National American University (NAUH) 10-Q 3 Apr 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Feb. 28, 2015	Mar. 31, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	National American University Holdings, Inc.
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	28-Feb-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	NAUH
Entity Central Index Key	1399855
Current Fiscal Year End Date	-26
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		25,187,526

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (USD $)	Feb. 28, 2015	31-May-14
In Thousands, unless otherwise specified
CURRENT ASSETS:
Cash and cash equivalents	$16,104	$4,154
Available for sale investments	22,348	15,435
Student receivables - net of allowance of $738 and $1,026 at February 28, 2015 and May 31, 2014, respectively	4,275	16,532
Other receivables	1,261	291
Income taxes receivable	848	0
Deferred income taxes	1,060	1,688
Prepaid and other current assets	2,313	2,180
Total current assets	48,209	40,280
Total property and equipment - net	37,871	43,258
OTHER ASSETS:
Condominium inventory	377	744
Land held for future development	312	312
Course development - net of accumulated amortization of $2,677 and $2,421 at February 28, 2015 and May 31, 2014, respectively	853	1,000
Note receivable - tenant improvements	0	1,308
Deposit on property and equipment	0	200
Other	1,195	1,355
Total other assets	2,737	4,919
TOTAL	88,817	88,457
CURRENT LIABILITIES:
Current portion of capital lease payable	234	206
Accounts payable	4,826	3,411
Dividends payable	1,137	1,134
Student accounts payable	616	969
Income taxes payable	0	1,158
Deferred income	519	341
Accrued and other liabilities	5,681	7,347
Total current liabilities	13,013	14,566
DEFERRED INCOME TAXES	4,372	4,168
OTHER LONG-TERM LIABILITIES	6,174	6,431
CAPITAL LEASE PAYABLE, NET OF CURRENT PORTION	11,918	12,097
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS' EQUITY:
Common stock, $0.0001 par value (50,000,000 authorized; 28,254,451 issued and 25,185,841 outstanding as of February 28, 2015; 28,177,827 issued and 25,117,454 outstanding as of May 31, 2014)	3	3
Additional paid-in capital	58,274	59,191
Retained earnings	14,631	11,573
Treasury stock, at cost (3,068,610 shares at February 28, 2015 and 3,060,373 at May 31, 2014)	-19,448	-19,423
Accumulated other comprehensive loss, net of taxes - unrealized loss on available for sale securities	0	-3
Total National American University Holdings, Inc. stockholders' equity	53,460	51,341
Non-controlling interest	-120	-146
Total stockholders' equity	53,340	51,195
TOTAL	$88,817	$88,457

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $)	Feb. 28, 2015	31-May-14
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Allowance for student receivables	$738	$1,026
Accumulated amortization of course development	$2,677	$2,421
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	28,254,451	28,177,827
Common stock, shares outstanding	25,185,841	25,117,454
Treasury stock, shares	3,068,610	3,060,373

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
REVENUE:
Academic revenue	$27,053	$29,469	$81,862	$87,702
Auxiliary revenue	1,747	1,702	5,840	6,792
Rental income - apartments	283	283	876	851
Condominium sales	0	220	447	440
Total revenue	29,083	31,674	89,025	95,785
OPERATING EXPENSES:
Cost of educational services	7,327	7,234	21,537	21,835
Selling, general and administrative	17,896	21,325	53,839	65,090
Auxiliary expense	1,279	1,028	4,144	4,696
Cost of condominium sales	0	192	368	386
(Gain) loss on disposition of property	0	-3	-1,678	-73
Total operating expenses	26,502	29,776	78,210	91,934
OPERATING INCOME	2,581	1,898	10,815	3,851
OTHER INCOME (EXPENSE):
Interest income	17	72	128	122
Interest expense	-220	-168	-671	-567
Other income - net	38	35	138	115
Total other expense	-165	-61	-405	-330
INCOME BEFORE INCOME TAXES	2,416	1,837	10,410	3,521
INCOME TAX EXPENSE	-938	-710	-3,924	-1,397
NET INCOME	1,478	1,127	6,486	2,124
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST	-14	-10	-26	26
NET INCOME ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES	1,464	1,117	6,460	2,150
OTHER COMPREHENSIVE INCOME (LOSS) - Unrealized gains(losses) on investments, net of tax	2	-9	3	-16
COMPREHENSIVE INCOME ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC.	$1,466	$1,108	$6,463	$2,134
Basic net earnings attributable to National American University Holdings, Inc.	$0.06	$0.04	$0.26	$0.09
Diluted net earnings attributable to National American University Holdings, Inc.	$0.06	$0.04	$0.26	$0.09
Basic weighted average shares outstanding	25,181,951	25,108,559	25,151,670	25,086,144
Diluted weighted average shares outstanding	25,191,074	25,114,875	25,160,601	25,088,575

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income / Loss	Treasury Stock	Noncontrolling Interest	Total
In Thousands
Beginning Balance at May. 31, 2013	$3	$57,656	$12,610	$7	($19,359)	($129)	$50,788
Purchase of shares common stock for the treasury	0	0	0	0	-57	0	-57
Share based compensation expense	0	1,203	0	0	0	0	1,203
Dividends declared	0	0	-3,391	0	0	0	-3,391
Net income	0	0	2,150	0	0	-26	2,124
Other comprehensive income/loss, net of tax	0	0	0	-16	0	0	-16
Ending Balance at Feb. 28, 2014	3	58,859	11,369	-9	-19,416	-155	50,651
Beginning Balance at May. 31, 2014	3	59,191	11,573	-3	-19,423	-146	51,195
Purchase of shares common stock for the treasury	0	0	0	0	-25	0	-25
Share based compensation expense	0	-917	0	0	0	0	-917
Dividends declared	0	0	-3,402	0	0	0	-3,402
Net income	0	0	6,460	0	0	26	6,486
Other comprehensive income/loss, net of tax	0	0	0	3	0	0	3
Ending Balance at Feb. 28, 2015	$3	$58,274	$14,631	$0	($19,448)	($120)	$53,340

