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The Heritage Classic Foundation, which runs the tournament, has about $4 million in reserves.
"We're not there yet," said Wilmot, who has vowed Hilton Head will host the Heritage in 2011. "There is a seriousness."
Tournament organizers must prove they can meet those obligations before they can negotiate a new contract with the PGA Tour. They have been searching for a new title sponsor to provide $7 million to $8 million per year to the tournament since Verizon announced in September 2009 it wouldn't return in that capacity after 2010.
To try to make sure the tournament continues at Harbour Town Golf Links in Sea Pines, foundation officials are seeking a $1 million commitment from Hilton Head Island and have discussed a similar commitment with Beaufort County.
Wilmot would not say whether he thought getting those commitments would guarantee the continuation of the Heritage. Wilmot and other local tournament organizers have said it would not be prudent to use all their $4 million in reserves at once.
"Without question, that could be a great help," Wilmot said of the prospect of local government aid.
PGA Tour officials are talking with organizers, seeking "some assurances" about the tournament's finances, Tour executive vice president of communications Ty Votaw said.
The tour's contracts typically run for multiple years, although the Heritage and the tour could agree to a one-year deal if organizers can't find a title sponsor, Votaw said.
"The tour wants us on the schedule," Wilmot said. "We want to be on the schedule."
The Heritage doesn't face a specific deadline to prove its "fiduciary responsibility," but the tour usually releases the next year's schedule in the preceding fall, Wilmot said.
Wilmot said he never expected that finding a successor to Verizon would prove so elusive for so long because the Heritage is popular among PGA Tour players and fans.
Researchers recently estimated the Heritage generated $81.9 million for the economy in 2010, and the tournament has contributed more than $20 million to charity since 1987.
In March, Wilmot told reporters that organizers could hold a Heritage in 2011 without a title sponsor, although doing so would require significant aid from secondary sponsors and community donors.
"I've always said that this year would not be the last Heritage," Wilmot said during the pre-tournament media day. "I can assure you that we'll have an event in 2011."
On Friday, Wilmot said some people may have misinterpreted those remarks to mean the community had nothing to worry about.
He said he regrets that his previous pledge perhaps provided a false sense of security to tournament supporters, but he didn't back down from his commitment to have a tournament next year
He expects the tournament will soon secure a spot on the tour's schedule and hopes a multi-year sponsor will follow, he said.
"I still feel that way today," he said of his March comments, "but there are some things that have to fall into place."
