The Charity Commission has finished its inquiry into the London-based, private higher education facility Regent's College and will report in two months' time.
The investigation, launched in February 2003, is thought to concern Gillian Payne, who is the president of both Regent's College and fellow charity the European Business School.
Payne saved the European Business School from bankruptcy in the 1980s and became the governor of Regent's College.
It is thought that the investigation concerned the amount of personal control Payne exercised over the two charities, and the value of payment for services to management companies owned by Payne. There was also concern over staff salaries and turnover, which were much higher than the average for the education sector.
A spokeswoman for the commission said it was still in correspondence with the charity's trustees, but that the investigation had ended.