|
A Monthly Newsletter Source of Financial Sources • PMFM Inc. Changes Name to Stadion Money Management • Dividends re-thought. They often come with growth too! • With Home Prices So Low, Is Today A Good Time to Invest in Real Estate? • Can a Short Sale Help You Avoid Foreclosure? • Strategies to Wait Until Age 70 to Claim Full Social Security Benefits Have Advantages • Not Afraid for Their Own Financial Security, Elderly Wonder What They Will Be Able to Leave to their Children • Self-Employed Workers Leave Tax Strategies and Deductions on the Table • Breadth of Advice and Counseling Are Key to Developing Trust ---------------------------------------------------------------------------------------------------------------------------- PMFM Inc. Changes Name to Stadion Money Management Seizing the opportunity to stand out in a troubled market, PMFM, Inc., a registered investment advisor in Athens, Georgia, has changed its corporate name to Stadion Money Management. The PMFM Managed Fund, which has been a top performer* over the last 12 months according to Morningstar, has been renamed the Stadion Managed Fund (ETFFX). The PMFM Core Advantage Fund has been renamed the Stadion Core Advantage Fund (ETFRX). The company’s separately managed account services will be known as the Stadion Select. Why rebrand? As PMFM evolved, neither the name, Personal Mutual Fund Management, nor the acronym described the company’s focus. Additionally, the new name unites the money manager with its popular retirement account management service, 401k Toolbox, which will change its name to Stadion Retirement on July 1. Why “Stadion”? Stadion’s investment method, called ”winning by not losing,” focuses on capturing most of the market’s good times and miss most of its bad times. Losing less when the market goes down means investors have less to make up when the market rebounds. It is an approach that resonates with investors who want to earn a solid return over time, without worrying about suffering big losses in tough times. In ancient Greece, the stadion was the most important and prestigious foot race. “Planning for retirement is very much like a race, because it requires consistent discipline, careful planning, and smart pacing to win,” said Tim Chapman, CEO. “Our new tagline ‘Start smart, finish strong.’ reinforces that philosophy.” About Stadion Since 1991, Stadion has been managing investors’ “serious money”—the money that absolutely must be there for important long-term goals like retirement, education and future family legacy. Stadion Money Management offers separate account management services, proprietary mutual funds, and one of the leading 401(k) investment advisory services in the nation. For more information, please visit www.stadionmoney.com. An investor should consider the investment objectives, risks, and charges and expenses of the PMFM Funds carefully before investing. The prospectus contains this and other information about the Funds. A copy of the prospectus is available by calling the Trust directly at (866) 383-7636 or PMFM, Inc., the investment advisor, at (800) 222-7636. The prospectus should be read carefully before investing.
*According to Morningstar as of 4/15/2009 for the 1 year period based on total return
The PMFM Funds are distributed by Ultimus Fund Distributors, LLC.
Jud Doherty, President, Stadion Money Management, Watkinsville, GA -- (800) 222-7636. Dividends re-thought. They often come with growth too! It might have shocked my old Corporate Finance Professor, but recent statistics indicate John D. was mostly right after all. For years theorists suggested that stocks with good growth potential would be better off retaining their earnings to reinvest in the company's business rather than paying out dividends to their owners. After all, the company pays taxes on earnings, and then the investor has to pay tax on the dividend before reinvesting it in the company or other growth stocks. The tax math is simple, right? Tax me once shame on you. Tax me twice, shame on me. Turns out the IRR math was not nearly as simple as the tax math was, but for years managements accepted the tax math argument. As RidgeWorth Investments points out in a recent white paper, in 1980 about 95% of the stocks in the S&P paid dividends. By the end of last year only about 75% did.[1] But would avoiding high-yield investments and focusing on companies that primarily reinvested their earnings really have been a good strategy for an investor who primarily wanted to achieve long term IRR? Over the last five years, it most likely would not have been. If you split the S&P over the last 5 years into quartiles, the highest dividend yielding 25% sported more than DOUBLE the earnings per share (EPS) growth of the lowest. The top quartile, with 25% of the stocks, yielded just about its fair share of the stock growth (23.9%) but it added a whopping 34.0% of all the dividends the S&P paid. By contrast the bottom quartile distributed only 10.4% of the growth in the S&P's earnings and a measly 2.1% of its dividends. [2] Over time, reinvested dividends can really pile up. If you'd put $10 into the S&P in 1938 you'd have ended last year with equity worth $903. But if you re-invested the dividends you'd have $15,235. The pattern has been pretty consistent among the large cap stocks. Empirical Research Partners LLC tracked the 750 largest cap US stocks, using a one-year