as a result of this closure , we incurred $ 0.5 million of severance expense , $ 0.3 million of lease impairment expense and $ 0.1 million of vendor contract related costs , offset by $ 1.3 million of restricted stock forfeitures . the severance expense and restricted stock forfeitures were recognized within `` employee compensation and benefits , `` the lease impairment expense was recognized in `` general and administrative , `` and the vendor contract costs were recognized within `` information technology `` on the consolidated statements of comprehensive income ( loss ) . additionally , we repatriated previously undistributed income to the united states from canada and incurred $ 1.1 million of canadian withholding taxes ( net of u.s. federal tax deduction ) . the withholding taxes were recognized in `` income tax expense `` on the consolidated statements of comprehensive income ( loss ) . westwood trust provides trust and custodial services and participation in common trust funds to institutions and high net worth individuals . our revenues are generally derived from fees based on a percentage of aum . westwood international advisors provided investment advisory services to an irish investment company authorized pursuant to the european communities ( undertakings for collective investment in transferable securities ) regulation 2011 ( as amended ) ( the “ ucits fund ” ) , which was liquidated in june 2020. we continue to closely monitor the impact of the covid-19 pandemic on all aspects of our business , particularly the impact on global stock markets . in 2020 we took a number of precautionary measures designed to help minimize the risk of the spread of the virus to our employees , including suspending all non-essential travel for our employees and encouraging our employees to work remotely . the investments we have made in technology over the past several years , particularly our significant investments in cloud-based systems and business continuity planning , have allowed our entire team to serve our clients from their homes . while our ability to meet with clients declined at the beginning of the pandemic , we were able to rebound in the second half of the year as our clients embraced digital interactions . our revenues are generally derived from fees based on a percentage of aum , and at december 31 , 2020 , westwood management and westwood trust collectively managed assets valued at approximately $ 13.0 billion . we have established a track record of delivering competitive , risk-adjusted returns for our clients . with respect to most of our client aum , we utilize a “ value ” investment style focused on achieving superior long-term , risk-adjusted returns by investing in companies with high levels of free cash flow , improving returns on equity and strengthening balance sheets that are well positioned for growth but whose value is not fully recognized in the marketplace . this investment approach is designed to preserve capital during unfavorable periods and provide superior real returns over the long term . our investment teams have significant industry experience . our investment team members have average investment experience of over fifteen years . we have focused on building a foundation in terms of personnel and infrastructure to support a much larger business . we have also developed investment strategies that we believe will be desirable within our target institutional , wealth management and intermediary markets . the cost of developing new products and growing the organization as a whole has resulted in our incurring expenses that , in some cases , have not generated significant offsetting revenues . while we continue to evolve our products , we believe that the appropriate foundation and products are in place such that investors will recognize the value in these products and services , thereby generating new revenue streams for westwood . however , there is no guarantee that this will occur . 2020 highlights the following items impacted the year ended december 31 , 2020 : 21 aum as of december 31 , 2020 was $ 13.0 billion , a 14 % decrease compared to december 31 , 2019. quarterly average aum decreased 21 % to $ 12.4 billion for 2020 compared to 2019 , which contributed to the 23 % decrease in total revenue from 2019. our largecap value , smidcap , allcap value , high income , alternative income , income opportunity and total return strategies exhibited strong performance by beating their primary benchmarks for the year . we had a $ 4.2 million non-cash reclassification of foreign currency translation adjustments from accumulated other comprehensive income ( loss ) to net income ( loss ) , with no impact on stockholder 's equity , following the closure of westwood international advisors . we had a $ 3.4 million non-cash write-off of historical advisory goodwill due to to the company 's lower market capitalization and advisory net outflows . the effective tax rate decreased to ( 17.9 ) % for 2020 compared to 37.1 % for 2019 , primarily due to the closure of our westwood international advisors office ( net of withholding tax paid to canada ) , permanent differences between book and tax restricted stock expense based on a decrease in our stock price between the grant and vesting dates , and permanent differences related to goodwill impairment , partially offset by a state tax refund . we repurchased 679,756 shares of our common stock for an aggregate purchase price of $ 13.0 million . our financial position remains strong with liquid cash and short-term investments of $ 82.6 million and no debt as of december 31 , 2020 . revenues we derive our revenues from investment advisory fees , trust fees and other revenues . our advisory fees are generated by westwood management and westwood international advisors ( prior to its closure , effective september 30 , 2020 ) , which manage client accounts under investment advisory and sub-advisory agreements . story_separator_special_tag in applying accounting principles , we often must make individual estimates and assumptions regarding expected outcomes or uncertainties . our estimates , judgments and assumptions are continually evaluated based on available information and experience . because of the use of estimates inherent in the financial reporting process , actual results could differ from those estimates . we believe the following are areas where the degree of judgment and complexity in determining amounts recorded in our consolidated financial statements make accounting policies critical . consolidation we assess each legal entity that we manage to determine whether consolidation is appropriate at the onset of the relationship . we first determine whether the entity is a variable interest entity ( “ vie ” ) , or a voting interest entity ( “ voe ” ) , under gaap and whether we have a controlling financial interest in the entity . assessing whether or not an entity is a voe or vie and if it requires consolidation involves judgment and analysis . factors considered in this assessment include , but are not limited to , the legal organization of the entity , our equity ownership and contractual involvement