Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Revenue earned during the three months ended June 30, 2020 and 2019 under contracts with clients include:



	Three Months Ended June 30, 2020
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	19,722,742	$	1,549,936	$	21,272,678
Sub-advised funds and separately managed accounts	6,976,251		—		6,976,251
	$	26,698,993	$	1,549,936	$	28,248,929



	Three Months Ended June 30, 2019
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	24,335,369	$	2,034,344	$	26,369,713
Sub-advised funds and separately managed accounts	7,175,303		—		7,175,303
	$	31,510,672	$	2,034,344	$	33,545,016

Revenue earned during the six months ended June 30, 2020 and 2019 under contracts with clients include:


	Six Months Ended June 30, 2020
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	43,177,305	$	3,318,001	$	46,495,306
Sub-advised funds and separately managed accounts	13,679,368		—		13,679,368
	$	56,856,673	$	3,318,001	$	60,174,674


	Six Months Ended June 30, 2019
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	47,915,246	$	4,101,000	$	52,016,246
Sub-advised funds and separately managed accounts	14,108,143		—		14,108,143
	$	62,023,389	$	4,101,000	$	66,124,389

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 June 30, 2020:


	As of June 30, 2020
	AUM subject to variable rate fees		Unearned variable rate fees
Contractual Period Ending:
Quarter Ending December 31, 2020	$	55,670,997	$	392,505
Quarter Ending September 30, 2021	267,848,876		7,990,983
Total	$	323,519,873	$	8,383,488

Mutual Fund Administration Gross and Net Revenue

Mutual fund administration gross and net revenue are summarized below:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Mutual fund administration:
Administration revenue, gross	$	4,980,615	$	5,519,437	$	10,573,273	$	10,922,165
Fund related expense	(3,434,966)		(3,491,604)		(7,262,215)		(6,841,145)
Revenue, net of related expenses	1,545,649		2,027,833		3,311,058		4,081,020
C-Share financing:
Broker commission advance repayments	66,817		53,782		130,359		118,994
Broker commission amortization	(62,530)		(47,271)		(123,416)		(99,014)
Financing activity, net	4,287		6,511		6,943		19,980
Mutual fund administration revenue, net	$	1,549,936	$	2,034,344	$	3,318,001	$	4,101,000