalents, a working capital deficit of approximately $4.8 million, and a deficit in stockholders’ equity of approximately $1.8 million." 

NAUH has avoided creditors for years and been able to get US government funds, including more than $2M in COVID relief funds in 2020 and 2021.   

National American University's enrollment in 2015 was 9,519 students. Since then, NAU has closed more than 30 campuses in nine states: Colorado (3), Indiana, Kansas (4), Minnesota (5), Missouri (3), New Mexico (2), Oklahoma, South Carolina, South Dakota (3), and Texas (7), and has become an exclusively online school (apart from a small site at Ellsworth Air Force Base).

According to the US Department of Education's most recently published numbers, National American University has approximately 1100 students. The school has no full-time instructors. There is no indication that those students are prepared for the school to close. 

Related link:

National American University and the Subprime College Crash (2018)

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