• What is The Founders Golf Club, Inc.?
• What is a member-owned club?
• What benefits are provided by member-ownership?
• What are the special features of membership in the Club?
• What facilities will the Club offer?
• How will the Club acquire the facilities?
• What categories of Equity Membership will be offered by the Club?
• What are the privileges of a Signature Golf Membership?
• What are the privileges of a Social Membership?
• Are Corporate Memberships available in the Club?
• How many memberships will be available in the Club?
• To whom will memberships be offered?
• Will members of my family be entitled to use my membership privileges?
• Will my guests be able to use the Club Facilities?
• Are Equity Members entitled to vote on matters dealing with the Club?
• Will any other types of memberships be offered?
• How is the Board of Directors selected?
• How do I become a member of the Club?
• When should I apply for a membership if I am purchasing property in the Community?
• May a membership be held in the name of a business entity?
• What do I receive acknowledging my ownership interest in the Club?
• What do I have to pay in order to acquire a membership in the Club?
• Will we pay any additional membership purchase price when control of the Board of Directors is shifted to member-elected directors?
• How are dues established?
• Will operating assessments be made to cover any operating deficit?
• Are members subject to assessments for capital expenditures?
• May I transfer my membership?
• May I arrange for the subsequent owner of my residence or homesite to acquire my membership?
• Is my membership contribution refundable after resignation?
• What should I do if I have additional questions?

Q:         What is The Founders Golf Club, Inc.?

A:        The Founders Golf Club, Inc. (the "Club") is a member-owned private club which will offer its owner members a unique opportunity to enjoy its recreational facilities.   The Club is situated in The Founders Club residential community (the "Community") in Sarasota, Florida. ^ Back to Top

Q:         What is a member-owned club?

A:         In a member-owned or equity club, each member has an ownership interest in the Club similar to the ownership of stock in a corporation.   This type of club permits its Equity Members to control their club through the right to vote.   The Club Facilities are operated and managed under the direction of a Board of Directors ultimately elected by the members. ^ Back to Top

Q:         What benefits are provided by member-ownership?

A:         As a result of member control, a member-owned club assumes the characteristics of its membership.   The Club experience and lifestyle are enhanced by the heightened interest and participation of member-owners; and the greater continuity in the membership which is found in a member-owned club.

Member-ownership answers the open questions as to what will become of the Club Facilities in the future, by clearly establishing which entity will own and control the Club Facilities. ^ Back to Top

Q:         What are the special features of membership in the Club?

A:         Membership in the Club offers a number of special features such as:

• Refundable Membership Contribution.   Equity Members are entitled to a payment of 80% of the then current membership contribution upon resignation and reissuance of the membership, as provided for in the Membership Documents.
• Immediate Family Privileges.   A member, his or her spouse and their unmarried children, under the age of 23 who are living at home, attending school on a full-time basis or serving in the military are entitled to membership privileges without having to pay additional membership dues.
• Extended Family Privileges.   The parents, children who do not fall within the definition of immediate family, grandparents, grandchildren and great-grandchildren of the member and spouse and the spouses of such family members may also use the Club Facilities when accompanied by the member or spouse upon payment of preferred fees.
• Resigned Memberships Reissued Prior to Membership Sell-Out.   Resigned members do not have to wait until all new memberships in the Club have been issued before their membership is reissued and they receive their refund, as provided for in the Membership Documents.   Every fourth membership issued within a category will be a resigned membership from the waiting list.
• Transferability of Memberships.   Memberships are transferable through the Club to the subsequent purchaser of a member's residence or homesite in the Community, subject to approval of the subsequent purchaser for membership.
• Control of Club Operations and Policies.   Members will be entitled after turnover to elect the members of the Board of Directors, which governs the Club.
• Ownership Interest in Club.   Each Equity Member has an ownership interest in the Club and is entitled to vote on matters affecting the Club in accordance with the Membership Documents.
• Club Newsletter.   Members will receive a periodic newsletter containing information about events and activities at the Club and other items of interest.
• Website .   The Club's website located at www.TheFounderGolfClub.com provides members with access to important up to date club information. ^ Back to Top

Q:         What facilities will the Club offer?