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $)	9 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
Statement of Stockholders' Equity [Abstract]
Number of common shares for treasury	8,237	15,195
Dividends declared, per share	$0.05	$0.05

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$6,486	$2,124
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	4,636	4,734
Gain on disposition of property and equipment	-1,678	-73
Provision for uncollectable tuition	3,317	2,424
Noncash compensation expense	-917	1,203
Interest income capitalized on note receivable	0	-31
Deferred income taxes	832	-407
Changes in assets and liabilities:
Accounts and other receivables	7,970	-865
Student notes	-2	61
Condominium inventory	367	381
Prepaid and other current assets	-215	-1,445
Accounts payable	1,466	-1,013
Deferred income	178	211
Other long-term liabilities	-257	48
Income tax receivable/payable	-2,006	242
Accrued and other liabilities	-1,399	-1,186
Net cash flows provided by operating activities	18,778	6,408
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available for sale investments	-50,140	-32,982
Proceeds from sale of available for sale investments	43,230	38,581
Purchases of property and equipment	-1,253	-4,003
Proceeds from sale of property and equipment	3,464	503
Course development	-109	-209
Payment of deposit on property and equipment	0	-150
Payments received on contract for deed	157	293
Payments received on note receivable	1,390	621
Other	8	-22
Net cash flows (used in) provided by investing activities	-3,253	2,632
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of capital lease payable	-151	-111
Purchase of treasury stock	-25	-57
Dividends paid	-3,399	-3,262
Net cash flows used in financing activities	-3,575	-3,430
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	11,950	5,610
CASH AND CASH EQUIVALENTS - Beginning of year	4,154	11,130
CASH AND CASH EQUIVALENTS - End of period	16,104	16,740
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for income taxes	5,099	1,562
Cash paid for interest	665	584
Tenant improvements on capital lease financed through note receivable	0	2,000
Property and equipment purchases included in accounts payable	15	36
Dividends declared	$1,137	$1,133

1_STATEMENT_PRESENTATION_AND_B

1. STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION	9 Months Ended
	Feb. 28, 2015
Accounting Policies [Abstract]
STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION	The accompanying unaudited condensed financial statements are presented on a consolidated basis. The accompanying financial statements include the accounts of National American University Holdings, Inc. (the “Company”), its subsidiary, Dlorah, Inc. (“Dlorah”), and its divisions, National American University (“NAU” or the “University”), and Fairway Hills.  The accompanying unaudited condensed consolidated financial statements have been prepared on a basis substantially consistent with the Company’s audited financial statements and in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States (“U.S. GAAP”) can be condensed or omitted. The information in the condensed consolidated balance sheet as of May 31, 2014, was derived from the audited consolidated financial statements for the Company for the year then ended. Accordingly, these financial statements should be read in conjunction with the Company’s annual financial statements which were included in the Company’s Annual Report on Form 10-K for the year ended May 31, 2014, filed on August 8, 2014.  Furthermore, the results of operations and cash flows for the nine month periods ended February 28, 2015 and 2014 are not necessarily indicative of the results that may be expected for the full year. These financial statements include consideration of subsequent events through issuance.
	In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by U.S. GAAP.
	Unless the context otherwise requires, the terms “we”, “us”, “our” and the “Company” used throughout this document refer to National American University Holdings, Inc. and its wholly owned subsidiary, Dlorah, Inc., which owns and operates National American University, sometimes referred to as “NAU” or the “University”.
	Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. On an ongoing basis, the Company evaluates the estimates and assumptions, including those related to bad debts, income taxes and certain accruals. Actual results could differ from those estimates.

2_NATURE_OF_OPERATIONS

2. NATURE OF OPERATIONS	9 Months Ended
	Feb. 28, 2015
Accounting Policies [Abstract]
NATURE OF OPERATIONS	The Company, through Dlorah, owns and operates National American University. NAU is a regionally accredited, proprietary, multi-campus institution of higher learning, offering associate, bachelors, masters and doctoral degree programs in business-related disciplines, such as accounting, applied management, business administration and information technology, and in healthcare-related disciplines, such as nursing and healthcare management. The Company, through Dlorah’s Fairway Hills real estate division, also manages apartment units and develops and sells multi-family residential real estate in Rapid City, South Dakota.

3_RECENTLY_ADOPTED_AND_NEW_ACC

3. RECENTLY ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Feb. 28, 2015
Accounting Changes and Error Corrections [Abstract]
RECENTLY ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which removes inconsistencies and weaknesses in revenue requirements, provides a more robust framework for addressing revenue issues, improves comparability of revenue recognition practices across entities, provides more useful information to users of the consolidated financial statements through improved disclosure requirements, and simplifies the preparation of the consolidated financial statements by reducing the number of requirements to which an entity must refer.   The ASU outlines five steps to achieve proper revenue recognition: identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the entity satisfies the performance obligation.  This standard is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period.  This standard will be effective for the Company’s fiscal year 2018 in the first quarter ending August 31, 2017.  The Company is currently evaluating the impact implementation will have on the consolidated financial statements.
	In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, that will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances.  This standard will be effective for the Company’s fourth quarter ending May 31, 2017.  The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements.
	In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis, which requires reevaluation of all legal entities under a revised consolidation model.  The standard will specifically affect limited partnerships and similar legal entities, the evaluation of fees paid to a decision maker or a service provider as a variable interest, the effect of fee arrangements and related parties on the primary beneficiary determination, and certain investment funds.  This standard will be effective for the Company’s fiscal year 2017 in the first quarter ending August 31, 2016.  The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements.

