Why are my Monthly Prorated Yearly Minimum Fees Looking back on the Previous Year rather than Forward?

I have a fund that was opened for example in August of 2017, and when I run the admin fees in January of 2018 it gets 5/12ths of the fee, rather than 7/12ths which I would expect, why is that?

Answer:

This is because the monthly proration is for purposes of only assigning the fund the portion of the up-front minimum for the months that the fund was in existence, in the example above 5 months. It was designed so that funds would not be overcharged and if this fund was assessed based on the 7 months that it did not exist would be overcharging.