NEW YORK, NY–September 12, 2006 – SMART, LLC is pleased to announce that SMART TUITION MANAGEMENT SERVICES (“SMART”) is joining forces with PARISHPAY, a combination which will provide SMART customers with the single best financial management solution available to K-12 schools today. The newly combined business will continue to offer ParishPay’s market leading solution to automate religious donations.

“We are extremely pleased that we will be able to bring ParishPay’s world-class technology to our SMART schools. These technologies substantially enhance our product offering, demonstrating our commitment to personal service and school-focused solutions. We are now positioned as the leading solution provider in tuition management, fundraising, recruitment, and church offertory,” said Sam Rosen, President of the SMART business.

Since 1989, schools have continuously looked to the SMART brand to collect parents’ tuition on time. With this transaction, SMART brings the next generation of tuition management technology to the educational community.

“This is the most exciting moment in the SMART business’s 17-year history. Over the next year, we’ll be unveiling to our schools a remarkable suite of services, and I am excited to deliver these new solutions to the school community I’ve served for over 35 years,” said Rosen.

Tim Dockery, President of ParishPay, said, “While I worked at the Archdiocese of Chicago for almost a decade, the SMART business earned a reputation for fantastic service and unwavering commitment. As I’ve competed against them in the marketplace, we’ve seen the same reputation everywhere. Schools and churches benefit greatly from SMART’s legacy, ParishPay’s technology, and both companies’ commitment to excellence and bringing the best new tools to serve our community.”

The new features and benefits projected for SMART schools, starting in June of the 2007-08 school year, include:

– Phone call and e-mail follow-up for families who miss a payment

– Fundraising support for online and telephone donations to schools

– Enhanced frequency of transfers (now five times monthly)

– Real-time editing of family accounts

– E-mail reminders for parents prior to payment debit dates

– And, a 24-hour, 7 day per week customer service operations (by which parents can pay around the clock)

In the transaction, School Financial Management Services, Inc. transferred the assets comprising the SMART business to SMART, LLC, a newly formed company and affiliate of PARISHPAY. SMART, LLC will be managed by Sam Rosen, founder of the SMART business.

About SMART

Smart Tuition Management Services, under the ownership of SMART, LLC will be the sole provider of tuition management services for 2,000 schools and over 200,000 families. The company’s products and services are vital to helping schools survive and thrive in a changing environment. SMART brings financial stability to schools by increasing cashflow, reducing delinquencies, and collecting financial gifts through its fundraising initiatives.

More information can be found at: http://www.smarttuition.com.

About ParishPay

ParishPay is the largest provider of religious donation processing. For more than five years, ParishPay has handled hundreds of thousands of gifts representing tens of millions of dollars for churches and schools. Churches benefit both from a substantial increase in giving and from more predictable collections. ParishPay has been featured in over 500 publications and television programs for its unique approach to helping people give. ParishPay’s InTuition payment platform will continue to be available to its customers. More information can be found at: http://www.parishpay.com

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