4_CONTRACT_FOR_DEED

4. CONTRACT FOR DEED	9 Months Ended
	Feb. 28, 2015
Contractors [Abstract]
CONTRACT FOR DEED	During fiscal year 2013, the Company signed a contract for deed on its former Rapid City campus located at 321 Kansas City Street on March 28, 2013 for $4,000.  The sale did not meet the accounting requirements to be considered consummated because the buyer’s initial and continuing investment was not adequate in accordance with ASC 360-20-40, and the note receivable was not supported by specific evidence of collectability.  As such, at May 31, 2014 the property remained on the condensed consolidated balance sheets and continued to be depreciated because the asset had not met the held for sale criteria, the note receivable was not recorded, and interest income was recognized as received.
	On July 11, 2014, the contract for deed was settled.  The Company collected the outstanding proceeds, which included $3,230 principal and $85 of interest that was offset by $59 of lease-back payments and maintenance expenses related to the long-term operating lease.  All remaining liens on the property were released and deemed sold, resulting in a gain of $1,743.  Rent payments will be made directly to the lessor now that the contract for deed is paid in full.
	For federal income tax purposes, the sale was recognized in full as of March 28, 2013 and will be brought into income as proceeds are received due to the installment sale treatment.  A portion of the taxable gain was due for the year ended May 31, 2013, and the remaining portion will be payable for the year ended May 31, 2015.

5_CAPITAL_LEASE_OBLIGATION

5. CAPITAL LEASE OBLIGATION	9 Months Ended
	Feb. 28, 2015
Leases [Abstract]
CAPITAL LEASE OBLIGATION	During the quarter ended November 30, 2013, the Company increased its capital lease obligation by $2,000 to account for tenant improvements.  The Company initially paid for the improvements; however, an agreement was entered into with the lessor to reimburse the Company under the terms of a $2,000 note receivable.  Payments under the note receivable directly offset the monthly payments to the lessor under the capital lease obligation.  On June 30, 2014, the landlord of the property paid the $1,373 remaining balance of the note receivable.

6_STOCKHOLDERS_EQUITY

6. STOCKHOLDERS' EQUITY	9 Months Ended
	Feb. 28, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	The Company’s outstanding stock-based awards consist mainly of restricted stock awards, restricted stock units and stock options.  As of February 28, 2015, the Company had 886,770 shares available for future grants of stock-based compensation plans.
	Restricted stock
	A summary of restricted shares activity as of February 28, 2015 and 2014, and changes during the nine month periods then ended is presented below:
	Restricted Shares	Shares			Weighted Average Grant Date Fair Value
	Non-vested shares at May 31, 2014		608,170		$	4.01
	Granted		42,155			3.11
	Vested		(28,170	)		3.55
	Canceled		0			0
	Non-vested shares at February 28, 2015		622,155		$	3.97
	Restricted Shares	Shares			Weighted Average Grant Date Fair Value
	Non-vested shares at May 31, 2013		13,442		$	4.46
	Granted		477,229			3.76
	Modified		303,500			4.31
	Vested		(16,001	)		4.3
	Canceled		(145,000	)		3.88
	Non-vested shares at February 28, 2014		633,170		$	4
	During the nine months ended February 28, 2015, the Company reversed $0.9 million expense net of tax that was previously recorded in connection with performance based restricted stock awarded during the quarter ended August 31, 2013.  It is the opinion of management that the performance shares will not be issued because the required metrics will not be achieved.
	Stock options
	The Company accounts for stock option-based compensation by estimating the fair value of options granted using a Black-Scholes option valuation model. The Company recognizes the expense for grants of stock options on a straight-line basis in the consolidated statements of operations as operating expense based on their fair value over the requisite service period.
	For stock options issued in the nine months ended February 28, 2015 and 2014, and for stock options modified during the nine months ended February 28, 2014, the following assumptions were used to determine fair value:
		For the nine months ended February 28,			For the nine months ended February 28,
	Assumptions used:	2015			2014
	Expected term (in years)		5.5			5.75
	Expected volatility		51.4	%		56.1	%
	Weighted average risk free interest rate		1.52	%		1.9	%
	Weighted average risk free interest rate range		1.52	%		1.9	%
	Weighted average expected dividend		5.79	%		4.91	%
	Weighted average expected dividend range		5.79	%		4.91	%
	Weighted average fair value	$	0.88		$	1.26
	The volatilities are based on historic volatilities from the traded shares of the Company over the past three years.  The Company has analyzed the forfeitures of stock and option grants and has deemed the effect to be immaterial and therefore did not include a forfeiture rate in the expense calculation. The expected term of options granted is the safe harbor period. The risk-free interest rate for periods matching the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend is based on the historic dividend of the Company.
	A summary of option activity under the Plan as of February 28, 2015 and 2014, and changes during the nine month periods then ended is presented below:
	Stock Options	Shares			Weighted average exercise price			Weighted average remaining contractual life (in years)		Aggregate intrinsic value ($000)
	Outstanding at May 31, 2014		75,750		$	7.17
	Granted		12,500			3.11
	Exercised		0			0
	Forfeited or canceled		(5,750	)		8.63
	Outstanding at February 28, 2015		82,500		$	6.45			7.3	$	2
	Exercisable at February 28, 2015		70,000		$	6.96			7	$	2
	Outstanding at May 31, 2013		368,000		$	7.67
	Granted		15,000			3.67
	Exercised		0			0
	Modified		(303,500	)		7.46
	Forfeited or canceled		(3,500	)		5.96
	Outstanding at February 28, 2014		76,000		$	7.82			7.4	$	-
	Exercisable at February 28, 2014		58,750		$	9			6.7	$	-
	Dividends
	The following table presents details of the Company’s fiscal 2015 and 2014 dividend payments:
	Date declared	Record date		Payment date	Per share
	26-Aug-13	30-Sep-13		11-Oct-13	$0.0450
	28-Oct-13	30-Dec-13		10-Jan-14	$0.0450
	25-Jan-14	28-Mar-14		11-Apr-14	$0.0450
	7-Apr-14	30-Jun-14		11-Jul-14	$0.0450
	11-Aug-14	30-Sep-14		10-Oct-14	$0.0450
	6-Oct-14	31-Dec-14		16-Jan-15	$0.0450
	24-Jan-15	31-Mar-15		(est) April 17, 2015	$0.0450

