CNS AR24 Digital - Book - Page 84
COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS4(Continued)
10. 401(k) and Profit-Sharing Plan
The Company sponsors a profit-sharing plan (the Plan) covering all U.S. employees who meet certain age and service
requirements. Subject to limitations, the Plan permits participants to defer up to 100% of their eligible compensation pursuant
to Section 401(k) of the Internal Revenue Code. Employee contributions are matched by the Company at $0.50 per $1.00
deferred. The Plan also allows the Company to make discretionary contributions, which are integrated with the taxable wage
base under the Social Security Act. No discretionary contributions were made for the years ended December 31, 2024, 2023
and 2022.
Forfeitures occur when participants terminate employment before becoming entitled to their full benefits under the Plan.
In accordance with the Plan document, forfeited amounts are used to reduce the Company9s contributions to the Plan or to
pay Plan expenses. Forfeitures for the years ended December 31, 2024, 2023 and 2022 totaled approximately $297,000,
$283,000 and $193,000, respectively.
Matching contributions, net of forfeitures, to the Plan for the years ended December 31, 2024, 2023 and 2022 totaled
$3.5 million, $3.0 million and $2.6 million, respectively.
11. Related Party Transactions
The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds and
investment products for which certain employees are officers and/or directors.
The following table summarizes revenue earned from these affiliated funds:
Years Ended December 31,
(in thousands)
2024
Investment advisory and administration fees . . . . . . . . . . . . . . . . . . . . . . . . . . $
Distribution and service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
349,016
28,142
377,158
2023
$
$
328,398
28,200
356,598
2022
$
$
386,000
35,093
421,093
Included in accounts receivable at December 31, 2024 and 2023 are receivables from Company-sponsored funds, of
$37.1 million and $32.5 million, respectively. Included in accounts payable at December 31, 2024 and 2023 are payables to
Company-sponsored funds of $1.1 million and $1.9 million, respectively.
Included in other assets at December 31, 2024 and 2023 is an advance to CNSREIT of $8.5 million and $7.3 million,
respectively. CNSREIT will reimburse the Company ratably over a 60-month period commencing at the earlier of December
31, 2025, or the month that CNSREIT's NAV is at least $1.0 billion.
See discussion of commitments to Company-sponsored vehicles in Note 14.
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