with the entity and any related party or de facto agent implications of our involvement with the entity . we reconsider whether entities are a vie or voe 30 whenever contractual arrangements change , the entity receives additional equity or returns equity to its investors or changes in facts and circumstances occur that change the investors ' abilities to direct the activities of the entity . a vie is an entity in which ( i ) the total equity investment at risk is not sufficient to enable the entity to finance its activities without subordinated financial support , ( ii ) the at-risk equity holders , as a group , lack the characteristics of a controlling financial interest or ( iii ) the entity is structured with disproportionate voting rights , and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights . that is , the at-risk equity holders do not have the obligation to absorb significant losses , the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity 's economic performance . an enterprise must consolidate all vies of which it is the primary beneficiary . we determine if a sponsored investment meets the definition of a vie by considering whether the fund 's equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the fund 's at-risk equity holders absorb any losses , have the right to receive residual returns and have the right to direct the activities of the entity most responsible for the entity 's economic performance . the primary beneficiary of a vie is defined as the party that , considering the involvement of related parties and de facto agents , has ( i ) the power to direct the activities of the vie that most significantly affect its economic performance and ( ii ) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the vie . this evaluation is updated on a continuing basis . a voe is an entity that is outside the scope of the guidance for vies . consolidation of a voe is required when a reporting entity owns a controlling financial interest in a voe . ownership of a majority of the voting interests is the usual condition for a controlling financial interest . we evaluated ( i ) our relationship as sponsor of the common trust funds ( “ ctfs ” ) and managing member of the private equity funds westwood hospitality fund i , llc and westwood technology opportunities fund i , lp ( collectively the “ private funds ” ) , ( ii ) our advisory relationships with the westwood funds® and ( iii ) our investments in investcloud and charis discussed in note 5 “ investments ” to our consolidated financial statements included in part ii . item 8 “ financial statements and supplementary data ” ( “ private equity ” ) to determine whether each of these entities is a variable interest entity ( “ vie ” ) or voting ownership entity ( “ voe ” ) . based on our analyses , we determined that the ctfs and private funds were vies , as the at-risk equity holders do not have the ability to direct the activities that most significantly impact the entities ' economic performance , and the company and its representatives have a majority control of the entities ' respective boards of directors and can influence the respective entities ' management and affairs . based on our analyses , we determined the westwood funds® and private equity ( i ) have sufficient equity at risk to finance the entities ' activities independently , ( ii ) have the obligation to absorb losses , the right to receive residual returns and the right to direct the activities of the entities that most significantly impact the entities ' economic performance and ( iii ) are not structured with disproportionate voting rights . based on our analyses of our investments in these entities for the periods ending december 31 , 2020 and 2019 , we have not consolidated the ctfs or private funds under the vie method or the westwood funds® or private equity under the voe method , and therefore the financial results of these entities are not included in the company 's consolidated financial results . goodwill goodwill is tested at least annually for impairment . we assess the recoverability of the carrying amount of goodwill either qualitatively or quantitatively as of july 1 of each fiscal year , or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully

liquidity and capital resources replace_table_token_12_th we fund our operations and cash requirements with cash generated from operating activities . we may also use cash from operations to pay dividends to our stockholders . we suspended dividends in the second quarter of 2020 in order to preserve capital and provide additional financial flexibility amid the uncertainties created by the covid-19 pandemic . as of december 31 , 2020 and 2019 , we had no debt . the changes in net cash provided by operating activities generally reflect changes in earnings plus the effects of non-cash items and changes in working capital , including liquidation of investments used to cover current liabilities . changes in working capital , especially accounts receivable and accounts payable , are generally the result of timing differences between collection of fees billed and payment of operating expenses . we had cash and short-term investments of $ 82.6 million and $ 100.1 million as of december 31 , 2020 and 2019 , respectively . on july 27 , 2020 , westwood 's board of directors approved the closure of westwood international advisors , effective september 30 , 2020. following that decision by the board of directors , we repatriated over $ 37.0 million to the united states and primarily invested the cash in short-term investments . at december 31 , 2020 and 2019 , working capital aggregated $ 84.5 million and $ 95.6 million , respectively .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources replace_table_token_12_th we fund our operations and cash requirements with cash generated from operating activities . we may also use cash from operations to pay dividends to our stockholders . we suspended dividends in the second quarter of 2020 in order to preserve capital and provide additional financial flexibility amid the uncertainties created by the covid-19 pandemic . as of december 31 , 2020 and 2019 , we had no debt . the changes in net cash provided by operating activities generally reflect changes in earnings plus the effects of non-cash items and changes in working capital , including liquidation of investments used to cover current liabilities . changes in working capital , especially accounts receivable and accounts payable , are generally the result of timing differences between collection of fees billed and payment of operating expenses . we had cash and short-term investments of $ 82.6 million and $ 100.1 million as of december 31 , 2020 and 2019 , respectively . on july 27 , 2020 , westwood 's board of directors approved the closure of westwood international advisors , effective september 30 , 2020. following that decision by the board of directors , we repatriated over $ 37.0 million to the united states and primarily invested the cash in short-term investments . at december 31 , 2020 and 2019 , working capital aggregated $ 84.5 million and $ 95.6 million , respectively .