7_EARNINGS_PER_SHARE

7. EARNINGS PER SHARE	9 Months Ended
	Feb. 28, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	Basic earnings per share (“EPS”) is computed by dividing net income attributable to National American University Holdings, Inc. by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur assuming vesting, conversion or exercise of all dilutive unexercised options and restricted stock.
	The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations:
		Nine months ended				Three months ended
		February 28,				February 28,
		2015		2014		2015		2014
	Numerator:
	Net income attributable to National American University Holdings, Inc.	$	6,460	$	2,150	$	1,464	$	1,117
	Denominator:
	Weighted average shares outstanding used to compute basic net income per common share		25,151,670		25,086,144		25,181,951		25,108,559
	Incremental shares issuable upon the assumed vesting of stock options		-		-		-		-
	Incremental shares issuable upon the assumed vesting of restricted shares		8,931		2,431		9,123		6,316
	Common shares used to compute diluted net income per share		25,160,601		25,088,575		25,191,074		25,114,875
	Basic net income per common share	$	0.26	$	0.09	$	0.06	$	0.04
	Diluted net income per common share	$	0.26	$	0.09	$	0.06	$	0.04
	A total of 82,500 shares of common stock subject to issuance upon exercise of stock options for the three and nine months ended February 28, 2015 have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.
	A total of 61,000 shares of common stock subject to issuance upon exercise of stock options for the three and nine months ended February 28, 2014 have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.

8_COMMITMENTS_AND_CONTINGENCIE

8. COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Feb. 28, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	From time to time, NAU is a party to various claims, lawsuits or other proceedings relating to the conduct of its business. Although the outcome of litigation cannot be predicted with certainty and some claims, lawsuits or other proceedings may be disposed of unfavorably, management believes, based on facts presently known, that the outcome of such legal proceedings and claims, lawsuits or other proceedings will not have a material effect on the Company’s consolidated financial position, cash flows or future results of operations.
	On November 21, 2014, the U.S. Department of Education notified NAU of its final audit determination with respect to the Title IV compliance audit for the period June 1, 2012 through May 31, 2013.  The final audit determination asserts that NAU improperly disbursed Title IV program funds to students at the Wichita West campus location before it was approved as an additional location for Title IV program participation requirements by the Department in August 2013.  This resulted in a requirement to return approximately $664 in Title IV funds and assessed interest to the Department, as it is deemed a return of previously recorded revenue.  This amount was timely remitted during the three months ended February 28, 2015 and is shown as a direct reduction of academic revenue during the nine months ended February 28, 2015.

9_FAIR_VALUE_MEASUREMENTS

9. FAIR VALUE MEASUREMENTS	9 Months Ended
	Feb. 28, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	The following table summarizes certain information for assets and liabilities measured at fair value on a recurring basis:
		Quoted prices in active markets (level 1)		Other observable inputs (level 2)		Unobservable inputs (level 3)		Fair value
	28-Feb-15
	Investments
	CD’s and money market accounts	$	243	$	4,106	$	-	$	4,349
	Money market accounts included in cash equivalents		18		-		-		18
	US treasury bills and notes		17,999		-		-		17,999
	Total assets at fair value	$	18,260	$	4,106	$	-	$	22,366
	31-May-14
	Investments
	CD’s and money market accounts	$	243	$	3,197		-	$	3,440
	Money market accounts included in cash equivalents		910		-		-		910
	US treasury bills and notes		11,995		-		-		11,995
	Total assets at fair value	$	13,148	$	3,197		-	$	16,345
	Following is a summary of the valuation techniques for assets and liabilities recorded in the consolidated condensed balance sheets at fair value on a recurring basis:
	CD’s and money market accounts:  Investments which have closing prices readily available from an active market are used as being representative of fair value.  The Company classifies these investments as level 1.  Market prices for certain CD’s are obtained from quoted prices for similar assets.  The Company classifies these investments as level 2.
	U.S. treasury bills and notes:  Closing prices are readily available from active markets and are used as being representative of fair value.  The Company classifies these investments as level 1.
	Fair value of financial instruments:  The Company’s financial instruments include cash and cash equivalents, CD’s and money market accounts, US treasury bills and notes, receivables, payables, and capital lease payables.  The carrying values approximated fair values for cash and cash equivalents, receivables, and payables because of the short term nature of these instruments.  CD’s and money market accounts, and treasury bills and notes are recorded at fair values as indicated in the preceding disclosures.

