Edit a Fund Fee Type

Written by Nick Miles

Last published at: July 7th, 2021

To Edit a Fund Fee Type:

  1. Go to Admin Fees from the Home page.
  2. Select Fund Fee Types from the left-side menu.
  3. Click the ID of the Fund Fee Type you want to Edit.
  4. Select Edit from the left-side menu.
  5. The default fields available for editing are: 
    • Name
    • Fee Type - The Fee Type you select will determine the remaining fields. 
      • Note: 
        • When editing the Fee Type, click Update after selecting a new Fee Type, then select Edit from the left-side menu and new options will display in the Fund Fee Type window.
        • If you want to create an admin fee that does not charge a fee, use the Flat Rate fee type, enter the Flat Amount as 0.00, and name the fee type "No Fee".
      • The available Fee Types are:
        • Flat Fee:
          • Select when to apply the fee from the Apply Fee drop-down list.
          • Enter the Flat Amount.
          • Enter a Minimum Yearly Fee.
          • Assess Min Fee Per Interval - If checked, instead of adjusting the last interval up to meet the minimum yearly fee, the minimum yearly fee will be divided by the interval you have set in Apply Fee and adjust up as needed. For example, if Apply Fee is set to Monthly, and your Minimum Yearly Fee is $120, if you check this box then each monthly fee will adjust up to be at least $10.
        • Percent:
          • Enter a Flat Percent.
          • Check the box next to use Average Daily Balance, or enter the number of trailing quarters that you want to average next to Use Average Trailing Quarters Balance. 
            • Note: You cannot use Average Daily Balance and Average Trailing Quarters Balance on the same Fund Fee Type. You must select one or the other.
          • Enter a Minimum Yearly Fee.
          • Assess Min Fee Per Interval - If checked, instead of adjusting the last interval up to meet the minimum yearly fee, the minimum yearly fee will be divided by the interval you have set in Apply Fee and adjust up as needed. For example, if Apply Fee is set to Monthly, and your Minimum Yearly Fee is $120, if you check this box then each monthly fee will adjust up to be at least $10.
        • Percent Range:
          • Check the box next to Fee Ladder if you want to calculate your admin fees using a fee ladder.
            • The Fee Ladder will charge different percentages as the balance passes each tier. The ranges can be added in the Fee Percent Ranges table below the Fund Fee Type section.
              • Example:
                Min Balance
                Fee Percentage
                $0
                10%
                $100,000
                5%
                • Without Fee Ladder selected, the admin fee would charge 5% on a fund with a balance of $150,000 and 10% on a fund with a balance of $50,000.
                • With Fee Ladder selected, the admin fee would charge a fund with a balance of $150,000 10% on the first $100,000 and 5% on the $50,000 above $100,000.
          • Check the box next to use Average Daily Balance, or enter the number of trailing quarters that you want to average next to Use Average Trailing Quarters Balance
            • Note: You cannot use Average Daily Balance and Average Trailing Quarters Balance on the same Fund Fee Type- you must select one or the other.
          • Enter a Minimum Yearly Fee.
          • If you check the box Use Post date for Min Fee Calc, then the yearly minimum fee will be determined by the post date, rather than the default of using the calculation date to determine the yearly minimum fee.
          • Assess Min Fee Per Interval - If checked, instead of adjusting the last interval up to meet the minimum yearly fee, the minimum yearly fee will be divided by the interval you have set in Apply Fee and adjust up as needed. For example, if Apply Fee is set to Monthly, and your Minimum Yearly Fee is $120, if you check this box then each monthly fee will adjust up to be at least $10.
  6. Apply or remove the Fund Fee Type from a Fund by checking or unchecking the box to the left of the Fund name. 
  7. Click Update.