```    
 Suspicious Activity Report : as a result of this closure , we incurred $ 0.5 million of severance expense , $ 0.3 million of lease impairment expense and $ 0.1 million of vendor contract related costs , offset by $ 1.3 million of restricted stock forfeitures . the severance expense and restricted stock forfeitures were recognized within `` employee compensation and benefits , `` the lease impairment expense was recognized in `` general and administrative , `` and the vendor contract costs were recognized within `` information technology `` on the consolidated statements of comprehensive income ( loss ) . additionally , we repatriated previously undistributed income to the united states from canada and incurred $ 1.1 million of canadian withholding taxes ( net of u.s. federal tax deduction ) . the withholding taxes were recognized in `` income tax expense `` on the consolidated statements of comprehensive income ( loss ) . westwood trust provides trust and custodial services and participation in common trust funds to institutions and high net worth individuals . our revenues are generally derived from fees based on a percentage of aum . westwood international advisors provided investment advisory services to an irish investment company authorized pursuant to the european communities ( undertakings for collective investment in transferable securities ) regulation 2011 ( as amended ) ( the “ ucits fund ” ) , which was liquidated in june 2020. we continue to closely monitor the impact of the covid-19 pandemic on all aspects of our business , particularly the impact on global stock markets . in 2020 we took a number of precautionary measures designed to help minimize the risk of the spread of the virus to our employees , including suspending all non-essential travel for our employees and encouraging our employees to work remotely . the investments we have made in technology over the past several years , particularly our significant investments in cloud-based systems and business continuity planning , have allowed our entire team to serve our clients from their homes . while our ability to meet with clients declined at the beginning of the pandemic , we were able to rebound in the second half of the year as our clients embraced digital interactions . our revenues are generally derived from fees based on a percentage of aum , and at december 31 , 2020 , westwood management and westwood trust collectively managed assets valued at approximately $ 13.0 billion . we have established a track record of delivering competitive , risk-adjusted returns for our clients . with respect to most of our client aum , we utilize a “ value ” investment style focused on achieving superior long-term , risk-adjusted returns by investing in companies with high levels of free cash flow , improving returns on equity and strengthening balance sheets that are well positioned for growth but whose value is not fully recognized in the marketplace . this investment approach is designed to preserve capital during unfavorable periods and provide superior real returns over the long term . our investment teams have significant industry experience . our investment team members have average investment experience of over fifteen years . we have focused on building a foundation in terms of personnel and infrastructure to support a much larger business . we have also developed investment strategies that we believe will be desirable within our target institutional , wealth management and intermediary markets . the cost of developing new products and growing the organization as a whole has resulted in our incurring expenses that , in some cases , have not generated significant offsetting revenues . while we continue to evolve our products , we believe that the appropriate foundation and products are in place such that investors will recognize the value in these products and services , thereby generating new revenue streams for westwood . however , there is no guarantee that this will occur . 2020 highlights the following items impacted the year ended december 31 , 2020 : 21 aum as of december 31 , 2020 was $ 13.0 billion , a 14 % decrease compared to december 31 , 2019. quarterly average aum decreased 21 % to $ 12.4 billion for 2020 compared to 2019 , which contributed to the 23 % decrease in total revenue from 2019. our largecap value , smidcap , allcap value , high income , alternative income , income opportunity and total return strategies exhibited strong performance by beating their primary benchmarks for the year . we had a $ 4.2 million non-cash reclassification of foreign currency translation adjustments from accumulated other comprehensive income ( loss ) to net income ( loss ) , with no impact on stockholder 's equity , following the closure of westwood international advisors . we had a $ 3.4 million non-cash write-off of historical advisory goodwill due to to the company 's lower market capitalization and advisory net outflows . the effective tax rate decreased to ( 17.9 ) % for 2020 compared to 37.1 % for 2019 , primarily due to the closure of our westwood international advisors office ( net of withholding tax paid to canada ) , permanent differences between book and tax restricted stock expense based on a decrease in our stock price between the grant and vesting dates , and permanent differences related to goodwill impairment , partially offset by a state tax refund . we repurchased 679,756 shares of our common stock for an aggregate purchase price of $ 13.0 million . our financial position remains strong with liquid cash and short-term investments of $ 82.6 million and no debt as of december 31 , 2020 . revenues we derive our revenues from investment advisory fees , trust fees