10_SEGMENT_REPORTING

10. SEGMENT REPORTING	9 Months Ended
	Feb. 28, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	Operating segments are defined as business areas or lines of an enterprise about which financial information is available and evaluated on a regular basis by the chief operating decision makers, or decision-making groups, in deciding how to allocate capital and other resources to such lines of business.
	The Company operates two operating and reportable segments: NAU and other. The NAU segment contains the revenues and expenses associated with the University operations and the allocated portion of corporate overhead.  The other segment contains primarily real estate.  These operating segments are divisions of the Company for which separate financial information is available and evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. General administrative costs of the Company are allocated to specific divisions of the Company. The following table presents the reportable segment financial information, in thousands:
		Nine months ended February 28, 2015									Nine months ended February 28, 2014
								Consolidated									Consolidated
		NAU			Other			Total			NAU			Other			Total
	Revenue:
	Academic revenue	$	81,862		$	-		$	81,862		$	87,702		$	-		$	87,702
	Auxiliary revenue		5,840			-			5,840			6,792			-			6,792
	Rental income — apartments		-			876			876			-			851			851
	Condominium sales		-			447			447			-			440			440
	Total revenue		87,702			1,323			89,025			94,494			1,291			95,785
	Operating expenses:
	Cost of educational services		21,537			-			21,537			21,835			-			21,835
	Selling, general &administrative		52,640			1,199			53,839			63,833			1,257			65,090
	Auxiliary expense		4,144			-			4,144			4,696			-			4,696
	Cost of condominium sales		-			368			368			-			386			386
	Loss (gain) on disposition of property		113			(1,791	)		(1,678	)		23			(96	)		(73	)
	Total operating expenses		78,434			(224	)		78,210			90,387			1,547			91,934
	Income (loss) from operations		9,268			1,547			10,815			4,107			(256	)		3,851
	Other income (expense):
	Interest income		32			96			128			43			79			122
	Interest expense		(663	)		(8	)		(671	)		(567	)		-			(567	)
	Other income  - net		-			138			138			-			115			115
	Total other (expense) income		(631	)		226			(405	)		(524	)		194			(330	)
	Income (loss) before taxes	$	8,637		$	1,773		$	10,410		$	3,583		$	(62	)	$	3,521
		As of February 28, 2015									As of February 28, 2014
								Consolidated									Consolidated
		NAU			Other			Total			NAU			Other			Total
	Total assets	$	78,755		$	10,062		$	88,817		$	74,018		$	13,283		$	87,301
		Three months ended February 28, 2015									Three months ended February 28, 2014
								Consolidated									Consolidated
		NAU			Other			Total			NAU			Other			Total
	Revenue:
	Academic revenue	$	27,053		$	0		$	27,053		$	29,469		$	0		$	29,469
	Auxiliary revenue		1,747			0			1,747			1,702			0			1,702
	Rental income — apartments		0			283			283			0			283			283
	Condominium sales		0			0			0			0			220			220
	Total revenue		28,800			283			29,083			31,171			503			31,674
	Operating expenses:
	Cost of educational services		7,327			0			7,327			7,234			0			7,234
	Selling, general &administrative		17,580			316			17,896			20,898			427			21,325
	Auxiliary expense		1,279			0			1,279			1,028			0			1,028
	Cost of condominium sales		0			0			0			0			192			192
	Gain on disposition of property		0			0			0			(3	)		0			(3	)
	Total operating expenses		26,186			316			26,502			29,157			619			29,776
	Income (loss) from operations		2,614			(33	)		2,581			2,014			(116	)		1,898
	Other income (expense):
	Interest income		14			3			17			11			61			72
	Interest expense		(220	)		0			(220	)		(168	)		0			(168	)
	Other income  - net		0			38			38			0			35			35
	Total other (expense) income		(206	)		41			(165	)		(157	)		96			(61	)
	Income (loss) before taxes	$	2,408		$	8		$	2,416		$	1,857		$	(20	)	$	1,837

11_SUBSEQUENT_EVENTS

11. SUBSEQUENT EVENTS	9 Months Ended
	Feb. 28, 2015
Subsequent Events [Abstract]
11. SUBSEQUENT EVENTS	We evaluated subsequent events after the balance sheet date through the date the consolidated financial statements were issued. We did not identify any additional material events or transactions occurring during this subsequent event reporting period that required further recognition or disclosure in these consolidated condensed financial statements.

