Thanks for your reply.

The maximum number of nested IF's is seven, as far as my understanding
goes....correct? So - it is the other functions within the IF's that
are pushing my formula past the maximum number of arguments in a
function? I guess I do not have a clear understanding of what an
"argument" is (well in EXCEL that is....).

Does anyone know of a way for me to resolve this issue all in the same
cell without breaking it out into two formulas?

Thanks again for helping me out!

Nadine