holding period, and noted that dividend paying stocks out-performed non-dividend-paying stocks in four out of the last five decades. Only in the go-go period between 1990 and 1999 did the companies that re-invested in themselves rather than sharing some of their earnings with investors outperform the dividend payers. Cynics might suggest one reason: if you have a complex balance sheet and a complaisant CPA firm you can manufacture earnings almost indefinitely, as Bernie Madoff proved, but Madoff and even Ponzi got to the point where they couldn't keep manufacturing dividends. Even if you are not a cynic, dividends help make earnings believable and comprehensible, particularly for firms with reasonably transparent balance sheets where you can see how much they are borrowing. The cash position is a pretty good way to start checking whether the boys are making money the old-fashioned way or making earnings like Madoff and Arthur Anderson. Also, as sunlight is said to be the best disinfectant, it seems clear that if a company wants money to invest, a secondary public offering under SEC rules will require a lot more disclosure than writing a check out of retained earnings. There's a serious cost to underwriting even a secondary stock offering, but -- at least today -- Wall Street won't be able to sell one where the declared use of proceeds is upgrading the executive office to a fleet of Gulfstream G650s for $58.5 million + apiece (with an extra charge of course for the Bolivian mahogany walls and gold plated toilet seats). It is also likely that dividends make CEO's more disciplined. Once you start down the path of gradually increasing dividends it gets hard to stop. Knowing that a dividend date is inevitably coming can be a helpful cautionary influence when you are trying to decide if a particular expenditure is really a good idea, or if you have to cut back on operating expenses. It may also be helpful if you are considering investing in real productivity now to help pay an increased dividend two to five years out. The tax differential between dividends vs. capital gain math has also ended. As recently as 2003 qualified dividends were taxed at 38.6% marginal Federal rates while cap gains were taxed at 20%. Today they are taxed equally at 15%. If you pick one of several real estate vehicles, the case is more dramatic. Private real estate investment through Limited Liability Companies (LLCs) and Real Estate Investment Companies (REITs) do not pay corporate income tax. In addition many investors in LLCs and some REITs can shelter some or all of their distributions through a pass-through of the taxable depreciation of their assets. The real estate IRR is really compelling. If you had invested $100 in the FTSE NAREIT Real Estate Equity Index back when it started in 1971 you'd have had a nice but hardly impressive $285.79 on December 31 of last year. If you'd re-invested those dividends, even after about the worst single year in the Index's history, you'd have ended up with $5,087.46 for you one hundred bucks. The really good thing about dividends is you actually know what you got and you can decide where you want to put them. Increases in the company's balance sheet may look great but, as pretty much every investor in a commercial bank or investment bank knows, balance sheets can melt away pretty quickly. If that’s not enough to persuade you to look at dividend driven investments, consider this: Try sending American Express, or better yet the IRS, a "stock appreciation certificate" in lieu of paying them cash. Lotsa' luck. Those guys have no sense of humor at all. [2] The Value of Dividend Investing, RidgeWorth Investments, March 2009. [2] Ibid, Factnet, 12/31/2008 Michael Dowd has been a real estate investment professional and writer for 30 years. The views expressed here are his own and not necessarily those of his employer, The United Group of Companies UGOC, Troy, New York. A portfolio of the three private real estate offerings of UGOC in the last three years would have yielded an investor an IRR of 8.1% over the period since October 2006. By contrast an investment in the FTSE NAREIT US Real Estate Index would be down a blistering 65%. Mr. Dowd can be reached at DowdBoston@aol.com, or (718) 893-4119. With Home Prices So Low, Is Today A Good Time to Invest in Real Estate? A cheap house is a cheap house, period. The adage that a good real estate investment is based on fundamentals has not changed, and does not necessarily make a cheap house a good investment. First, cheap is not a fundamental of investment real estate. In evaluating any income property, the bundle (or stream) of benefits potentially delivered by a good real estate investment include cash flow, tax benefits, amortization, and appreciation. While cheap real estate might help increase cash flow, it is simply a feature of the real estate cash flow analysis and not a direct benefit for investors. Another mistake that investors make in today‘s market assumes that appreciation will make the investment perform well; that simply breaking even is acceptable because the value of the investment will grow substantially over time. Looking back at December 31st 2006 - the end of the last real estate bull market and the beginning of today‘s market - the average appreciation rate for single family homes across the nation since 1949 is a disappointing 2.1% [1]. That average has since declined