6_STOCKHOLDERS_EQUITY_Tables

6. STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Feb. 28, 2015
Equity [Abstract]
Summary of Restricted Shares Activity	Restricted Shares	Shares			Weighted Average Grant Date Fair Value
	Non-vested shares at May 31, 2014		608,170		$	4.01
	Granted		42,155			3.11
	Vested		(28,170	)		3.55
	Canceled		0			0
	Non-vested shares at February 28, 2015		622,155		$	3.97
	Restricted Shares	Shares			Weighted Average Grant Date Fair Value
	Non-vested shares at May 31, 2013		13,442		$	4.46
	Granted		477,229			3.76
	Modified		303,500			4.31
	Vested		(16,001	)		4.3
	Canceled		(145,000	)		3.88
	Non-vested shares at February 28, 2014		633,170		$	4
Summary of Stock Options Assumptions		For the nine months ended February 28,			For the nine months ended February 28,
	Assumptions used:	2015			2014
	Expected term (in years)		5.5			5.75
	Expected volatility		51.4	%		56.1	%
	Weighted average risk free interest rate		1.52	%		1.9	%
	Weighted average risk free interest rate range		1.52	%		1.9	%
	Weighted average expected dividend		5.79	%		4.91	%
	Weighted average expected dividend range		5.79	%		4.91	%
	Weighted average fair value	$	0.88		$	1.26
Summary of Option Activity	Stock Options	Shares			Weighted average exercise price			Weighted average remaining contractual life (in years)		Aggregate intrinsic value ($000)
	Outstanding at May 31, 2014		75,750		$	7.17
	Granted		12,500			3.11
	Exercised		0			0
	Forfeited or canceled		(5,750	)		8.63
	Outstanding at February 28, 2015		82,500		$	6.45			7.3	$	2
	Exercisable at February 28, 2015		70,000		$	6.96			7	$	2
	Outstanding at May 31, 2013		368,000		$	7.67
	Granted		15,000			3.67
	Exercised		0			0
	Modified		(303,500	)		7.46
	Forfeited or canceled		(3,500	)		5.96
	Outstanding at February 28, 2014		76,000		$	7.82			7.4	$	-
	Exercisable at February 28, 2014		58,750		$	9			6.7	$	-
Summary of Dividend Payments	Date declared	Record date		Payment date	Per share
	26-Aug-13	30-Sep-13		11-Oct-13	$0.0450
	28-Oct-13	30-Dec-13		10-Jan-14	$0.0450
	25-Jan-14	28-Mar-14		11-Apr-14	$0.0450
	7-Apr-14	30-Jun-14		11-Jul-14	$0.0450
	11-Aug-14	30-Sep-14		10-Oct-14	$0.0450
	6-Oct-14	31-Dec-14		16-Jan-15	$0.0450
	24-Jan-15	31-Mar-15		(est) April 17, 2015	$0.0450

7_EARNINGS_PER_SHARE_Tables

7. EARNINGS PER SHARE (Tables)	9 Months Ended
	Feb. 28, 2015
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator for Basic and Diluted EPS Computations		Nine months ended				Three months ended
		February 28,				February 28,
		2015		2014		2015		2014
	Numerator:
	Net income attributable to National American University Holdings, Inc.	$	6,460	$	2,150	$	1,464	$	1,117
	Denominator:
	Weighted average shares outstanding used to compute basic net income per common share		25,151,670		25,086,144		25,181,951		25,108,559
	Incremental shares issuable upon the assumed vesting of stock options		-		-		-		-
	Incremental shares issuable upon the assumed vesting of restricted shares		8,931		2,431		9,123		6,316
	Common shares used to compute diluted net income per share		25,160,601		25,088,575		25,191,074		25,114,875
	Basic net income per common share	$	0.26	$	0.09	$	0.06	$	0.04
	Diluted net income per common share	$	0.26	$	0.09	$	0.06	$	0.04

9_FAIR_VALUE_MEASUREMENTS_Tabl

9. FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Feb. 28, 2015
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis		Quoted prices in active markets (level 1)		Other observable inputs (level 2)		Unobservable inputs (level 3)		Fair value
	28-Feb-15
	Investments
	CD’s and money market accounts	$	243	$	4,106	$	-	$	4,349
	Money market accounts included in cash equivalents		18		-		-		18
	US treasury bills and notes		17,999		-		-		17,999
	Total assets at fair value	$	18,260	$	4,106	$	-	$	22,366
	31-May-14
	Investments
	CD’s and money market accounts	$	243	$	3,197		-	$	3,440
	Money market accounts included in cash equivalents		910		-		-		910
	US treasury bills and notes		11,995		-		-		11,995
	Total assets at fair value	$	13,148	$	3,197		-	$	16,345

10_SEGMENT_REPORTING_Tables

10. SEGMENT REPORTING (Tables)	9 Months Ended
	Feb. 28, 2015
Segment Reporting [Abstract]
Financial Information of Reportable Segment		Nine months ended February 28, 2015									Nine months ended February 28, 2014
								Consolidated									Consolidated
		NAU			Other			Total			NAU			Other			Total
	Revenue:
	Academic revenue	$	81,862		$	-		$	81,862		$	87,702		$	-		$	87,702
	Auxiliary revenue		5,840			-			5,840			6,792			-			6,792
	Rental income — apartments		-			876			876			-			851			851
	Condominium sales		-			447			447			-			440			440
	Total revenue		87,702			1,323			89,025			94,494			1,291			95,785
	Operating expenses:
	Cost of educational services		21,537			-			21,537			21,835			-			21,835
	Selling, general &administrative		52,640			1,199			53,839			63,833			1,257			65,090
	Auxiliary expense		4,144			-			4,144			4,696			-			4,696
	Cost of condominium sales		-			368			368			-			386			386
	Loss (gain) on disposition of property		113			(1,791	)		(1,678	)		23			(96	)		(73	)
	Total operating expenses		78,434			(224	)		78,210			90,387			1,547			91,934
	Income (loss) from operations		9,268			1,547			10,815			4,107			(256	)		3,851
	Other income (expense):
	Interest income		32			96			128			43			79			122
	Interest expense		(663	)		(8	)		(671	)		(567	)		-			(567	)
	Other income  - net		-			138			138			-			115			115
	Total other (expense) income		(631	)		226			(405	)		(524	)		194			(330	)
	Income (loss) before taxes	$	8,637		$	1,773		$	10,410		$	3,583		$	(62	)	$	3,521
		As of February 28, 2015									As of February 28, 2014
								Consolidated									Consolidated
		NAU			Other			Total			NAU			Other			Total
	Total assets	$	78,755		$	10,062		$	88,817		$	74,018		$	13,283		$	87,301
		Three months ended February 28, 2015									Three months ended February 28, 2014
								Consolidated									Consolidated
		NAU			Other			Total			NAU			Other			Total
	Revenue:
	Academic revenue	$	27,053		$	0		$	27,053		$	29,469		$	0		$	29,469
	Auxiliary revenue		1,747			0			1,747			1,702			0			1,702
	Rental income — apartments		0			283			283			0			283			283
	Condominium sales		0			0			0			0			220			220
	Total revenue		28,800			283			29,083			31,171			503			31,674
	Operating expenses:
	Cost of educational services		7,327			0			7,327			7,234			0			7,234
	Selling, general &administrative		17,580			316			17,896			20,898			427			21,325
	Auxiliary expense		1,279			0			1,279			1,028			0			1,028
	Cost of condominium sales		0			0			0			0			192			192
	Gain on disposition of property		0			0			0			(3	)		0			(3	)
	Total operating expenses		26,186			316			26,502			29,157			619			29,776
	Income (loss) from operations		2,614			(33	)		2,581			2,014			(116	)		1,898
	Other income (expense):
	Interest income		14			3			17			11			61			72
	Interest expense		(220	)		0			(220	)		(168	)		0			(168	)
	Other income  - net		0			38			38			0			35			35
	Total other (expense) income		(206	)		41			(165	)		(157	)		96			(61	)
	Income (loss) before taxes	$	2,408		$	8		$	2,416		$	1,857		$	(20	)	$	1,837

