I searched the forum and saw that the copyright text should be updated in sidebar.php. I have updated this file as follows:
<span class='copyright'>© Copyright 2012 CBFYR. Design and Hosting by - Throw It Wide</span>
However, after overwriting the file, these changes do not appear on the website: http://www.cbfyr.com
I am obviously overlooking something. Your help is greatly appreciated. Thanks!