{
 "format": "LSC-1",
 "lsc": "LSC-1",
 "edition": "E1",
 "cut": "2026-10-20",
 "name": "THE MANAGEMENT FEE CARD",
 "handle": "management-fee-card",
 "number": "Nº 1331",
 "house": "THE BACK OFFICE",
 "wing": "THE INVESTORS",
 "role": "the fee-schedule seat — builds the fee schedule over the fund's life, with the step-down",
 "tagline": "COMMITTED vs INVESTED · STEP-DOWN · YEAR BY YEAR · A TOTAL",
 "hue": "#987936",
 "punch": "BCF926C476DECB7BEC27EB4A",
 "punch_of": "SKILL.md · sha-256 · first 24",
 "score": 98,
 "tier": "LEGENDARY",
 "layer": "WITNESSED",
 "score_line": "SELFTEST 7/7 · AUDIT 12/12",
 "honest_line": "I'm an AI reading a card. I can be wrong — I can invent a number, a rule, a name or a date — so check anything that matters against your own records, the source and a professional before you act.",
 "term": "one purchase · yours to keep · nothing renews itself",
 "free": false,
 "wakes": "a fund needs its management fee schedule modeled",
 "wakes_all": [
  "a fund needs its management fee schedule modeled",
  "a person asks 'model the mgmt fee', 'what's the step-down', 'fee over the fund life'",
  "a fee basis change after the investment period needs working out"
 ],
 "loop": [
  "basis · committed capital during the investment period, as the LPA states",
  "step down · to invested capital (or a lower rate) after the investment period",
  "schedule · a fee for each year of the fund's life",
  "total · the fees across the whole life, from the drivers"
 ],
 "law": "A card builds and checks the fund artifact — the NAV, the allocation, the report, the reconciliation. It never files a real regulatory document, never gives tax, legal, or audit opinions, never certifies a NAV or a valuation as final, never presents an estimated figure as audited, and never replaces the fund's administrator, auditor, and counsel.",
 "limit": "It models the fee from the terms you give it. The LPA governs the real fee, offsets, and waivers; the administrator calculates and the auditor checks it.",
 "never": [
  "hard-types a fee that should be computed — every year's fee derives from the basis and rate you give",
  "files a regulatory document or submits anything to a regulator, an LP, or an auditor on anyone's behalf",
  "certifies a NAV, a valuation, or any figure as final or audited — every figure is a working number for review",
  "gives tax, legal, or audit opinions — those belong to the fund's CPA, counsel, and auditor"
 ],
 "handoff": "The waterfall the fee sits beside → THE WATERFALL CARD. The expense ratio it feeds → THE EXPENSE CARD.",
 "machine": "scripts/mgmtfee.py · run · selftest",
 "proof": "selftest 7/7 · witnessed in Claude 2026-10-20 on the studio's own example inputs · the dated run in the box (RUN.md)",
 "faces": [
  "card.svg",
  "card-machine.svg"
 ],
 "box": [
  "AUDIT.md",
  "CARD.md",
  "LICENSE-NOTE.md",
  "MANIFEST.md",
  "MY-LEDGER.md",
  "RUN.md",
  "SKILL.md",
  "START-HERE.md",
  "TIN.md",
  "card-machine.svg",
  "card.json",
  "card.svg",
  "references/THE-METHOD.md",
  "scripts/mgmtfee.py",
  "system/short-prompt.md"
 ],
 "hundred": "Trigger 5 · Machinery 5 · Law 5 · Portability 5 · Proof 5 — 25 of 25, × 4 = 100; 98 is the ceiling → 98 of 100 · LEGENDARY",
 "disclaimer": "Not legal, tax or audit advice · not a filed regulatory document · figures are not audited · no refunds · © Lund Studio LLC",
 "seated": "12.357.107"
}