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)