24 organizational chart this is the current organizational chart of the company : 2020 business and investment highlights the covid-19 pandemic has had no material impact on our operations , including our financial reporting systems , internal control over financial reporting , and disclosure controls and procedures . there has been no material challenge in implementing our business continuity plan . from july 1st to december 31st , gamco paid the premiums for all teammates enrolled in our healthcare plans . our 30 th annual pump , valve & water systems symposium took place on february 27 th in new york city . the meeting featured presentations by senior management of several leading industrial companies with an emphasis on industrial and municipal water use and the role of technology . on april 2 nd , we hosted our 6 th annual waste & environmental services symposium via webcast . the timely conference featured presentations by leading companies . gabelli funds filed the registration statement for the gabelli activeshares etfs in may . these actively managed etfs will have the same tax and operating cost advantages of mindless etfs and will be priced intraday . on may 15 th , we hosted our 35 th gamco investor client symposium with over 500 clients and prospects attending on a virtual basis . in june , we made a tactical decision to invest directly in short-term u.s. treasury bills to enhance the marginal return on our cash balances . on june 4 th , the 12 th annual entertainment & broadcasting symposium hosted virtual presentations from more than a dozen companies in media and entertainment . on august 10 th , we announced that our board of directors approved a $ 0.25 per share shareholder designated charitable contribution . on august 24 th , we hosted our 26 th annual aerospace & defense symposium via webcast . the timely conference featured presentations by leading companies . on november 2 nd and 3 rd , gabelli funds hosted the 44 th annual auto symposium with virtual presentations from leading automotive companies with a particular focus on the ev ecosystem . on november 13 th , gabelli funds and the columbia business school hosted the 2 nd annual healthcare symposium which included panels that discussed vaccines and therapeutics to treat covid-19 , health policy and reimbursement trends , and healthcare delivery in a virtual world . 25 on january 4 , 2021 , gamco international sicav launched gamco convertible securities . the fund , managed by our dinsmore team , leverages the firm 's history of investing in dedicated convertible security portfolios since 1979. multiple share classes were available at launch and are tailored for global institutional investors as well as select non-u.s. retail investors . on january 7 , 2021 , we received regulatory approval for our actively managed non-transparent etfs . we launched the first fund , love our planet & people ( lopp ) , on february 1 , 2021 , and the second one , gabelli growth innovators ( ggrw ) , on february 16 , 2021. giving back to society – ( y ) our “ s ” in esg the board of directors approved in august 2020 a $ 0.25 per share shareholder designated charitable contribution ( “ sdcc ” ) , a 25 % increase from the prior year 's $ 0.20 per share designation under the program . we estimate this will total approximately $ 5.4 million . since the inception of gamco 's sdcc program in 2013 , and counting this current amount , shareholders will have designated charitable gifts of close to $ 37 million to more than 280 501 ( c ) ( 3 ) institutions . when combined with our other charitable contributions , this boosts our total contributions to approximately $ 62 million since our initial public offering ( “ ipo ” ) in february 1999. shareholder compensation and initiatives during 2020 , we returned $ 30.7 million of our earnings to shareholders through dividends and stock repurchases . we returned to shareholders a total of $ 0.08 per share in regular quarterly cash dividends and $ 0.90 per share in a special dividend in 2020 totaling $ 26.8 million . during 2019 , we returned $ 39.6 million of our earnings to shareholders through dividends and stock repurchases . we returned to shareholders a total of $ 0.08 per share in regular quarterly cash dividends in 2019 totaling $ 2.2 million . through our stock buyback program ( the “ stock repurchase program ” ) , including routine open market purchases under rules 10b5-1 and 10b-18 of the securities exchange act of 1934 , as amended and opportunistic private transactions , we repurchased 296,296 shares and 1,834,434 shares in 2020 and 2019 , respectively , for approximately $ 3.9 million and $ 37.4 million , respectively , or $ 13.16 per share and $ 20.36 per share , respectively . at december 31 , 2020 , the total shares available under the stock repurchase program for class a stock to be repurchased in the future were 2,874,659. the stock repurchase