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National American University seal — gold. It is owned by National American University Holdings, Inc. These factors, business dissertation others, raise substantial doubt regarding the Company’s ability to continue as a going concern. National American University was established in 1941 as a one-year secretarial school by Clarence Jacobson.
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It was called National College of Business and was located in a downtown Rapid City building. In 1960, Jacobson had the building that now houses administration for the Rapid City campus constructed at 321 Kansas City Street and moved National College to that location. In 1962, NCB was acquired by Harold D. Buckingham and members of his family.
Shortly after the Buckinghams purchased the school, a period of growth began which led to the construction of the classroom buildings, dormitories, a library, gymnasium, and an auditorium. NCB was granted collegiate accreditation as a junior college by the Accrediting Commission of the Association of Independent Colleges and Schools in 1966. Senior college accreditation was granted in 1970. The 1970s brought another period of growth, this time with the addition of several branch locations in the Midwest and Rocky Mountain regions. 1997 the university name was changed to National American University. The university made its first foray into the world of online education in 1996 and currently offers many classes and several degrees completely online through its Distance Learning campus.
In 2012, the main Rapid City location was moved to its current location on Mount Rushmore Rd. This location also houses the central administration offices of the university. In 2017, National American University purchased Henley-Putnam School of Strategic Security. In 2018, Robert Gravely, a former NAU official, filed a lawsuit alleging that the school defrauded the United States government out of millions of dollars in a student aid program, unlawfully paid bonuses to university employees for recruiting students and rigged the accreditation for its medical assisting program. In September 2018, the Rapid City Journal detailed NAUH’s declining enrollment and financial difficulties. On September 28, 2018, NAUH received a delisting warning from NASDAQ. On December 28, 2018, the NAUH Board agreed to voluntarily delist from the NASDAQ.
Total student enrollment has declined 47 percent from 2015 to 2018, from 9,519 students to 4,797. In 2018, NAU had 4,342 students enrolled in its online programs, 724 students enrolled on-campus, and 582 students enrolled through hybrid learning. As of November 30, 2018, NAU had 3,777 students enrolled in its online programs, 523 students enrolled on-campus, and 497 students enrolled through hybrid learning. In August 2008, NAU’s graduate studies program was renamed the Harold D. Buckingham Graduate School, in honor of the late owner of the university.
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