due the declining real estate prices over the last two years. The region with the highest growth during that same period of time was the San Francisco Bay Area, with a 4.2% appreciation rate. It is not true that in the long run real estate grows dramatically over time. In fact, it tracks inflation, like most any other commodities. It took the sharp decline over the last two years to remind many investors that real estate does not go up every year. Bottom line: If an investor decides to ride appreciation and break even on cash flow (which seems to be a popular yet ill-advised approach), the investment will disappoint if there is a zero annual cash flow on equity and a nominal return on appreciation, even when leveraged up with debt. In the case of leverage, a property with 50% debt and a 2% appreciation rate is on track for a 4% per year growth of capital, not what most investors expect when they take on the risk and reward of real estate investment ownership. One of the most under-estimated assumptions of real estate investing is the actual cost of running the business. Often missed is the total cost of ownership, which includes maintenance reserves, entity creation and maintenance, leasing, vacancy and bad debt, and about a half dozen other expenses frequently missed in the calculation. For most people who believe they are breaking even, they actually end up carrying the property for many years. The number of foreclosures lining the streets is a combined result of the under-anticipation of the impact of interest rate adjustments and the underestimate of total ownership costs. Several years ago, the front covers of business periodicals pictured the average person who thought they were making a killing in residential real estate investing. Today many of these same people are trying to get their lender on the telephone, or simply mailing in the keys to their property and walking away [2]. Here is another potential misconception: That prices are so cheap today that in the next year or two, home prices will have to shoot up and that is where the money will be made. Thinking this through rationally, there is no reason to believe that the value of property is going to increase dramatically in the short term, or that prices will not dip further. Don‘t mistake the real estate market for the stock market where stock prices can fluctuate dramatically. It simply does not work that way. Yes, it is possible that the NASDAQ can increase 50% in one year as it did in 2003. It is not plausible to expect that type of quick growth in real estate, where the average family will not be in the position to chase the cost of that type of growth. Today‘s family can barely make current mortgage payments at today‘s market prices. Who will make the market if home prices go up by twenty-five or fifty percent? Yes, interest rates are attractive. Home prices are attractive. And for those seeking real estate to occupy as their first home, or to move up, or even move away, this could very well be the best time in the recent past to get into a property that is suited to their liking and financial condition. For those who see these same milestones as a reason to invest, the reasons cited above represent a good sampling of why cheap may not be good, and a reminder that cheap may simply be cheap. Real estate investing is an important investment decision and a long-term strategy, and must be thought out carefully. The next question is, if not residential real estate investing, then what? The answer to that could be institutional caliber, highly diversified non-traded commercial real estate investment trusts (REITs), where without getting your hands dirty and for as low as $5,000, investors can add real estate to their asset allocation that is based on the fundamentals.And yes, directly-owned real estate can work. It is substantially more difficult to pull off than the books and infomercials promise. [1] Wharton School of Business and Money Magazine, February 2007. [2] This is called Jingle Mail because of the noise the keys make in an envelope. Rich Arzaga is Founder and President, Cornerstone Wealth Management, San Ramon, California, a life planning company specializing in providing options and solutions for residential and commercial real estate investors. He is also an instructor in the nationally-recognized financial planning certification program at U.C. Berkeley, and teaches the highly-acclaimed Real Estate Investments course at U.C. Santa Cruz and U.C. Berkeley. Rich can be reached at rich@consultrich.com or toll free (888) 290-9900. Securities and Investment advice through Associated Securities Corp. (ASC), Member FINRA/SIPC and a registered investment advisor. Additional Advisory and Investment Services offered through Cornerstone Wealth Management Inc., a registered investment advisor not affiliated with ASC. CA Insurance License No. 0D92796 Can a Short Sale Help You Avoid Foreclosure? U.S. Housing prices are down 29.1 % from their peak in 2007 according to the latest Case-Shiller Composite index of 20 Cities; five of the 20 largest markets are down over 40% from their peak. If you have an 80% loan on a house that has declined in value by 30%, then, you owe more than your house is worth. Since many home owners are earning less and their savings and retirement plans have lost much of their value, it is not surprising that many homeowners are falling behind on