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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Revenue under contracts with clients | Revenue earned for the years ended December 31, 2018, 2017 and 2016 under contracts with clients include:
| Year Ended December 31, 2018
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 105,228,977 |  |  | $ | 10,309,943 |  |  | $ | 115,538,920 |
Sub-advised funds and institutional accounts | 30,088,828 |  |  | — |  |  | 30,088,828 |
| $ | 135,317,805 |  |  | $ | 10,309,943 |  |  | $ | 145,627,748 |
| Year Ended December 31, 2017
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 104,233,581 |  |  | $ | 12,513,267 |  |  | $ | 116,746,848 |
Sub-advised funds and institutional accounts | 28,454,881 |  |  | — |  |  | 28,454,881 |
| $ | 132,688,462 |  |  | $ | 12,513,267 |  |  | $ | 145,201,729 |
| Year Ended December 31, 2016
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 88,861,650 |  |  | $ | 14,457,926 |  |  | $ | 103,319,576 |
Sub-advised funds and institutional accounts | 32,783,499 |  |  | — |  |  | 32,783,499 |
| $ | 121,645,149 |  |  | $ | 14,457,926 |  |  | $ | 136,103,075 |
Assets under management (AUM) subject to variable rate fees and the variable rate fees | The table below shows AUM subject to variable rate fees and the amount of variable rate fees that would be recognized based upon investment results as of December 31, 2018:
| As of December 31, 2018
| AUM subject to variable rate fees |  | Unearned variable rate fees
Contractual Period Ending: |  |  |
Quarter Ending September 30, 2019 | $ | 31,391,099 |  |  | $ | 563,958 |
Quarter Ending March 31, 2020 | 11,224,113 |  |  | 10,585 |
Quarter Ending September 30, 2021 | 247,707,871 |  |  | 4,062,773 |
Total | $ | 290,323,083 |  |  | $ | 4,637,316 |
Mutual fund administration gross and net revenue | Mutual fund administration gross and net revenue are summarized below:
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
Mutual fund administration: |  |  |  |  |
Administration revenue, gross | $ | 24,463,538 |  |  | $ | 26,219,881 |  |  | $ | 26,664,635 |
12b-1/service fees and commission revenue received from fund clients | — |  |  | — |  |  | 6,360,400 |
12b-1/service fees and commission expense payments to third parties | — |  |  | — |  |  | (5,660,430 | )
Fund related expense | (14,183,370 | ) |  | (13,748,445 | ) |  | (12,937,067 | )
Revenue, net of related expenses | 10,280,168 |  |  | 12,471,436 |  |  | 14,427,538 |
DHCM C-Share financing: |  |  |  |  |
Broker commission advance repayments | 332,680 |  |  | 416,614 |  |  | 691,228 |
Broker commission amortization | (302,905 | ) |  | (374,783 | ) |  | (660,840 | )
Financing activity, net | 29,775 |  |  | 41,831 |  |  | 30,388 |
Mutual fund administration revenue, net | $ | 10,309,943 |  |  | $ | 12,513,267 |  |  | $ | 14,457,926 |

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