Dougherty & Associates LLC

Fees and Compensation - Item 5

 DIA charges hourly fees and fees based on a percentage of assets under management for its advisory services.
 Portfolio Management Services Fees
 Our annualized fee for portfolio management services is based on a percentage of your assets we manage and is
 set forth in the following blended fee schedule:

Dougherty & Associates, LLC dba
Dougherty Investment Advisors
Form ADV Part 2A Brochure

                   Account Value                            Annualized Fee
                   First $250,000                           1.25%
                   Next $750,000                            0.75%
                   Next $9,000,000                          0.65%
                   Over $10,000,000                         0.55%

 Portfolio management fees may be negotiable depending on factors such as the amount of assets under
 management, range of investments, and complexity of the Client’s financial circumstances, among others. Since
 this fee is negotiable, the exact fee paid by the Client will be clearly stated in the advisory agreement signed by
 the Client and the firm. Fees are billed quarterly, in arrears, and are based on the amount of the assets under
 management on the last day of the prior quarter.

 The fee is deducted from the client's account held at the custodian. The client authorizes us to debit the fee from
 the client’s account. If insufficient cash is available to pay such fees, securities in an amount equal to the balance
 of unpaid fees will be liquidated to pay for the unpaid balance. We may deduct the fee from a single, Client-
 designated account to facilitate billing. We encourage you to carefully review the statements you receive from
 the qualified custodian. If you have questions about your statements, or if you did not receive a statement from
 the qualified custodian, please call our office number located on the cover page of this brochure. In limited cases,
 we may invoice the client directly for the payment of fees.

 Our annual fee is exclusive of, and in addition to brokerage commissions, transaction fees, and other related
 costs and expenses, which will be incurred by the Client. Please see Item 12 – Brokerage Practices for further
 information on brokerage and transaction costs.

 At the inception of investment management services, the first pay period’s fees will be calculated on a pro-rata
 basis. The Advisory Agreement between you and DIA will continue in effect until either party terminates the
 Agreement in accordance with the terms of the Agreement. DIA' annual fee will be pro-rated through the date
 of termination and the Client will be responsible for the payment of any remaining balance in a timely manner.

 Financial Planning Services Fees
 DIA will charge a negotiable hourly fee of up to $300 for financial planning services. Our financial planning fees
 are negotiable and are payable upon completion of the contracted services. DIA does not require the prepayment
 of over $1,200, six or more months in advance.

 If the Client engages DIA for additional investment advisory services, we may offset all or a portion of its fees for
 those services based upon the amount paid for the financial planning services.

 Prior to engaging DIA to provide financial planning services, the Client will be required to enter into a written
 Agreement with us. The Agreement will set forth the terms and conditions of the engagement and describe the
 scope of the services to be provided and the fee that is due from the Client. Either party may terminate the
 Agreement by written notice to the other.

 IRA Rollover Considerations
 As a normal extension of financial advice, we provide education or recommendations related to the rollover of
 an employer-sponsored retirement plan. A plan participant leaving employment has several options. Each choice
 offers advantages and disadvantages, depending on desired investment options and services, fees and expenses,
 withdrawal options, required minimum distributions, tax treatment, and the investor's unique financial needs
 and retirement plans. The complexity of these choices may lead an investor to seek assistance from us.

Dougherty & Associates, LLC dba
Dougherty Investment Advisors
Form ADV Part 2A Brochure

 An Associated Person who recommends an investor roll over plan assets into an Individual Retirement Account
 (“IRA”) may earn an asset-based fee as a result, but no compensation if assets are retained in the plan. Thus, we
 have an economic incentive to encourage an investor to roll plan assets into an IRA. In most cases, fees and
 expenses will increase to the investor as a result because the above-described fees will apply to assets rolled over
 to an IRA and outlined ongoing services will be extended to these assets.

 We are fiduciaries under the Investment Advisers Act of 1940 and when we provide investment advice to you
 regarding your retirement plan account or individual retirement account, we are also fiduciaries within the
 meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as
 applicable, which are laws governing retirement accounts. We have to act in your best interests and not put our
 interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests.

 Additional Fees and Expenses
 The fees DIA charges are negotiable based on the amount of assets under management, complexity of Client
 goals and objectives, and level of services rendered. As described above, the fees are charged as described and
 are not based on a share of capital gains of the funds of an advisory Client.