program is not subject to an expiration date . assets under management aum was $ 32.6 billion as of december 31 , 2020 , a decrease of $ 3.9 billion , or 10.7 % , from the december 31 , 2019 aum of $ 36.5 billion . the activity for 2020 consisted of net cash outflows of $ 5.1 billion and recurring distributions , net of reinvestments , from open-end and closed-end funds ( the “ funds ” ) of $ 584 million , and $ 1.8 billion of market appreciation . average total aum was $ 31.0 billion in 2020 versus $ 36.4 billion in 2019 , a decrease of 14.8 % . story_separator_special_tag this payment was reduced by $ 32.3 million resulting from the dcca rsus being indexed to gbl 's stock price and utilizing the lesser of the vesting date vwap ( $ 18.8812 ) versus the original vwap over 2016 ( $ 32.8187 ) . accordingly , this vesting schedule resulted in an $ 16.3 million decrease in compensation expense in 2020 versus 2019 as well as a $ 4.5 million decrease in management fee expense in 2020 as compared to 2019. the following tables show the amortization and earnings per share ( “ eps ” ) impact , inclusive of the indexing to the gbl stock price , of the dccas by quarter ( in thousands , except per share data ) : replace_table_token_10_th the following tables ( in thousands , except per share data ) show a reconciliation of our results for the years ended december 31 , 2020 and 2019 between the u.s. gaap basis and a non-gaap adjusted basis ( “ as adjusted ” ) as if all of the 2016 dcca was recognized in 2016 and the fourth quarter 2017 dcca expense was recognized in 2017 without regard to the vesting schedule . we believe the non-gaap financial measures below provide relevant and meaningful information to investors about our core operating results . these measures have been established in order to increase transparency for the purpose of evaluating our core business , for comparing results with prior period results , and to enable more appropriate comparisons with industry peers . however , non-gaap financial measures should not be considered a substitute for financial measures calculated in accordance with u.s. gaap and may be calculated differently by other companies . 32 replace_table_token_11_th story_separator_special_tag historical experience , when available , and on other various assumptions that are believed to be reasonable under the circumstances . actual results could differ significantly from those estimates . the critical accounting policies should be read in connection with our “ risk factors ” in part i , item 1a of this form 10-k. major revenue-generating services and revenue recognition the company 's revenues are derived primarily from investment advisory and incentive fees and distribution fees . investment advisory and incentive fees are directly influenced by the level and mix of aum , as fees are derived from a contractually-determined percentage of aum for each account as well as incentive fees earned on certain accounts . advisory fees from the funds and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition . advisory fees from institutional and pwm accounts are generally computed quarterly based on account values as of the end of the preceding quarter , and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition . the company derived approximately 90 % of its total revenues from advisory fees , including incentive fees , for the years ended december 31 , 2020 and 2019. these revenues vary depending upon the level of sales compared with redemptions , financial market conditions , performance , and the fee structure for aum . revenues derived from the equity-oriented portfolios generally have higher advisory fee rates than fixed income portfolios . the company earns incentive fees from certain institutional and pwm accounts , which are based upon meeting or exceeding a specific benchmark index or indices . incentive fees refer to fees earned when the return generated for the client exceeds the benchmark and can be earned even if the return to the client is negative as long as the return exceeds the benchmark . these fees are recognized , for each respective account , at the end of the stipulated contract period which is either quarterly or annually and varies by account . receivables due for incentive fees earned are included in investment advisory fees receivable on the consolidated statements of financial condition . there were no incentive fees receivable as of december 31 , 2020 or 2019. for the gdl fund , there is an incentive fee earned as of the end of the calendar year which varies to the extent the total return of the fund is in excess of the ice bank of america merrill lynch 3 month u.s. treasury bill index total return . this fee is recognized at the end of the measurement period , which is annually on a calendar year basis . receivables due on incentive fees relating to the gdl fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $ 0.1 million and $ 2.2 million as of december 31 , 2020 and 2019 , respectively . 35 for the gabelli merger plus + trust plc , there is an incentive fee which is earned and recognized at the end of the measurement period , june 30 th and varies to the extent the total return of the fund is in excess of twice the rate of return of the 13 week treasury bills over the performance period . there were no incentive fees receivable as of december 31 , 2020 or 2019. advisory fees on certain of the closed-end preferred shares are earned at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares . these fees are recognized at the end of the measurement period , which is annually . receivables due for advisory fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition . there were $ 2.5 million and $ 5.8 million in advisory fees receivable on the closed-end preferred shares as of december 31 , 2020 and 2019 , respectively . for the gamco merger arbitrage sicav , there is an incentive fee earned as of the end of the calendar year equal to

liquidity and capital resources our principal assets are highly liquid in nature and consist of cash and cash equivalents , u.s. treasury bills , short-term investments , and securities held for investment purposes . cash and cash equivalents are comprised primarily of a 100 % u.s. treasury money market fund managed by gamco ( the gabelli u.s. treasury money market fund ) . summary cash flow data for the years ended december 31 , 2020 and 2019 was as follows ( in thousands ) : replace_table_token_12_th 33 cash and liquidity requirements have historically been met through cash generated by operating income and our borrowing capacity . we filed a “ shelf ” registration statement with the securities and exchange commission ( “ sec ” ) that was declared effective in april 2018. the shelf provides us opportunistic flexibility to sell any combination of senior and subordinate debt securities , convertible debt securities , equity securities ( including common and preferred stock ) , and other securities up to a total amount of $ 500 million . the shelf is available through april 2021 , at which time it may be renewed . on december 26 , 2018 , the company announced that the ceo elected to continue to waive all of his compensation that he would otherwise have been entitled to for the period from january 1 , 2019 to march 31 , 2019. on august 27 , 2019 , the ceo elected to irrevocably waive all of his compensation that he would otherwise have been entitled to for the period from september 1 , 2019 to november 30 , 2019. on july 1 2020 , the company announced that the ceo elected to irrevocably waive all of his compensation that he would otherwise have been entitled to for the period from july 1 , 2020 to november 10 , 2020. as a result of these waivers , there was $ 14.7 million and $ 27.2 million of compensation and management fee waived by the ceo for the years ended december 31 , 2020 and 2019 , 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 our principal assets are highly liquid in nature and consist of cash and cash equivalents , u.s. treasury bills , short-term investments , and securities held for investment purposes . cash and cash equivalents are comprised primarily of a 100 % u.s. treasury money market fund managed by gamco ( the gabelli u.s. treasury money market fund ) . summary cash flow data for the years ended december 31 , 2020 and 2019 was as follows ( in thousands ) : replace_table_token_12_th 33 cash and liquidity requirements have historically been met through cash generated by operating income and our borrowing capacity . we filed a “ shelf ” registration statement with the securities and exchange commission ( “ sec ” ) that was declared effective in april 2018. the shelf provides us opportunistic flexibility to sell any combination of senior and subordinate debt securities , convertible debt securities , equity securities ( including common and preferred stock ) , and other securities up to a total amount of $ 500 million . the shelf is available through april 2021 , at which time it may be renewed . on december 26 , 2018 , the company announced that the ceo elected to continue to waive all of his compensation that he would otherwise have been entitled to for the period from january 1 , 2019 to march 31 , 2019. on august 27 , 2019 , the ceo elected to irrevocably waive all of his compensation that he would otherwise have been entitled to for the period from september 1 , 2019 to november 30 , 2019. on july 1 2020 , the company announced that the ceo elected to irrevocably waive all of his compensation that he would otherwise have been entitled to for the period from july 1 , 2020 to november 10 , 2020. as a result of these waivers , there was $ 14.7 million and $ 27.2 million of compensation and management fee waived by the ceo for the years ended december 31 , 2020 and 2019 , respectively .
