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    Tax Center

    2019 Distribution Details

    2019 Distribution Details: FAM Value Fund; FAM Dividend Focus Fund; FAM Small Cap Fund.
    Record Date 12/26/19
    Ex & Pay Date 12/27/19

    Value Fund Dividend Focus Fund Small Cap Fund
    Long-Term Capital Gains $5.4243 $0.9262 $0.0888
    Short-Term Capital Gains $0.0709 $0.0000 $0.0000
    Net Income $0.0000 $0.2120 $0.0000

    This preliminary information is not final. Tax returns should not be prepared based on this information. Shareholders should contact their tax advisors for information regarding the federal and state income taxation of capital gain distributions regarding their personal tax situations. 

    For more information on Mutual Funds Distributions, download IRS Publication 550 .

    Cost Basis

    New IRS Cost Basis Government Regulations

    Important Information
    Please call us toll-free with any questions at 800-932-3271.
    We highly recommend that you include your accountant or tax preparer when making any decisions.

    Effective January 1, 2012, the Internal Revenue Service (IRS) requires all mutual fund companies to follow new “cost basis” reporting procedures for mutual fund shares of taxable, non-retirement accounts. Historically, we have provided shareholders with “average cost basis” reports as a result of redemptions. However, we were not required to report this information to the IRS. Under the new rules, we are required to report cost basis not only to our shareholders, but to the IRS as well.
    Current requirements to report the gross proceeds from redemptions on IRS Form 1099-B will remain in effect while FAM Funds is also required to report “cost basis” and “holding period” information (i.e., short-term or long-term gain/ loss) for all shares redeemed.
    Mutual fund shares acquired on or after January 1, 2012 are known as “covered shares” and we are required to report the cost basis to the IRS when these shares are redeemed. Shares acquired prior to the effective date are known as “non-covered shares.” The cost basis of the non-covered shares will not be reported to the IRS.
    FAM Funds’ accounting “default method” for covered shares beginning January 1, 2012 is “average cost.”Shareholders have the option to choose an alternate cost basis accounting method provided they notify FAM Funds in writing first.
    Cost Basis = In a taxable account, cost basis is generally the original amount paid for shares of a security, including the amount of reinvested dividends and capital gains, plus or minus certain adjustments. Cost basis is used to determine gains/losses on any shares you sell in a taxable (non-retirement) account. This information is essential for preparing your income tax return.
    Holding Period = The time between the purchase date and redemption date of the mutual fund shares. If the difference is more than one year, the gain/loss is long-term. If it is equal to or less than one year, it is short-term.
    Covered Shares = Shares purchased on or after the effective legislation date (1/1/2012).
    Non-Covered Shares = Shares purchased prior to the effective legislation date (1/1/2012).
    Fund Default Method = A cost basis accounting method assigned to any account(s) in which the shareholder(s) does not choose a cost basis accounting method for the account or upon redemption.
    Average Cost = A method of calculating the adjusted cost basis for covered shares. All of the purchase costs are added together to establish the aggregate cost amount. The aggregate cost amount is divided by the total shares in the account to determine the cost per share. The average cost basis is calculated by multiplying the shares redeemed by the cost per share. Again, please note that this is FAM Funds’ default method.

    IRA Limits

    IRS annual contribution limits for retirement savings accounts:

    Provision 2018 2019
    Maximum annual IRA contribution (under age 50) $5,500 $6,000
    Maximum annual IRA contribution (age 50 or over) $6,500 $7,000
    Maximum annual 401(k), 403(b), or 457 salary-deferral limit (under age 50) $18,500 $19,000
    Maximum annual 401(k), 403(b), or 457 salary-deferral limit (age 50 or over) $24,500 $25,000
    Maximum annual additions limit under defined contribution plan $55,000 $56,000
    Maximum includible compensation for computing contributions $275,000 $280,000
    Maximum SIMPLE salary-deferral limit (under age 50) $12,500 $13,000
    Maximum SIMPLE salary-deferral limit (age 50 or over) $15,500 $16,000
    Minimum annual compensation amount for SEP participation $600 $600

    Note: The Social Security Taxable Wage Base — the maximum compensation on which Social Security taxes are withheld is $128,700 in 2018.