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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Revenue under contracts with clients | Revenue earned for the years ended December 31, 2020, 2019 and 2018 under contracts with clients include:
| Year Ended December 31, 2020
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 88,103,499 |  |  | $ | 7,262,488 |  |  | $ | 95,365,987 |
Sub-advised funds and separately managed accounts | 31,021,731 |  |  | — |  |  | 31,021,731 |
| $ | 119,125,230 |  |  | $ | 7,262,488 |  |  | $ | 126,387,718 |
| 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 |
Assets under management (AUM) subject to variable rate fees and the variable rate fees | The table below shows AUM subject to performance-based fees and the amount of performance-based fees that would be recognized based upon investment results as of December 31, 2020:
| As of December 31, 2020
| AUM subject to performance-based fees |  | Unearned performance-based fees
Contractual Period Ending: |  |  |
Quarter Ending September 30, 2021 | $ | 339,721,553 |  |  | $ | 9,228,080 |
Quarter Ending December 31, 2021 | 60,887,198 |  |  | — |
Total | $ | 400,608,751 |  |  | $ | 9,228,080 |
Mutual fund administration gross and net revenue | Mutual fund administration gross and net revenue are summarized below:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Mutual fund administration: |  |  |  |  |
Administration revenue, gross | $ | 22,296,535 |  |  | $ | 22,569,946 |  |  | $ | 24,463,538 |
Fund related expense | (15,048,850) |  |  | (13,989,139) |  |  | (14,183,370) |
Revenue, net of related expenses | 7,247,685 |  |  | 8,580,807 |  |  | 10,280,168 |
DHCM C-Share financing: |  |  |  |  |
Broker commission advance repayments | 245,594 |  |  | 240,459 |  |  | 332,680 |
Broker commission amortization | (230,791) |  |  | (206,295) |  |  | (302,905) |
Financing activity, net | 14,803 |  |  | 34,164 |  |  | 29,775 |
Mutual fund administration revenue, net | $ | 7,262,488 |  |  | $ | 8,614,971 |  |  | $ | 10,309,943 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045 + Details
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