Making money growing trees is not about quickly flipping land and timber. It is primarily about making money through biological tree growth. This course will discuss buying land and planting trees, planting trees on land already owned, buying pre-merchantable trees and growing them to maturity, and buying already merchantable trees and growing them forward. At every stage, we will discuss silvicultural and management options available and the expected profitability of those investments. Thus, the emphasis will be on biological growth of stands under different management scenarios and the financial returns from the decisions made at various points in the life of stands.

The purpose of this course is to evaluate timberland as an investment at different points in the life of forest stands. The course will discuss buying at different prices, management options at various points in time, and the expected return on investment given different product stumpage prices. The forester or landowner attending this course should leave with a good feel for the potential profitability from buying and managing stands at different stages of development and for the trade-offs that exist for many situations.

• Foresters who make management decisions for clients who have primarily investment rate of return objectives though opportunity cost of other objectives, such as wildlife and aesthetics, will be evaluated and discussed. The instructors will emphasize the interaction of different management decisions, including species, timings, and level of management intensity, and the effects of those interactions on final product yields and values.
• Landowners who want to obtain information about what is possible on their properties and about estimates of reasonable rates of return for different management options. This course should also help landowners interact with professional foresters who are managing their timberland.
• Realtors who are involved in the valuation of rural land and timber.

The fee for this course is $395, which includes lunch, refreshment breaks, and instructional materials. There is a $30 discount for fees paid by check or credit card and postmarked by January 10, 2006. Preregistration must be accompanied by check, purchase order, or credit card number to guarantee a place in the course. Limited seating is available. Transfer Fee: The Georgia Center will charge a $50 processing fee for a second course transfer, if applicable.

• Learn how to evaluate the plantation vs. natural stand decision and how to make natural stands develop more like plantations.
• Learn how to estimate the return on investment from capital spent on "better" seedlings.
• Learn how to evaluate the trade-off between raking pinestraw and thinning for different species.
• Learn how to evaluate the many different spacing and thinning options available to pick the one that gives the best rate of return for your markets.
• Learn how to evaluate the effects of higher land prices on potential rate of return for timberland purchases and which level of stand development presents the best return for lower vs. higher land prices.
• Learn how to decide when to convert a current stand to a new stand.

Barry Shiver and Bruce Borders have been teaching continuing education short courses across the South since 1989 on a variety of topics related to their instruction and research at the Daniel B. Warnell School of Forest Resources of the University of Georgia. Barry recently retired (after 30 years of service!) from the University, where as a professor he taught classes in timber management, inventory, silviculture, and mensuration. He was also the director of UGA's Plantation Management Research Cooperative (PMRC) for 10 years. Bruce is a professor at the School and has actively conducted research with the PMRC his entire career. The research objectives of both instructors have included finding solutions for timberland investors. Courses taught by Barry and Bruce are popular! They deliver outstanding technical content in an understandable and enthusiastic manner.

• 11 Continuing Forestry Education (CFE) hours — Category 1
• 11 Continuing Logger Education (CLE) hours — Environment
• 13 hours of credit from the Real Estate Board applied for; these hours will be accepted by the Real Estate Commission if approved.

Full Attendance Is Mandatory to Receive Credit.

If you are not satisfied with this course, we will refund your registration fee. Third Course Free! Attend two forestry courses in 2006 as a paid participant and get the third course (with equal or lower course fee) for free. Contact Nette Penn, at 706-542-6658 or Nette.Penn@georgiacenter.uga.edu, before you register for the third course. Fourth Person Free! Register three people from your organization and the fourth person is free. All registrants must be with the same program (same address and same budget), and the registration fees must be paid in advance by check or credit card.

This optional one-hour course focuses on case studies to illustrate the place of ethics in the practice of forestry. It meets the ethics requirement for registered foresters in Georgia.

The Georgia Center for Continuing Education Conference Center & Hotel, located on the beautiful, historic campus of the University of Georgia in Athens, Georgia, provides innovative lifelong learning opportunities that develop intellectual and human potential. A full-service living and learning environment, the Georgia Center includes a 200-room hotel, restaurants, banquet areas, conference rooms, auditoriums, a fitness center, and computer labs — all under one roof. As a unit of UGA's Office of the Vice President for Public Service and Outreach, the Center brings the University's teaching, research, and service expertise to the people of Georgia and beyond! For more information, visit www.georgiacenter.uga.edu.

Special Needs
If you require special services, facilities, or dietary considerations, contact your event coordinator, Nette Penn at 706-542-6658 or Nette.Penn@georgiacenter.uga.edu prior to January 25, 2006.

Lodging (Georgia Center Hotel)
A block of rooms is being held for your conference until 5:00 p.m. ET, January 8, 2006.

Lodging Policies (Georgia Center Hotel)
(1) Tax Exemption — The State of Georgia only allows tax-exempt charges for a payment by a state-issued credit card or check or by a direct bill to a state agency (with a Georgia State Tax Exemption Certificate). (2) Lodging Cancellation — To avoid being charged one night's room and tax, you must cancel your reservation by 4:00 p.m. ET the day prior to your scheduled arrival. Note: The Georgia Center is a smoke-free building; all lodging rooms are nonsmoking.

Transportation and Directions
Athens, Georgia, is located about 60 miles northeast of Atlanta. For directions, see www.georgiacenter.uga.edu. A parking deck is located adjacent to the Center (hourly rates, maximum $8 each 24-hour period; vehicle height limit, 7 feet). Athens is served by two airports. Athens-Ben Epps Airport offers connecting flights to and from Charlotte, NC. Hartsfield-Jackson Atlanta International Airport is located about 90 minutes southwest of Athens, with scheduled ground shuttle service and rental car service available between the airport and the Georgia Center.

Program Cancellation Policies
(1) Full refunds are available for cancellations made by 5:00 p.m. ET, January 23, 2006. No refunds will be issued thereafter; substitutions will be allowed. (2) If a program is cancelled for any reason, the Georgia Center will not be responsible for any charges related to travel. (3) If for unforeseen and unavoidable circumstances an instructor is unable to attend, the Georgia Center reserves the right to substitute a comparable instructor.