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National American University (NAU) is a private for-profit online university located at Ellsworth Air Force Base, Joint Base Charleston and Naval Submarine Base Kings Bay. NAU is owned by National University Holdings, Inc. (NAUH). The university’s headquarters are located in Rapid City, South Dakota. Henry Putnam School of Strategic Security (formerly Henry Putnam University) is part of the National University of America.
The National University of America is divided into three academic departments: the School of Business, Technology, and Health Management; the Henry Portnan School of Strategic Security; and the Harold D. Buckingham Graduate School. Provide more than 100 associate degree, bachelor's degree, master's degree, doctorate and certificate programs. Most academic programs at NAU are in an 11-week quarterly system and start every month. It is recognized by the Higher Education Commission.
In 2018, former NAU official Brian Gravely filed a lawsuit alleging that the school defrauded millions of dollars in US government funds from the student aid program and illegally issued bonuses to university employees to recruit students and manipulate its medical qualification certification assistance procedures. NAUH also pledged a $8 million loan for real estate. Planning to close the campus, the university agreed to voluntarily delist from the Nasdaq.
In the second year, NAUH announced: "The company has $500,000 in unrestricted cash and cash equivalents, and a working capital deficit of $8.7 million. These factors in particular raise doubts about the company's ability to continue operations." February 15, 2019 , NAUH announced Thomas Bickart as the new chief financial officer. Bickart served as the Chief Financial Officer of TCI Institute of Technology from 2013 to 2016, and later worked at Edison Learning, Inc. to restructure its business. In March, the university announced the closure of all 24 ground campuses except Ellsworth Air Force Base and Kings Bay Naval Submarine Base.
On April 15, 2019, the American National University reported that they must post a letter of credit for 50% ($36.7 million) or 15% ($11 million) of their Title IV awards to continue participating in the program. The operation is facing further pressure, due next month to repay the debt of 800,000 US dollars, and the federal false claims lawsuit is ongoing. Students at the American National University were surprised by the closure of the campus.