4_CONTRACT_FOR_DEED_Additional

4. CONTRACT FOR DEED - Additional Information (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2014
Leases [Abstract]
Proceed from interest received	$85
Proceeds from collection of property sales receivable	3,230
Lease back payments and maintenance expenses	59
Gain on sale of property	$1,743

6_STOCKHOLDERS_EQUITY_Summary_

6. STOCKHOLDERS EQUITY - Summary of Restricted Shares Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $)	9 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
Restricted Stock Units (RSUs) [Member]
Restricted Shares
Shares, non-vested shares, beginning balance	608,170	13,442
Restricted stock unit, granted	42,155	477,229
Shares, Modified		303,500
Shares, vested	-28,170	-16,001
Shares, canceled	0	-145,000
Shares, non-vested shares, ending balance	622,155	633,170
Weighted average grant date fair value
Weighted average grant date fair value, non-vested shares, beginning balance	$4.01	$4.46
Weighted average grant date fair value, granted	$3.11	$3.76
Weighted average grant date fair value, modified		$4.31
Weighted average grant date fair value, vested	$3.55	$4.30
Weighted average grant date fair value, canceled	$0	$3.88
Weighted average grant date fair value, Non-vested shares, Ending balance	$3.97	$4

6_STOCKHOLDERS_EQUITY_Summary_1

6. STOCKHOLDERS EQUITY - Summary of Stock Options Modified (Details) (USD $)	9 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected term (in years)	5 years 6 months	5 years 9 months
Expected volatility	51.40%	56.10%
Weighted average risk free interest rate	1.52%	1.90%
Weighted average expected dividend	5.79%	4.91%
Weighted average fair value	$0.88	$1.26

6_STOCKHOLDERS_EQUITY_Summary_2

6. STOCKHOLDERS EQUITY - Summary of Option Activity (Details) (USD $)	9 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
Shares
Outstanding Shares, Beginning Balance	75,750	368,000
Shares, Granted	12,500	15,000
Shares, Exercised	0	0
Shares, Modified		-303,500
Shares, Forfeited or canceled	-5,750	-3,500
Outstanding Shares, Ending Balance	82,500	76,000
Exercisable Shares, At The End of Period	70,000	58,750
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning balance	$7.17	$7.67
Weighted Average Exercise Price, Granted	$3.11	$3.67
Weighted Average Exercise Price, Exercised	$0	$0
Weighted Average Exercise Price, Modified		$7.46
Weighted Average Exercise Price, Forfeited or canceled	$8.63	$5.96
Weighted Average Exercise Price, Ending balance	$6.45	$7.82
Weighted Average Exercise Price, Ending balance exercisable	$6.96	$9
Weighted Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life (in years), Outstanding	7 years 3 months 18 days	7 years 4 months 24 days
Weighted Average Remaining Contractual Life (in years), Exercisable	7 years	6 years 8 months 12 days

6_STOCKHOLDERS_EQUITY_Summary_3

6. STOCKHOLDERS EQUITY - Summary of Dividend Payments (Details) (USD $)	9 Months Ended
	Feb. 28, 2015
Period 1 [Member]
Dividends Payable [Line Items]
Date declared	26-Aug-13
Record date	30-Sep-13
Payment date	11-Oct-13
Per share	$0.05
Period 2 [Member]
Dividends Payable [Line Items]
Date declared	28-Oct-13
Record date	30-Dec-13
Payment date	10-Jan-14
Per share	$0.05
Period 3 [Member]
Dividends Payable [Line Items]
Date declared	25-Jan-14
Record date	28-Mar-14
Payment date	11-Apr-14
Per share	$0.05
Period 4 [Member]
Dividends Payable [Line Items]
Date declared	7-Apr-14
Record date	30-Jun-14
Payment date	11-Jul-14
Per share	$0.05
Period 5 [Member]
Dividends Payable [Line Items]
Date declared	11-Aug-14
Record date	30-Sep-14
Payment date	10-Oct-14
Per share	$0.05
Period 6 [Member]
Dividends Payable [Line Items]
Date declared	6-Oct-14
Record date	31-Dec-14
Payment date	16-Jan-15
Per share	$0.05
Period 7 [Member]
Dividends Payable [Line Items]
Date declared	24-Jan-15
Record date	31-Mar-15
Payment date	17-Apr-15
Per share	$0.05