 All fees paid to DIA for investment advisory services are separate and distinct from the fees and expenses charged
 by mutual funds or exchange traded funds to their shareholders. These fees and expenses are described in each
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Types of Clients - Item 7

 We offer investment advisory services to individuals, pension and profit sharing plan and participants, trusts,
 estates, charitable organizations, corporations, and other business entities.

 DIA generally requires a minimum investment of $100,000 to open and maintain an advisory account. At our sole
 discretion, we may waive this requirement. This requirement can be met by combining two or more accounts
 owned by you or related family members.

                       Methods of Analysis, Investment Strategies and Risk of Loss - Item 8

 DIA primarily employs fundamental analysis when providing clients with investment advice. Fundamental
 analysis is a method of evaluating a company or security by attempting to measure its intrinsic value. In other
 words, trying to determine a company’s or a security’s true value by looking at all aspects of the business,
 including both tangible factors (e.g., machinery buildings, land, etc.) and intangible factors (e.g., patents,
 trademarks, “brand” names, etc.). Fundamental analysis also involves examining related economic factors (e.g.,
 overall economy and industry conditions, etc.), financial factors (e.g., company debt, interest rates, management
 salaries and bonuses, etc.), qualitative factors (e.g., management expertise, industry cycles, labor relations, etc.),
 and quantitative factors (e.g., debt-to-equity and price-to-equity ratios). The end goal of performing fundamental
 analysis is to produce a value that an investor can compare with the security's current price in hopes of
 determining what sort of position to take with that security (underpriced = buy, overpriced = sell or short). This
 method of security analysis is considered the opposite of technical analysis. Fundamental analysis is about using
 real data to evaluate a security's value. Although most analysts use fundamental analysis to value stocks, this
 method of valuation can be used for just about any type of security.

 We use one or more of the following investment strategies when advising you on investments:

     •    Long Term Purchases – securities purchased with the expectation that the value of those securities will
          grow over a relatively long period, generally greater than one year. Using a long-term purchase strategy
          generally assumes the financial markets will go up in the long-term which may not be the case. There is
          also the risk that the segment of the market that you are invested in or perhaps just your particular
          investment will go down over time even if the overall financial markets advance. Purchasing investments
          long-term may create an opportunity cost - "locking-up" assets that may be better utilized in the short-
          term in other investments.

     •    Short Term Purchases – securities purchased with the expectation that they will be sold within a
          relatively short period of time, generally less than one year, to take advantage of the securities' short-
          term price fluctuations. Using a short-term purchase strategy generally assumes that we can predict
          how financial markets will perform in the short-term which may be very difficult and will incur a

Dougherty & Associates, LLC dba
Dougherty Investment Advisors
Form ADV Part 2A Brochure

          disproportionately higher amount of transaction costs compared to long-term trading. There are many
          factors that can affect financial market performance in the short-term (such as short-term interest rate
          changes, cyclical earnings announcements, etc.), but they may have a smaller impact over longer
          periods.

 The investment advice provided along with the strategies suggested by DIA will vary depending on each Client’s
 specific financial situation and goals. This brief statement does not disclose all of the risks and other significant
 aspects of investing in financial markets. In light of the risks, you should fully understand the nature of the
 contractual relationship(s) into which you are entering and the extent of your exposure to risk. Certain investing
 strategies may not be suitable for many members of the public. You should carefully consider whether the
 strategies employed would be appropriate for you in light of your experience, objectives, financial resources and
 other relevant circumstances.

 General Investment Risk: All investments come with the risk of losing money. Investing involves substantial risks,
 including complete possible loss of principal plus other losses and may not be suitable for many members of the
 public. Investments, unlike savings and checking accounts at a bank, are not insured by the government to protect
 against market losses. Different market instruments carry different types and degrees of risk and you should
 familiarize yourself with the risks involved in the particular market instruments you intend to invest in.

 Loss of Value: There can be no assurance that a specific investment will achieve its investment objectives and
 past performance should not be seen as a guide to future returns. The value of investments and the income
 derived may fall as well as rise and investors may not recoup the original amount invested. Investments may also
 be affected by any changes in exchange control regulation, tax laws, withholding taxes, international, political
 and economic developments, and government, economic or monetary policies.

 Interest Rate Risk: Fixed income securities and funds that invest in bonds and other fixed income securities may
 fall in value if interest rates change. Generally, the prices of debt securities rise when interest rates fall, and their
 prices fall when interest rates rise. Longer-term debt securities are usually more sensitive to interest rate
 changes.

 Credit Risk: Investments in bonds and other fixed income securities are subject to the risk that the issuer(s) may
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