I need to conditionally display some text based on an Account field.  The email template is based on Case.

Here are two formulas I'm using:

• Account- {!Account.BusinessUnitOwner__c}

• {!IF(ISPICKVAL(Account.BusinessUnitOwner__c,'Shoes'),'YES','NO')}

The first formula correctly displays the Business Unit Owner field in my template.  The second formula always returns NO, regardless of the value of Business Unit Owner.  I have pasted the second formula into a custom formula field on Case, and it works correctly there.  It just won't work in the email template.

Can anyone offer advice on how to get this working in an email template?