Which of these associations is NOT managed by the PGA Board of Directors?

The Masters Tournament is not managed by the PGA Board of Directors because it is organized and conducted by the Augusta National Golf Club. This annual tournament is among the four major championships in professional golf, but it operates independently of the PGA of America and its governing bodies. The management of the Masters includes its own set of rules and regulations distinct from those of the PGA.

In contrast, the PGA of America, PGA Tour, and Senior PGA Championship all have direct affiliations with the PGA Board. The PGA of America is a separate entity focused on the promotion and growth of the game of golf, whereas the PGA Tour oversees the professional golf tournaments played in the U.S. and beyond. The Senior PGA Championship, specifically for players over 50, also falls under the jurisdiction of the PGA of America. This is why the Masters Tournament stands out as not being managed by the PGA Board.