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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Revenue under contracts with clients
Revenue earned for the years ended December 31, 2019, 2018 and 2017 under contracts with clients include:
 
Year Ended December 31, 2019
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
97,327,310

 
$
8,614,971

 
$
105,942,281

Sub-advised funds and separately managed accounts
30,682,099

 
—

 
30,682,099

 
$
128,009,409

 
$
8,614,971

 
$
136,624,380

 
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 separately managed 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 separately managed accounts
28,454,881

 
—

 
28,454,881

 
$
132,688,462

 
$
12,513,267

 
$
145,201,729
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, 2019:
 
As of December 31, 2019
 
AUM subject to variable rate fees
 
Unearned variable rate fees
Contractual Period Ending:
 
 
 
Quarter Ending March 31, 2020
$
14,805,313

 
$
—

Quarter Ending September 30, 2021
308,024,014

 
6,932,423

Total
$
322,829,327

 
$
6,932,423
Mutual fund administration gross and net revenue
Mutual fund administration gross and net revenue are summarized below:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Mutual fund administration:
 
 
 
 
 
Administration revenue, gross
$
22,569,946

 
$
24,463,538

 
$
26,219,881

Fund related expense
(13,989,139
)
 
(14,183,370
)
 
(13,748,445
)
Revenue, net of related expenses
8,580,807

 
10,280,168

 
12,471,436

DHCM C-Share financing:
 
 
 
 
 
Broker commission advance repayments
240,459

 
332,680

 
416,614

Broker commission amortization
(206,295
)
 
(302,905
)
 
(374,783
)
Financing activity, net
34,164

 
29,775

 
41,831

Mutual fund administration revenue, net
$
8,614,971

 
$
10,309,943

 
$
12,513,267