A:         Members, their families and guests will enjoy the following exceptional Club Facilities:

• 18-hole Robert Trent Jones, Jr. golf course.   The golf course will be the focal point of the Club and the Community.   The course will be designed with tee placements that will be a challenge to the low-handicapper while creating an enjoyable golfing experience for all levels of players.   The course will have a shelter with restrooms on each nine.
• Golf practice facilities.   An outstanding practice facility including a practice range and a putting green will be created between the clubhouse and the first tee.
• Clubhouse.   The clubhouse of approximately 24,000 square feet (including air-conditioned area, covered exterior area and golf cart facilities) will be the social center for the Club.   The clubhouse will feature a dining room, private dining room, covered outdoor porches and verandah, fitness room, golf pro shop and locker rooms and a separate golf cart storage and maintenance facility.   The private dining room may also be used as a board room.   The mixture of the clubhouse facility and great activities will develop the camaraderie that is the basis of a fine club.   The fitness room will offer fitness equipment including the latest in strength and cardiovascular equipment.   The locker rooms will have a massage treatment room.

Q:         How will the Club acquire the facilities?

A:         The Founders Club Development Company, L.L.C., a Florida limited liability company, referred to as the "Company , " has arranged for the Club to acquire the land on which the Club Facilities will be constructed and has agreed to construct or cause the construction of the Club Facilities.   As a result, the Club owns the Company's interest in the Club Facilities.   In consideration for the transfer of the Company's interest in the Club Facilities, the Company will receive all of the Equity Memberships to be issued in the Club.   Control of the operation of the Club will initially be retained by a Company and will ultimately be turned over to the Equity Members on the Turnover Date as described below. ^ Back to Top

Q:         What categories of Equity Membership will be offered by the Club?

A:          The Club may offer a limited number of Equity Memberships in the following categories:  Signature Golf Membership, Social Membership, Corporate Golf Membership and Charter Membership. ^ Back to Top

Q:         What are the privileges of a Signature Golf Membership?

A:          Signature Golf Members may use all of the Club Facilities.   Signature Golf Members will not be required to pay greens fees for use of the golf facilities, but will be required to pay golf cart fees or golf cart lease fees. ^ Back to Top

Q:         What are the privileges of a Social Membership?

A:         Social Members may use all of the Club Facilities, except that Social Members' use of the golf course will be limited to the period from May 1 to October 31, will be subject to availability and require advance tee time reservation.   Social Members may play golf from May 1 to October 31 upon payment of reduced greens fees and full golf cart fees.   Social Members may not use the golf course from November 1 to April 30, except as a guest of a Golf Member and subject to rules applicable to guests. ^ Back to Top

Q:         Are Corporate Memberships available in the Club?

A:         The Club may offer up to ten Equity Memberships to actual legal, business entities, as determined by the Club from time to time, in its sole discretion.   Each Corporate Golf Membership will count as one membership against the limit on the number of Golf Memberships.   Each Corporate Golf Membership will entitle the Corporate Golf Member to designate up to three persons to use the Club Facilities.   Corporate Golf Membership designees will not have family or extended family privileges.   Each designated user of the Corporate Golf Membership will be required to pay such dues and will have such privileges as determined by the Club.   Each designated user must be an owner, director, officer, partner, shareholder or employee of the entity and will be subject to approval of the Club, in its sole discretion.   Each Corporate Golf Member and its designated users must complete and submit a Corporate Golf Membership Agreement and Corporate Designee Membership Agreement, respectively, as provided by the Club and such other forms as may be requested by the Club to verify the Corporate Golf Member's status as a bona fide business entity.   Each Corporate Golf Member will be responsible for any unpaid dues, fees and other charges incurred by its designated users.   A Corporate Golf Member may change one or more of the designated users one time per membership year, upon payment of a redesignation fee and subject to the terms and conditions established by the Club from time to time. ^ Back to Top

Q:         How many memberships will be available in the Club?

A:         The maximum number of Equity Memberships permitted in each category will be as follows:

1       A "property owner" is the owner of a residence or homesite in the Community.  

The Club may, in its sole discretion, further limit the number of memberships available in any category of membership as the Club determines appropriate from time to time.  

