Choose When to Begin Charging Admin Fee for New Fund
Oftentimes when creating a new fund, we won't want to charge an admin fee for the first quarter after the fund is initially set up. However, there is no option to choose when to begin charging an admin fee for a new fund. Currently, we either have to leave off the admin fee of the new fund and remember to return after charging the quarter's admin fees to add a fee code or we have to go ahead and add the admin fee on the new fund at setup and remember to review the list of new funds before charging the quarter's admin fees, remove fee codes for funds that shouldn't yet be charged, and then add them back immediately after posting fees. This leaves us open to the potential for many errors - either charging a new fund a fee too soon or not collecting a fee on a fund that is older and should be charged. I think this could be easily solved by adding an option to choose when to begin charging an admin fee for a new fund in part of the fund setup. As always, thanks so much for considering!
Jessica Renfro
shared this idea
6/7/2023: Admin Fee: The following enhancements are now available for Admin Fees: the ability to set funds in bulk to an admin fee type, an option to add a note to an admin fee, and on manual admin fees, the ability to select the receiving fund and accounts. The ability to create a manual admin fee is now an option in the left hand menu on the admin fee page.
Also enhanced the fund record’s Admin fee section to have a start date field. This start date can be used to enter a starting date to begin processing admin fees on a fund. The start date will look at the admin fees posting date. For example, if the fund’s admin fee start date is set to 1/1 and admin fee posting date is 12/31, it will not charge that fund for that admin fee.
Enhanced the admin fee types to now have a maximum fee per year. Clients will now see a maximum fee field added to the admin fee types. This will allow the system to only charge a fund with that type a maximum per year.
Funds Bulk Edit was also enhanced by adding the Admin Fee Start Date.
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Amy Pearson commented
We have to go through the new funds and adjust the minimum charge to only charge for the quarter(s) the fund was opened. CSuite will charge the minimum fee of $250 for the year for a fund that opened in the last quarter. We manually adjust to be $125. Will this work on admin fees with a minimum?
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[Deleted User]
commented
I really need this as well. I want to be able to set a date to charge Admin Fees when the fund is invested as we mostly charge fees on invested funds. We start investing funds on the first of the month after the election is made to invest. So we need to se the date for admin fees to begin on that same date.
Need this same concept in Revenue Share. To start revenue share on a certain date, not just be on or off.
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Anonymous
commented
Also, when to end charging Admin Fee for a fund that is closing.