7_EARNINGS_PER_SHARE_Reconcili

7. EARNINGS PER SHARE - Reconciliation of Numerator and Denominator for Basic and Diluted EPS Computations (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
Numerator:
Net income (loss) attributable to National American University Holdings, Inc.	$1,464	$1,117	$6,460	$2,150
Denominator:
Weighted average shares outstanding used to compute basic net income per common share	25,181,951	25,108,559	25,151,670	25,086,144
Incremental shares issuable upon the assumed vesting of restricted shares	9,123	6,316	8,931	2,431
Common shares used to compute diluted net income per share	25,191,074	25,114,875	25,160,601	25,088,575
Basic net income per common share	$0.06	$0.04	$0.26	$0.09
Diluted net income per common share	$0.06	$0.04	$0.26	$0.09

7_EARNINGS_PER_SHARE_Additiona

7. EARNINGS PER SHARE - Additional Information (Details) (Equity Option [Member])	9 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
Equity Option [Member]
Computation Of Earnings Per Share Line Items [Line Items]
Number of shares excluded from calculation of diluted EPS	82,500	61,000

9_FAIR_VALUE_MEASUREMENTS_Summ

9. FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (Fair Value, Measurements, Recurring [Member], USD $)	Feb. 28, 2015	31-May-14
In Thousands, unless otherwise specified
Investments
Total assets at fair value	$22,366	$16,345
Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	18,260	13,148
Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	4,106	3,197
Money Market Funds [Member]
Investments
Total assets at fair value	4,349	3,440
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	243	243
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	4,106	3,197
Cash Equivalents [Member]
Investments
Total assets at fair value	18	910
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	18	910
US Treasury Securities [Member]
Investments
Total assets at fair value	17,999	11,995
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	$17,999	$11,995

10_SEGMENT_REPORTING_Additiona

10. SEGMENT REPORTING - Additional Information (Details)	9 Months Ended
	Feb. 28, 2015
	Segment
Segment Reporting [Abstract]
Number of reportable segments	2

10_SEGMENT_REPORTING_Financial

10. SEGMENT REPORTING - Financial Information of Reportable Segment (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014	31-May-14
REVENUE:
Academic revenue	$27,053	$29,469	$81,862	$87,702
Auxiliary revenue	1,747	1,702	5,840	6,792
Rental income - apartments	283	283	876	851
Condominium sales	0	220	447	440
Total revenue	29,083	31,674	89,025	95,785
OPERATING EXPENSES:
Cost of educational services	7,327	7,234	21,537	21,835
Selling, general & administrative	17,896	21,325	53,839	65,090
Auxiliary expense	1,279	1,028	4,144	4,696
Cost of condominium sales	0	192	368	386
(Gain) loss on disposition of property	0	-3	-1,678	-73
Total operating expenses (income)	26,502	29,776	78,210	91,934
Income (loss) from operations	2,581	1,898	10,815	3,851
OTHER INCOME (EXPENSE):
Interest income	17	72	128	122
Interest expense	-220	-168	-671	-567
Other income - net	38	35	138	115
Total other (expense) income	-165	-61	-405	-330
Income (loss) before taxes	2,416	1,837	10,410	3,521
Total assets	88,817	87,301	88,817	87,301	88,457
Nau [Member]
REVENUE:
Academic revenue	27,053	29,469	81,862	87,702
Auxiliary revenue	1,747	1,702	5,840	6,792
Rental income - apartments	0	0	0	0
Condominium sales	0	0	0	0
Total revenue	28,800	31,171	87,702	94,494
OPERATING EXPENSES:
Cost of educational services	7,327	7,234	21,537	21,835
Selling, general & administrative	17,580	20,898	52,640	63,833
Auxiliary expense	1,279	1,028	4,144	4,696
Cost of condominium sales	0	0	0	0
(Gain) loss on disposition of property	0	-3	113	23
Total operating expenses (income)	26,186	29,157	78,434	90,387
Income (loss) from operations	2,614	2,014	9,268
OTHER INCOME (EXPENSE):
Interest income	14	11	32	43
Interest expense	-220	-168	-663	-567
Other income - net	0	0	0	0
Total other (expense) income	-206	-157	-631	-524
Income (loss) before taxes	2,408	1,857	8,637	3,583
Total assets	78,755	74,018	78,755	74,018
Other Segments [Member]
REVENUE:
Academic revenue	0	0	0	0
Auxiliary revenue	0	0	0	0
Rental income - apartments	283	283	876	851
Condominium sales	0	220	447	440
Total revenue	283	503	1,323	1,291
OPERATING EXPENSES:
Cost of educational services	0	0	0	0
Selling, general & administrative	316	427	1,199	1,257
Auxiliary expense	0	0	0	0
Cost of condominium sales	0	192	368	386
(Gain) loss on disposition of property	0	0	-1,791	-96
Total operating expenses (income)	316	619	-224	1,547
Income (loss) from operations	-33	-116	1,547
OTHER INCOME (EXPENSE):
Interest income	3	61	96	79
Interest expense	0	0	-8	0
Other income - net	38	35	138	115
Total other (expense) income	41	96	226	194
Income (loss) before taxes	8	-20	1,773	-62
Total assets	$10,062	$13,283	$10,062	$13,283