Q:         To whom will memberships be offered?

A:         Equity Memberships may be offered to initial purchasers and owners of residences or homesites in the Community and persons who do not own residences or homesites in the Community. ^ Back to Top

Q:         Will members of my family be entitled to use my membership privileges?

A:         Yes.   A member's immediate family will be entitled to use the Club Facilities on the same basis as the member.   A member's immediate family will include the member's spouse and their unmarried children under the age of 23 who are living at home, attending school on a full-time basis or serving in the military.

A member's extended family will be permitted to use the Club Facilities if accompanied by the member in accordance with the member's category of membership upon payment of preferred fees.   The extended family shall include the parents, children who do not fall within the definition of immediate family, grandparents, grandchildren and great-grandchildren of the member and spouse and the spouses of such family members.   The Club may modify, limit or terminate this privilege and establish such rules with respect thereto as it may determine from time to time.   Extended family members may also use the Club Facilities unaccompanied by the member, in accordance with the Club's unaccompanied guest policies, but such use will be subject to rules and regulations applicable to guests, including any limit on the number of times any guest may use the Club Facilities in a membership year. ^ Back to Top

Q:         Will my guests be able to use the Club Facilities?

A:         Members may have guests use the Club Facilities in accordance with the member's category of membership and the Rules and Regulations of the Club and the Club's guest policies.   The Club may limit the number of guests and the number of times a particular guest may use the Club Facilities during each membership year.   The member will be responsible for the payment of charges incurred but not paid by his or her guests including any applicable daily guest fees established by the Club from time to time.   Members will also be responsible for the deportment of their guests. ^ Back to Top

Q:         Are Equity Members entitled to vote on matters dealing with the Club?

A:         On all matters to be voted upon by the Equity Members of the Club, other than a vote for assessments for capital expenditures, Signature Golf Members and Corporate Golf Members are entitled to six votes per membership and Social Members are entitled to one vote per membership.   After the Turnover Date, Charter Members will be entitled to six votes per membership. ^ Back to Top

Q:         Will any other types of memberships be offered?

A:         Yes.   The Club may offer Non-Equity Invitational Golf Memberships to persons to whom an Equity Signature Membership is not available.   Invitational Golf Memberships will be recalled when the Club reaches a full complement of members.   The Club may also have up to six Honorary Members.   The Club may enter into reciprocal use or access agreements with other clubs. ^ Back to Top

Q:         How is the Board of Directors selected?

A:         As soon as practical as determined in accordance with the Bylaws and until the Turnover Date, the Board of Directors shall consist of five members.   Three members of the Board of Directors will be representatives of the Company designated by the Company ("Company Representatives"), and two members shall be Equity Members appointed by the Company ("Member Representatives").   The Company Representatives will not be Equity Members, unless otherwise determined by the Company.   After the Turnover Date and until the sale of all Equity Golf Memberships permitted to be issued and all residences and homesites within the Community ("Exit Date"), the Board of Directors will consist of three Member Representatives and three Company Representatives.

After the Turnover Date, all members of the Board of Directors will be elected by the Equity Members. ^ Back to Top

Q:         How do I become a member of the Club?

A:         You must submit a fully completed and executed Prospective Member Information Statement and Membership Purchase Agreement and a check for the deposit on the required membership contribution.   The balance of the membership contribution will be due as set forth in the Membership Purchase Agreement.   An Invitational Member may not become an Equity Member unless an Equity Membership is available and the Invitational Member is invited for membership.

Each person who desires to become an Invitational Golf Member must mail or deliver to the Club Manager a fully completed and signed Invitational Golf Membership Agreement along with a check for the required membership deposit. ^ Back to Top

Q:         When should I apply for a membership if I am purchasing property in the Community?

