Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Revenue earned during the three months ended March 31, 2020 and 2019 under contracts with clients include:



	Three Months Ended March 31, 2020
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	23,454,563	$	1,768,065	$	25,222,628
Sub-advised funds and separately managed accounts	6,703,117		—		6,703,117
	$	30,157,680	$	1,768,065	$	31,925,745



	Three Months Ended March 31, 2019
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	23,579,877	$	2,066,655	$	25,646,532
Sub-advised funds and separately managed accounts	6,932,841		—		6,932,841
	$	30,512,718	$	2,066,655	$	32,579,373

Assets under Management (AUM) Subject to Incentive Fees and Incentive 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 March 31, 2020:



	As of March 31, 2020
	AUM subject to variable rate fees		Unearned variable rate fees
Contractual Period Ending:
Quarter Ending December 31, 2020	$	48,120,435	$	357,648
Quarter Ending September 30, 2021	227,221,875		7,465,020
Total	$	275,342,310	$	7,822,668

Mutual Fund Administration Gross and Net Revenue

Mutual fund administration gross and net revenue are summarized below:



	Three Months Ended March 31,
	2020			2019
Mutual fund administration:
Administration revenue, gross	$	5,592,658		$	5,402,728
Fund related expense	(3,827,249		)	(3,349,541		)
Revenue, net of related expenses	1,765,409			2,053,187
C-Share financing:
Broker commission advance repayments	63,542			65,212
Broker commission amortization	(60,886		)	(51,744		)
Financing activity, net	2,656			13,468
Mutual fund administration revenue, net	$	1,768,065		$	2,066,655