Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

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



	Three Months Ended September 30, 2020
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	21,435,758	$	1,813,103	$	23,248,861
Sub-advised funds and separately managed accounts	7,926,894		—		7,926,894
	$	29,362,652	$	1,813,103	$	31,175,755



	Three Months Ended September 30, 2019
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	24,178,440	$	2,094,271	$	26,272,711
Sub-advised funds and separately managed accounts	8,319,661		—		8,319,661
	$	32,498,101	$	2,094,271	$	34,592,372

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


	Nine Months Ended September 30, 2020
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	64,613,063	$	5,131,104	$	69,744,167
Sub-advised funds and separately managed accounts	21,606,262		—		21,606,262
	$	86,219,325	$	5,131,104	$	91,350,429


	Nine Months Ended September 30, 2019
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	72,093,686	$	6,195,272	$	78,288,958
Sub-advised funds and separately managed accounts	22,427,805		—		22,427,805
	$	94,521,491	$	6,195,272	$	100,716,763

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 September 30, 2020:


	As of September 30, 2020
	AUM subject to variable rate fees		Unearned variable rate fees
Contractual Period Ending:
Quarter Ending December 31, 2020	$	61,439,470	$	470,319
Quarter Ending September 30, 2021	294,745,586		8,583,508
Total	$	356,185,056	$	9,053,827

Mutual Fund Administration Gross and Net Revenue

Mutual fund administration gross and net revenue are summarized below:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Mutual fund administration:
Administration revenue, gross	$	5,571,022	$	5,677,414	$	16,144,295	$	16,599,581
Fund related expense	(3,766,667)		(3,589,273)		(11,028,882)		(10,430,419)
Revenue, net of related expenses	1,804,355		2,088,141		5,115,413		6,169,162
C-Share financing:
Broker commission advance repayments	60,634		57,908		190,993		176,901
Broker commission amortization	(51,886)		(51,778)		(175,302)		(150,791)
Financing activity, net	8,748		6,130		15,691		26,110
Mutual fund administration revenue, net	$	1,813,103	$	2,094,271	$	5,131,104	$	6,195,272