A:         Each initial purchaser of a residence or homesite in the Community may at any time within 30 days from the date of his or her real estate contract, apply for an Equity Membership in the Club, provided the Club has a membership for sale.   If the closing on the purchase of the residence with homesite or homesite is after the 30 day period, the balance of the membership contribution after payment of the deposit required with the application shall be due within 30 days after the closing.   The number of Signature Golf Memberships is limited and available Signature Golf Memberships will generally be issued on a first-come, first-served basis.   Any initial purchaser who does not apply for a Signature Golf Membership within 30 days from the date of his or her real estate contract may apply for a Signature Golf Membership at a later date only if one is made available and not otherwise reserved by the Club, and only upon payment of the membership contribution which is in effect at the time the membership is acquired.   It is unlikely that a Signature Golf Membership will be available to you after the 30-day availability period, because the Club intends to reserve unissued Signature Golf Memberships for future property purchasers and offer Signature Golf Memberships to persons who do not own residences or homesites in the Community to the extent not acquired by initial purchasers or residences or homesites in the Community.   OWNERSHIP OF A RESIDENCE OR HOMESITE DOES NOT GIVE ANY VESTED RIGHT OR EASEMENT, PRESCRIPTIVE OR OTHERWISE, TO USE THE CLUB FACILITIES, OR TO ACQUIRE A MEMBERSHIP IN THE CLUB AND DOES NOT GRANT ANY OWNERSHIP OR MEMBERSHIP INTEREST IN THE CLUB OR THE CLUB FACILITIES. ^ Back to Top

Q:         May a membership be held in the name of a business entity?

A:         Yes.   Memberships may be acquired in the name of a business entity, such as a corporation, partnership, trust or other form of multiple ownership, even if not a Corporate Golf Membership or Charter Membership.   The business entity will then designate one individual or one family who will have the right to use the Club Facilities as the beneficial user upon the approval of the Club.   ^ Back to Top

Q:         What do I receive acknowledging my ownership interest in the Club?

A:         Upon approval for membership and payment of the full membership contribution, you will receive a membership certificate confirming your ownership interest in the Club.   However, a membership certificate will not be issued until after the closing on your residence with homesite or homesite. ^ Back to Top

Q:         What do I have to pay in order to acquire a membership in the Club?

A:         Persons who are approved for membership are required to pay a membership contribution in an amount determined from time to time by the Company.   The required membership contribution will be set forth in the Membership Purchase Agreement. ^ Back to Top

Q:         Will we pay any additional membership purchase price when control of the Board of Directors is shifted to member-elected directors?

A:         No.   The purchase price of a membership indicated in your Membership Purchase Agreement represents the full purchase price. ^ Back to Top

Q:         How are dues established?

A:         Each year the Board of Directors will determine the amount of dues to be payable on an annual basis, on or before October 1 of each year, unless otherwise determined by the Club from time to time.   The Board of Directors reserves the right to set the amount of dues, fees and charges to be payable by members at any level deemed appropriate. ^ Back to Top

Q:         Are members subject to assessments for capital expenditures?

A:         There will be no assessments for capital expenditures unless a majority vote of Equity Members as provided in the Bylaws, except that assessments required to pay "extraordinary repairs and replacements" (as defined in the Membership Documents), do not require member approval and may be imposed by the Board of Directors.   ^ Back to Top

Q:         May I transfer my membership?

A:         You may transfer a membership only to the Club by resigning your membership so that it may be reissued by the Club.   Members who desire to resign their memberships to the Club must give the Club written notice that their memberships are available for the Club to reissue.   The Club will maintain a buyer's waiting list of persons who desire to acquire each category of membership in the Club, and a resigned waiting list of members who want the Club to reissue their membership. ^ Back to Top

Q:         May I arrange for the subsequent owner of my residence or homesite to acquire my membership?

A:         Yes.   A member who owns a residence or homesite in the Community may arrange for the Club to reissue his or her membership to the subsequent purchaser of the residence or homesite.   The purchaser must be approved for membership and pay the required membership contribution.   A transfer of a membership which is associated with the transfer of a residence or homesite is not subject to any of the waiting lists. ^ Back to Top

Q:         Is my membership contribution refundable after resignation?

A:         Yes.   You are entitled to a payment after your membership has been reissued by the Club, in an amount equal to eighty percent (80%) of the amount of the membership contribution then charged and collected for your category of membership at the time of reissuance of the membership. ^ Back to Top

Q:         What should I do if I have additional questions?

A:         Complete details about membership opportunities are available from the Club Manager, who can also answer any questions regarding the Club and its operation.   For further information, please contact: ^ Back to Top

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