BuddyPress.org

I am trying to rearrange the buddypress profile menu items with the bp-custom.php file located in WP-Admin > WP-Content > plugins.
The following code I have is as follows:

<?php
// hacks and mods will go here

function mb_profile_menu_tabs(){
global $bp;
$bp->bp_nav['media']['position'] = 10;
$bp->bp_nav['activity']['position'] = 15;
$bp->bp_nav['forums']['position'] = 15;
$bp->bp_nav['profile']['position'] = 25;
$bp->bp_nav['messages']['position'] = 30;
$bp->bp_nav['notifications']['position'] = 40;
$bp->bp_nav['friends']['position'] = 50;
$bp->bp_nav['groups']['position'] = 60;
$bp->bp_nav['orders']['position'] = 70;
$bp->bp_nav['profile']['name'] = 'Account';
$bp->bp_nav['forums']['name'] = 'Collections';
}
add_action('bp_setup_nav', 'mb_profile_menu_tabs', 201);

?>

When I save the file and then refresh my profile page the items are not rearranged or renamed. Am I missing any steps or do i need to copy this document and paste it elsewhere inside other .php files?
Any suggestions will be helpful! (: