Douglas Cohen
About Douglas Cohen
Douglas J. Cohen is an independent director and Chairman of the Board at RENN Fund, Inc. (RCG), age 63, serving since 2022. He is a Certified Public Accountant (CPA) since 1994, with a Bachelor of Business Economics and Accounting from SUNY Oneonta (May 1984). His background includes CFO experience at Sunrise Credit Services (2005–2022), and prior roles as Accounting Manager at Wagner & Zwerman, LLP (1997–2005) and Senior Accountant at Leon D. Alpern & Company (1985–1997). The Board has determined Mr. Cohen qualifies as an “audit committee financial expert” under SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sunrise Credit Services, Inc. | Chief Financial Officer | 2005–2022 | Senior financial leadership; CPA credential supports audit expertise |
| Wagner & Zwerman, LLP | Accounting Manager | 1997–2005 | Accounting oversight and management |
| Leon D. Alpern & Company | Senior Accountant | 1985–1997 | Public accounting experience |
| SUNY Oneonta | B.B.E. & Accounting (Education) | May 1984 | Formal accounting education |
| Certified Public Accountant | CPA | Since 1994 | Credential underpinning audit committee “financial expert” qualification |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Kinetics Mutual Funds, Inc. | Director | Current | Chairman of Audit Committee; Member of Pricing Committee |
Board Governance
- Role: Chairman of the Board; Independent director; elected annually with one-year terms .
- Attendance & Meetings: Board met 4 times in FY 2024; all directors attended 100% of meetings during their terms (Cohen: 100%) .
- Committees (FY 2024 meeting counts): Audit (3 meetings) – Cohen member and designated “financial expert”; Nominating & Corporate Governance (1); Pricing (2). Brennan exited committees upon losing independence post-Aug 2024 merger; Cohen remained on committees .
- Lead Independent Director context: Chairs of the Audit and Governance Committees effectively serve as lead independent directors; executive sessions without management are held to assess reporting, risk, and portfolio parameters .
- Independence & Conflicts: Independent directors (including Cohen) reported no interests in the Adviser (Horizon Kinetics Asset Management LLC) or its affiliates, and no related-party transactions exceeding $120,000 in the past five fiscal years; no material legal proceedings involving directors adverse to the Fund .
Committee Assignments Detail
| Committee | Membership | Chair Role | Financial Expert | FY 2024 Meetings |
|---|---|---|---|---|
| Audit Committee | Member | Not disclosed | Yes (Cohen designated) | 3 |
| Nominating & Corporate Governance Committee | Member | Not disclosed | Not specified | 1 |
| Pricing Committee | Member | Not disclosed | Not specified | 2 |
Board Attendance (FY 2024)
| Metric | FY 2024 |
|---|---|
| Board Meetings Held | 4 |
| Douglas J. Cohen Attendance | 100% |
Fixed Compensation
- Independent directors received $1,800 per board meeting attended, effective March 7, 2024; interested directors received no fees .
- FY 2024 compensation for Cohen totaled $7,200 (implies attendance at four meetings) .
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Per-Meeting Fee (Independent Directors) | $0 (policy started Mar 7, 2024) | $1,800 per meeting |
| Total Compensation (Fund + Fund Complex) | $0 | $7,200 |
| Expense Reimbursement | Not disclosed | Out-of-pocket expenses per quarterly meeting |
Performance Compensation
Directors are paid cash meeting fees; proxy does not disclose equity awards (RSUs/PSUs), options, or performance-linked director compensation. No director equity or performance metrics are described for Cohen.
| Element | FY 2023 | FY 2024 |
|---|---|---|
| Equity Awards (RSUs/PSUs) | None disclosed; director pay shown as $0 | None disclosed; compensation described solely as per-meeting cash |
| Option Awards | None disclosed | None disclosed |
| Performance Metrics Tied to Pay | None disclosed | None disclosed |
| Clawbacks / Change-in-Control Terms | Not disclosed | Not disclosed |
Other Directorships & Interlocks
| Company/Organization | Role | Committee Positions | Potential Interlocks / Notes |
|---|---|---|---|
| Kinetics Mutual Funds, Inc. | Director | Chair, Audit Committee; Member, Pricing Committee | Governance experience; no interest in RCG’s Adviser per proxy’s independence statement |
Expertise & Qualifications
- CPA since 1994; SEC-designated audit committee financial expert; deep accounting and finance background .
- Education: Bachelor of Business Economics and Accounting, SUNY Oneonta (May 1984) .
- Senior financial leadership: CFO tenure at Sunrise Credit Services (2005–2022) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Douglas J. Cohen | 500 | 0.01% | As of June 30, 2025; address c/o Adviser |
Additionally, a dollar-range table indicates Cohen’s investment in the Fund at “$0–$10,000” for both Fund holdings and aggregate holdings within the family of investment companies overseen .
Insider Trades
| Filing Date | Transaction Date | Type | Shares | Price | Post-Transaction Ownership | Source |
|---|---|---|---|---|---|---|
| — | — | — | — | — | — | Insider-trades skill query for “Douglas Cohen” (RCG), 2023-01-01 to 2025-11-20: no Form 4 records returned |
Governance Assessment
- Strengths:
- Independent Board Chair with accounting credentials and SEC “financial expert” designation; active committee membership across Audit, Governance, and Pricing .
- Full attendance in FY 2024; committees met regularly (Audit: 3; Governance: 1; Pricing: 2), indicating engagement .
- Proxy affirms no director interests in the Adviser and no material related-party transactions or adverse legal proceedings—reducing conflict risk .
- Alignment considerations:
- Personal stake is modest (500 shares; 0.01% of class), and director pay is cash-per-meeting without disclosed equity components, which may limit direct economic alignment with shareholders relative to equity-based structures .
- Independence safeguards:
- Governance disclosures note removal of committee members upon loss of independence (example: Brennan post-merger), evidencing enforcement of independence standards .
- Overall implication:
- Cohen’s financial expertise and committee engagement support board oversight effectiveness; low personal ownership and cash-only director compensation merit monitoring from an alignment standpoint, though explicit related-party and legal risk disclosures are clean .