From the President

Mike Oates

Board of Governors

Mike Oates

President

Mike Kelley

President-Elect

Chair, Membership Committee

Mike Wachholz Treasurer

Chair, Finance Committee

George Egan Secretary

Chair, House Committee

Stephen Horne

Chair, Golf Committee

Peter Moore

Chair, Green Committee

Celeste Green

Chair, Tennis Committee

Jed Davis

Chair, Fitness, Aquatics, and Recreation Committee

Eric Mann

Board Liaison, Construction and Plant Maintenance Committee

Jim Thompson

Past President

Chair, Nominating Committee

Chair, Long Range Planning Committee

Mission Statement

Timuquana will offer its members, their families and guests exceptional social, golf and recreational experiences, which foster enduring friendships and preserve community.

As Fall approaches, so does the third annual Constellation FURYK & FRIENDS PGA Champions Tour tournament. As most of you are aware, the Jim & Tabita Furyk Foundation has approached the Board of Governors about extending the tournament contract, which currently ends following the 2025 event. In order to provide our members with information about the tournament, its benefits to the Club, and its impact on the City of Jacksonville, the Board, along with Jim and Tabitha, held two Town Hall meetings in August. For those who attended either of the Town Halls, thank you for your time and your thoughtful questions and comments. For anyone who was unable to attend either meeting, we have highlighted some of the important details below. There are additional details available on the Club’s website.

Shortly after this year’s tournament, the Board will conduct a brief survey to ascertain the membership’s views on continuing to host the tournament after 2025. This survey will be open to members of all categories, and we encourage everyone to participate. The higher the member participation in the survey, the more informed the Board will be on the membership’s views prior to making a final decision on an extension.

We also encourage members to attend the tournament this year. It is a terrific way to entertain guests and enjoy time with your family and fellow members, all while watching some legends of the game take on our golf course.

The Board, Greg Sheara, our General Manager, and Adam Renfroe, the FURYK & FRIENDS Tournament Director, are available for any questions you may have related to the tournament or the proposed extension. Please do not hesitate to reach out.

FURYK & FRIENDS TOWN HALL HIGHLIGHTS

Charitable Impact

The tournament’s first two years have raised $2.4mm in charitable contributions. These charitable dollars benefit Jacksonville-area charities, such as the YMCA, Family Links, Habitat for Humanity, and St. Johns Riverkeeper.

Community Impact

In addition to the numerous charities the tournament supports, the event brings significant economic activity to the City of Jacksonville. The Foundation’s partners at Visit Jacksonville estimate the event generates nearly $8.5mm in business sales through the tournament and related spending from players, families, and visitors from around the Southeast.

Media Reach

During the first two years, the tournament was viewed by over 3.6mm people around the globe, providing valuable exposure for the Club. This notoriety, heightened by the platitudes lavished on Timuquana by the TV announcers and Champions Tour players, drives exceptional interest among potential members. This, in turn, allows the Club to maintain a healthy membership pipeline.

Awards

The 2022 tournament was voted by the players as the Players Best Tournament on the Champions Tour. This is an extraordinary honor for a tournament in only its second year.

Contract Extension Terms

The framework for a contract extension discussed to date includes:

• A three-year contract followed by a two-year option that the Club can exercise should it wish to continue after year three.

• An improved site fee and commission structure will net the Club over $300,000 annually and increase above inflation each year.

• A not-to-exceed five-week setup period, with a $1,500 per day liquidated damages clause, should the breakdown period extend past 21 calendar days.

• A $15,000 annual donation by the Jim & Tabitha Furyk Foundation to the Timuquana Cares Employee Fund.

Under these extension terms, the Club’s net bottom line will improve by nearly $100,000 annually, with an expected net profit of around $1.6mm over the five-year period. For perspective, every 1% in member dues provides almost $70,000 in revenue to the Club meaning the $300,000+ net tournament revenue would offset about 4.5% in dues each year. This revenue would help the Board of Governors minimize annual increases in members’ operating dues.

On behalf of the Board of Governors, we hope everyone will enjoy this year’s tournament and provide thoughtful feedback through the survey afterward. Be sure to keep an eye on future Club communications for more information on when the survey will become available.

Respectfully,

Mike Oates 2023–2024 President