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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Revenue under contracts with clients
Revenue earned for the years ended December 31, 2021, 2020 and 2019 under contracts with clients include:
Year Ended December 31, 2021
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$113,602,317 $12,056,228 $125,658,545 
Separately managed accounts, excluding performance-based fees27,882,488 — 27,882,488 
Performance-based fees11,860,051 — 11,860,051 
Sub-Advised funds11,815,519 — 11,815,519 
Model delivery4,977,234 — 4,977,234 
$170,137,609 $12,056,228 $182,193,837 
Year Ended December 31, 2020
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$88,103,499 $7,262,488 $95,365,987 
Separately managed accounts, excluding performance-based fees19,772,236 — 19,772,236 
Performance-based fees473,315 — 473,315 
Sub-Advised funds8,119,693 — 8,119,693 
Model delivery2,656,487 — 2,656,487 
$119,125,230 $7,262,488 $126,387,718 
Year Ended December 31, 2019
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$97,327,310 $8,614,971 $105,942,281 
Separately managed accounts, excluding performance-based fees21,662,447 — 21,662,447 
Performance-based fees1,313,427 — 1,313,427 
Sub-Advised funds5,751,532 — 5,751,532 
Model delivery1,954,693 — 1,954,693 
$128,009,409 $8,614,971 $136,624,380 
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, 2021:
As of December 31, 2021
AUM subject to performance-based feesUnearned performance-based fees
Contractual Measurement Period Ending:
Quarter Ending September 30, 2022$522,340,334 $523,099 
Total $522,340,334 $523,099 
Mutual fund administration gross and net revenue
Mutual fund administration gross and net revenue are summarized below:
 Year Ended December 31,
 202120202019
Mutual fund administration:
Administration revenue, gross$29,635,451 $22,296,535 $22,569,946 
Fund related expense(17,564,297)(15,048,850)(13,989,139)
Revenue, net of related expenses12,071,154 7,247,685 8,580,807 
C-Share financing:
Broker commission advance repayments33,595 245,594 240,459 
Broker commission amortization(48,521)(230,791)(206,295)
Financing activity, net(14,926)14,803 34,164 
Mutual fund administration revenue, net$12,056,228 $7,262,488 $8,614,971