and other revenues . our advisory fees are generated by westwood management and westwood international advisors ( prior to its closure , effective september 30 , 2020 ) , which manage client accounts under investment advisory and sub-advisory agreements . story_separator_special_tag in applying accounting principles , we often must make individual estimates and assumptions regarding expected outcomes or uncertainties . our estimates , judgments and assumptions are continually evaluated based on available information and experience . because of the use of estimates inherent in the financial reporting process , actual results could differ from those estimates . we believe the following are areas where the degree of judgment and complexity in determining amounts recorded in our consolidated financial statements make accounting policies critical . consolidation we assess each legal entity that we manage to determine whether consolidation is appropriate at the onset of the relationship . we first determine whether the entity is a variable interest entity ( “ vie ” ) , or a voting interest entity ( “ voe ” ) , under gaap and whether we have a controlling financial interest in the entity . assessing whether or not an entity is a voe or vie and if it requires consolidation involves judgment and analysis . factors considered in this assessment include , but are not limited to , the legal organization of the entity , our equity ownership and contractual involvement with the entity and any related party or de facto agent implications of our involvement with the entity . we reconsider whether entities are a vie or voe 30 whenever contractual arrangements change , the entity receives additional equity or returns equity to its investors or changes in facts and circumstances occur that change the investors ' abilities to direct the activities of the entity . a vie is an entity in which ( i ) the total equity investment at risk is not sufficient to enable the entity to finance its activities without subordinated financial support , ( ii ) the at-risk equity holders , as a group , lack the characteristics of a controlling financial interest or ( iii ) the entity is structured with disproportionate voting rights , and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights . that is , the at-risk equity holders do not have the obligation to absorb significant losses , the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity 's economic performance . an enterprise must consolidate all vies of which it is the primary beneficiary . we determine if a sponsored investment meets the definition of a vie by considering whether the fund 's equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the fund 's at-risk equity holders absorb any losses , have the right to receive residual returns and have the right to direct the activities of the entity most responsible for the entity 's economic performance . the primary beneficiary of a vie is defined as the party that , considering the involvement of related parties and de facto agents , has ( i ) the power to direct the activities of the vie that most significantly affect its economic performance and ( ii ) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the vie . this evaluation is updated on a continuing basis . a voe is an entity that is outside the scope of the guidance for vies . consolidation of a voe is required when a reporting entity owns a controlling financial interest in a voe . ownership of a majority of the voting interests is the usual condition for a controlling financial interest . we evaluated ( i ) our relationship as sponsor of the common trust funds ( “ ctfs ” ) and managing member of the private equity funds westwood hospitality fund i , llc and westwood technology opportunities fund i , lp ( collectively the “ private funds ” ) , ( ii ) our advisory relationships with the westwood funds® and ( iii ) our investments in investcloud and charis discussed in note 5 “ investments ” to our consolidated financial statements included in part ii . item 8 “ financial statements and supplementary data ” ( “ private equity ” ) to determine whether each of these entities is a variable interest entity ( “ vie ” ) or voting ownership entity ( “ voe ” ) . based on our analyses , we determined that the ctfs and private funds were vies , as the at-risk equity holders do not have the ability to direct the activities that most significantly impact the entities ' economic performance , and the company and its representatives have a majority control of the entities ' respective boards of directors and can influence the respective entities ' management and affairs . based on our analyses , we determined the westwood funds® and private equity ( i ) have sufficient equity at risk to finance the entities ' activities independently , ( ii ) have the obligation to absorb losses , the right to receive residual returns and the right to direct the activities of the entities that most significantly impact the entities ' economic performance and ( iii ) are not structured with disproportionate voting rights . based on our analyses of our investments in these entities for the periods ending december 31 , 2020 and 2019 , we have not consolidated the ctfs or private funds under the vie method or the westwood funds® or private equity under the voe method , and therefore the financial results of these entities are not included in the company 's consolidated financial results . goodwill goodwill is tested at least annually for impairment . we assess the recoverability of the carrying amount of goodwill either qualitatively or quantitatively as of july 1 of each fiscal year , or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully

