Thanks, Sam.
That's the answer I didn't want to hear (but I knew it was the truth)! I did determine that you can create a Map Annotation and under the Group Annotations tab in the Data Frame Properties, you can set the Reference Scale to 0. This does work, but you are essentially still stuck with annotation that can't be used in any other map and it acts more like a graphic (ie longer rendering, easily moved around and deleted).
Cheers,
Christi Nelson