their mortgage payments on a home where the mortgage balance exceeds the value of the home. If you having problems making your home mortgage payments, your family income has suffered, your home is worth less than the loan, and you are in danger of foreclosure, you need good advice on all the options that may be available. There are new government programs that may help, try them first. But if they can’t help you then a “short sale” of your house may save you from foreclosure, avoid a huge hit on your credit rating and possibly even help you finance a home in the future. The options can be tricky as lenders have not established their policies, and the government programs are changing as documents and procedures are being established. Before things go too far, consider contacting a professional who can help you make the best of your situation. Q. What is the short sale of a home? A. A short sale is a sale that occurs when a bank or mortgage lender agrees to discount the loan balance on the home and allow the homeowner to sell the property for less than the mortgage amount in full or partial satisfaction of the mortgage debt. Q. When should a homeowner consider a short sale? A. If you are facing foreclosure because you can not afford the mortgage payments, your economic circumstances have deteriorated, and your home is worth less than the amount of the mortgage loan then a short sale may be the best solution. Many homeowners are choosing the short sale approach because it saves them the embarrassment of a foreclosure. The shortfall may be forgiven by the bank and the negative impact on your credit record is reduced. Q. Should I try other programs first? A. Yes, you should first determine if you qualify for the Making Home Affordable Refinance or Modification Program. If you don’t qualify for those programs and you are not able to renegotiate the terms of your mortgage loan with your lender, then a short sale may be a better option than foreclosure. Q. When will a lender consider or permit a short sale? A. A lender will consider a short sale if: The documented value of the home is less than the mortgage balance, and The buyer has suffered an economic hardship, does not have sufficient assets or income to pay off the deficit, and The lender believes that accepting the proceeds of the short sale is better for the bank than proceeding with a foreclosure. Q. Why would a lender accept a short sale? A. A short sale is usually executed to prevent foreclosure on the home. A bank may choose to allow a short sale if they believe that it will result in a smaller financial loss to them than foreclosing. A foreclosure can take one or two years to complete, legal costs are high and the home’s value will often deteriorate during the foreclosure period. It takes much less time to complete a short sale and the property is almost always in better condition. A sale at market value should be the best price the lender can expect to get for the house. Q. How should I proceed with a short sale if I am not able to refinance, renegotiate, or modify my loan? A. The homeowner should find an advisor or a real estate agent who is familiar with the short sale procedure to determine the market value of the house, obtain the lender’s consent to accept or consider a short sale. And then the agent or the home owner must find a buyer to agree to purchase the house at regular market value and obtain the lenders final consent to accept less than the mortgage amount in satisfaction of the mortgage. The lender will want information documenting the market value of the property, a list of your assets, verification of your income, and a letter describing your hardship or change in circumstances. Q. What should be documented in a short sale? A. The short sale must be properly documented to achieve the desired results. If the mortgage isn't deemed "satisfied” by the lender; a short sale can jeopardize your credit rating and the bank may be able to sue you for the difference between the amount of your mortgage and the amount the bank accepted. The bank may report the unpaid amount as income to you and send you a 1099 equal to the amount the bank wrote off as a loss. You must always ask the bank to waive the judgment deficiency and the 1099 in writing. The good news is that the Mortgage Forgiveness Debt Relief Act of 2007 which applies to short sales occurring in 2007, 2008 and 2009 relieves owners of the obligation of paying income tax on the debt forgiven in a short sale. Short sales are occurring in most markets in the US. There are short sales in every price category including million dollar homes. If you are concerned about the costs, remember, most of the costs of short sales can be paid out of sales proceeds. However, you must be patient because the banks are not prepared to handle the growing number of short sale requests. If you don’t fit into one of their categories or their prepared text, they can keep you on hold for hours. If you are having problems paying your mortgage payments, your family income has suffered, your home is worth less than the loan, and you are in danger of foreclosure; then, a short sale may be your best solution. Take action, and contact a professional who can help you make the best of your situation. For additional information on short sales or loan modification and refinancing options contact William Campbell at wgc@theRPCgroup.com or visit their