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 Suspicious Activity Report : 24 organizational chart this is the current organizational chart of the company : 2020 business and investment highlights the covid-19 pandemic has had no material impact on our operations , including our financial reporting systems , internal control over financial reporting , and disclosure controls and procedures . there has been no material challenge in implementing our business continuity plan . from july 1st to december 31st , gamco paid the premiums for all teammates enrolled in our healthcare plans . our 30 th annual pump , valve & water systems symposium took place on february 27 th in new york city . the meeting featured presentations by senior management of several leading industrial companies with an emphasis on industrial and municipal water use and the role of technology . on april 2 nd , we hosted our 6 th annual waste & environmental services symposium via webcast . the timely conference featured presentations by leading companies . gabelli funds filed the registration statement for the gabelli activeshares etfs in may . these actively managed etfs will have the same tax and operating cost advantages of mindless etfs and will be priced intraday . on may 15 th , we hosted our 35 th gamco investor client symposium with over 500 clients and prospects attending on a virtual basis . in june , we made a tactical decision to invest directly in short-term u.s. treasury bills to enhance the marginal return on our cash balances . on june 4 th , the 12 th annual entertainment & broadcasting symposium hosted virtual presentations from more than a dozen companies in media and entertainment . on august 10 th , we announced that our board of directors approved a $ 0.25 per share shareholder designated charitable contribution . on august 24 th , we hosted our 26 th annual aerospace & defense symposium via webcast . the timely conference featured presentations by leading companies . on november 2 nd and 3 rd , gabelli funds hosted the 44 th annual auto symposium with virtual presentations from leading automotive companies with a particular focus on the ev ecosystem . on november 13 th , gabelli funds and the columbia business school hosted the 2 nd annual healthcare symposium which included panels that discussed vaccines and therapeutics to treat covid-19 , health policy and reimbursement trends , and healthcare delivery in a virtual world . 25 on january 4 , 2021 , gamco international sicav launched gamco convertible securities . the fund , managed by our dinsmore team , leverages the firm 's history of investing in dedicated convertible security portfolios since 1979. multiple share classes were available at launch and are tailored for global institutional investors as well as select non-u.s. retail investors . on january 7 , 2021 , we received regulatory approval for our actively managed non-transparent etfs . we launched the first fund , love our planet & people ( lopp ) , on february 1 , 2021 , and the second one , gabelli growth innovators ( ggrw ) , on february 16 , 2021. giving back to society – ( y ) our “ s ” in esg the board of directors approved in august 2020 a $ 0.25 per share shareholder designated charitable contribution ( “ sdcc ” ) , a 25 % increase from the prior year 's $ 0.20 per share designation under the program . we estimate this will total approximately $ 5.4 million . since the inception of gamco 's sdcc program in 2013 , and counting this current amount , shareholders will have designated charitable gifts of close to $ 37 million to more than 280 501 ( c ) ( 3 ) institutions . when combined with our other charitable contributions , this boosts our total contributions to approximately $ 62 million since our initial public offering ( “ ipo ” ) in february 1999. shareholder compensation and initiatives during 2020 , we returned $ 30.7 million of our earnings to shareholders through dividends and stock repurchases . we returned to shareholders a total of $ 0.08 per share in regular quarterly cash dividends and $ 0.90 per share in a special dividend in 2020 totaling $ 26.8 million . during 2019 , we returned $ 39.6 million of our earnings to shareholders through dividends and stock repurchases . we returned to shareholders a total of $ 0.08 per share in regular quarterly cash dividends in 2019 totaling $ 2.2 million . through our stock buyback program ( the “ stock repurchase program ” ) , including routine open market purchases under rules 10b5-1 and 10b-18 of the securities exchange act of 1934 , as amended and opportunistic private transactions , we repurchased 296,296 shares and 1,834,434 shares in 2020 and 2019 , respectively , for approximately $ 3.9 million and $ 37.4 million , respectively , or $ 13.16 per share and $ 20.36 per share , respectively . at december 31 , 2020 , the total shares available under the stock repurchase program for class a stock to be repurchased in the future were 2,874,659. the stock repurchase program is not subject to an expiration date . assets under management aum was $ 32.6 billion as of december 31 , 2020 , a decrease of $ 3.9 billion , or 10.7 % , from the december 31 , 2019 aum of $ 36.5 billion . the activity for 2020 consisted of net cash outflows of $ 5.1 billion and recurring distributions , net of reinvestments , from open-end and closed-end funds ( the “ funds ” ) of $ 584 million , and $ 1.8 billion of market appreciation . average total aum was $ 31.0 billion in 2020 versus $ 36.4 billion in 2019 , a decrease of 14.8 % . story_separator_special_tag this payment was reduced by $ 32.3 million resulting from the dcca rsus being indexed to gbl 's stock price and utilizing the lesser of the vesting date vwap ( $ 18.8812 ) versus the original vwap over 2016 ( $ 32.8187 ) . accordingly , this vesting schedule resulted in an $ 16.3 million decrease in compensation expense in 2020 versus 2019 as well as a $ 4.5 million decrease in management fee expense in 2020 as compared to 2019. the following tables show the amortization and earnings per share ( “ eps ” ) impact , inclusive of the indexing to the gbl stock price , of the dccas by quarter ( in thousands , except per share data ) : replace_table_token_10_th the following tables ( in thousands , except per share data ) show a reconciliation of our results for the years ended december 31 , 2020 and 2019 between the u.s. gaap basis and a non-gaap adjusted basis ( “ as adjusted ” ) as if all of the 2016 dcca was recognized in 2016 and the fourth quarter 2017 dcca expense was recognized in 2017 without regard to the vesting schedule . we believe the non-gaap financial measures below provide relevant and meaningful information to investors about our core operating results . these measures have been established in order to increase transparency for the purpose of evaluating our core business , for comparing results with prior period results , and to enable more appropriate comparisons with industry peers . however , non-gaap financial measures should not be considered a substitute for financial measures calculated in accordance with u.s. gaap and may be calculated differently by other companies . 32 replace_table_token_11_th story_separator_special_tag historical experience , when available , and on other various assumptions that are believed to be reasonable under the circumstances . actual results could differ significantly from those estimates . the critical accounting policies should be read in connection with our “ risk factors ” in part i , item 1a of this form 10-k. major revenue-generating services and revenue recognition the company 's revenues are derived primarily from investment advisory and incentive fees and distribution fees . investment advisory and incentive fees are directly influenced by the level and mix of aum , as fees are derived from a contractually-determined percentage of aum for each account as well as incentive fees earned on certain accounts . advisory fees from the funds and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition . advisory fees from institutional and pwm accounts are generally computed quarterly based on account values as of the end of the preceding quarter , and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition . the company derived approximately 90 % of its total revenues from advisory fees , including incentive fees , for the years ended december 31 , 2020 and 2019. these revenues vary depending upon the level of sales compared with redemptions , financial market conditions , performance , and the fee structure for aum . revenues derived from the equity-oriented portfolios generally have higher advisory fee rates than fixed income portfolios . the company earns incentive fees from certain institutional and pwm accounts , which are based upon meeting or exceeding a specific benchmark index or indices . incentive fees refer to fees earned when the return generated for the client exceeds the benchmark and can be earned even if the return to the client is negative as long as the return exceeds the benchmark . these fees are recognized , for each respective account , at the end of the stipulated contract period which is either quarterly or annually and varies by account . receivables due for incentive fees earned are included in investment advisory fees receivable on the consolidated statements of financial condition . there were no incentive fees receivable as of december 31 , 2020 or 2019. for the gdl fund , there is an incentive fee earned as of the end of the calendar year which varies to the extent the total return of the fund is in excess of the ice bank of america merrill lynch 3 month u.s. treasury bill index total return . this fee is recognized at the end of the measurement period , which is annually on a calendar year basis . receivables due on incentive fees relating to the gdl fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $ 0.1 million and $ 2.2 million as of december 31 , 2020 and 2019 , respectively . 35 for the gabelli merger plus + trust plc , there is an incentive fee which is earned and recognized at the end of the measurement period , june 30 th and varies to the extent the total return of the fund is in excess of twice the rate of return of the 13 week treasury bills over the performance period . there were no incentive fees receivable as of december 31 , 2020 or 2019. advisory fees on certain of the closed-end preferred shares are earned at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares . these fees are recognized at the end of the measurement period , which is annually . receivables due for advisory fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition . there were $ 2.5 million and $ 5.8 million in advisory fees receivable on the closed-end preferred shares as of december 31 , 2020 and 2019 , respectively . for the gamco merger arbitrage sicav , there is an incentive fee earned as of the end of the calendar year equal to