website at www.therpcgroup.com, (501) 225-1211. The RPC Group provides advisory and consulting services for financing and refinancing mortgage debt for individuals and homeowners. The RPC Group also provides advisory services and strategic plans for commercial debt and equity financing for both performing and troubled commercial real estate properties. Strategies to Wait Until Age 70 to Claim Full Social Security Benefits Have Advantages The traditional retirement age for collecting Social Security has been 65. People are eligible to receive benefits as early as age 62 though at a reduced amount compared to a person's full retirement age. In 1983, Congress phased in an increase to the full retirement age from 65 to 67. Congress enacted the change to strengthen the financial framework of Social Security recognizing that people live and work longer. For people born before 1938, the full retirement age was 65. For people born after 1959, the full retirement age is 67. For those born in between those two years, the full retirement age gradually increases toward 67. A key point to remember is that your Social Security benefits will receive an added bonus for every year after your full retirement age that you defer taking benefits up to age 70. After that, a person receives no added bonus for delaying benefits. If you do not need to take benefits at your full retirement age, you should consider waiting. It is greatly to your advantage. You may also want to delay taking your own benefits if your spouse is entitled to a much lower benefit. By delaying, you get the bonuses for the larger benefit at age 70 while taking the smaller benefits of the spouse now. When either one of the spouses dies, the survivor gets to continue the larger of the two benefits. This strategy could mean a significant increase in the standard of living for a surviving spouse. There is also a strategy if you were divorced after a marriage of 10 years, and have been divorced for at least two years, are age 62, and unmarried. Regardless whether your spouse is claiming benefits, you are eligible for a benefit equal to one-half of your ex-spouses benefit. If you claim benefits before you or your spouse is full retirement age, your benefit will be discounted for this early claim. This strategy does not work if your own benefit is equal or greater than your ex-spouse. But if you were the lower earner, and if one-half of your ex spouse’s benefit is greater than what you would receive on your own, it’s something to consider. Some people combine Social Security and Medicare in their thinking. This confusion may have been natural when full retirement age and Medicare eligibility were both at 65. You are still eligible for Medicare at 65. Medicare is another federal benefit program in desperate need of reform, but so far Congress has not changed the eligibility rules. Medicare is a rather tricky subject. You should get in touch with Medicare three months before your 65th birthday to enroll. The government penalizes you with increases in your Part B and Part D premiums for each month you delay past age 65. You are not penalized in your Part D (prescription drug program) if you are currently enrolled in an insurance program with equivalent or better drug coverage. Normally, an employer's plan will force you out if you enroll in Medicare. You can check with your human resources department regarding this issue. It is important to avoid any gaps in health care coverage so enroll in Medicare BEFORE making any changes in your other coverage. Donald L. McCoy, J.D., CMFC -- Planners Financial Services, Inc., (952) 835-9000. Minneapolis, Minnesota. Registered investment adviser and subsidiary company Montgomery Investment Management, specialize in the management of no-load mutual fund portfolios for individuals and retirement plans designed to protect capital by reducing risk. (952) 835-9000 Not Afraid for Their Own Financial Security, Elderly Wonder What They Will Be Able to Leave to their Children. Look at the assets you own. How are they invested? At this stage of life, investing should be about preservation, not growth. So you shouldn’t be heavily invested in the stock market. For the portion of your investments in money market funds, CDs, bonds and notes, invest in high quality, short duration vehicles. Elderly clients who have implemented prudent saving and spending lifestyles may feel confident that they have adequate assets, but not truly know. Nevertheless, they may tell a planner they are not conserned about themselves, but about what they will have left to give to their children. It is a common concern, but deserves examination. Taking care of yourself is essential before taking care of your children. Make sure you have you adequate resources to last you before you start giving money to the kids. Secondly, what are your children expecting? One couple owned several residential properties. The rents basically covered the expenses, so they received no annual income from the properties. Whether the properties could appreciate at a rate that they were competitive with inflation was debatable. Asked whether they wanted to bother managing tenants without earning any income during their retirement, they said that they wanted to leave the homes to their children. When encouraged to ask the children about the homes, they were surprised that their children had no interest in the properties or managing the properties should they inherit them. History is history and knowing what has happened in the past may be an indicator of the future, but it isn’t always the reassurance we need, especially since we have no control over it. Our anxiety over the market declines is increased by the feeling, indeed, that we have no control over it. Under the circumstances, it is important to focus on what we can control. Barry Taylor is a portfolio manager at Bingham, Osborn & Scarborough, San Francisco, a comprehensive wealth management firm. He can be reached at (800) 767-8535 or barry.taylor@bosinvest.com Self-Employed Leave Tax Strategies and Deductions on the Table Here are the top 5 strategies and deductions that self employed folks often miss:
There are additional strategies and tips that you may want to talk to your financial advisor about. The savings is definitely worth the hourly fee. Dana Levit, CFP (R) is a fee-only financial planner. She is the principal of Paragon Financial Advisors in Newton, MA and specializes in working with small business owners. dana@paragonfeeonly.com or (617) 641-2446, www.paragonfeeonly.com. Breadth of Advice and Counseling Are Key to Developing Trust Portfolio management aside, many advisors are asked for answers to pressing questions by clients every day. These questions are never categorized under "Firm Services," and that is a limited vision. Recently, a widow had to clean out a medical office of her deceased husband so the office condo could be sold. It wasn't the medical records, it was everything else. Her advisor suggested contacts who purchased used office furniture, provided debris bins, and someone to do literal heavy lifting. She also needed someone to read the contract she was about to sign with the commercial real estate firm who would have the listing. A son, required to clean out his Mother's house after her death and 60 years in residence, was bogged down by the emotional pain of the task. The suggestion of a professional organizer to call was gratefully received and finally he could see the light at the end of an emotionally numbing task. An elderly woman in her early 90s and still driving asked her advisor for help in purchasing a new car. He was happy to accompany this long time client and friend to the dealership to give her the support she needed for such a purchase. A 58-year old consulting executive was laid off from his position as a result of downsizing at his firm. He saw it as an opportunity to follow his passion and wanted to become a professional photographer, but felt the magnitude of the change was daunting. His advisor referred him to a career counselor who specialized in working with people interested in careers in the arts. Most of these tasks are services of referral or a few hours out of an advisor's week. Most of the clients served in this way are long term clients and highly valued by the advisors. In the end, it is the non-financial assistance that is the key to a client's willingness to refer a client or assign a greater portion of wealth to be managed by the firm. Some advisors think that these non-financial tasks are beneath them. Others know that they are the heart of what they do in service to their clients. Susan Moore, CFP®, Moore Financial Advisors, Ltd., Watertown, MA, (www.mooreadvisors.com) provides fee-only financial planning and investment management services for individuals and families. She can be reached at moore@mooreadvisors.com or 617-393-9999. She is a member of the steering committee for the 2009 PridePlanners Fifth Bi-Annual Conference to be held in Fort Lauderdale, FL, June 11 to June 13. This is the only financial services conference that focuses on the financial needs and issues of the GLBT community. Trends from Ink&Air --Editor: Lisbeth Wiley Chapman, beth_chapman@inkair.com, 508-479-1033 PridePlanners June 2009 Conference is Only Financial Conference to Focus on Financial Issues of LGBT Clients, Non-traditional Families and Unmarried Couples. Financial advisors working with the gay, lesbian, bisexual, transgender (LGBT) and unmarried clients will have the opportunity to learn vital information and understand the changing law for serving the complex needs of this market segment at the Fifth Bi-Annual National Financial Planning Conference of PridePlanners Association (www.prideplanners.org), at Hyatt Regency Pier Sixty-Six, Ft. Lauderdale, Florida from June 11 to June 13, 2009. The event features keynote addresses by: • Fred Hertz “Making it Legal: A Marriage Companion • Lisa Padilla “Estate Planning” • Jon Davidson “Legal Issues” • Ed Jacobson “Need topic” Additional topics will include: • Carolyn McClanhan “Insurability” • JT Hatfield Smith “Focusing on Uneven Assets” • Stuart Armstrong “Long Term Care” • Michael Kitces “Non-Spousal Beneficiaries of Employer Retirement Plans: • Panel Discussion on Top Five Issues in LGBT Community The PridePlanners Association (www.prideplanners.org), is the only national organization of financial, tax, insurance, investment and estate planning professionals, represents financial advisors and money managers who specialize in meeting the unique needs of the LGBT community, non-traditional families, and unmarried couples. Further information about the Conference can be obtained from: Nicole Rosandich, Nicole.rosandich@gmail.com , (612) 723-2658. Or register at www.prideplanners.org |
| BACK TO TOP |