Stonewall :: About Stonewall

About Stonewall

ABOUT STONEWALL...a partner's perspective

The Stonewall Links Limited Partnership (we simply call it Stonewall), is a Pennsylvania limited partnership which owns and operates two 18 hole golf courses, together with practice, house, restaurant and locker facilities on a 384 acre property on Bulltown Road near Elverson in Chester County. Stonewall’s original course (the Old Course) opened in 1993 and its newer course (the North Course) opened in 2003. Both courses were designed by Tom Doak.

The Old Course has appeared in Golf Magazine's list of the top 100 courses in the U.S. and the top 100 modern U.S. courses appearing in Golf Week. In its brief history, the Old Course has been the site of the Pennsylvania Open, the Pennsylvania Amateur Match and Stroke Play Championships, the Philadelphia Open, the Philadelphia Amateur and the Pennsylvania Better Ball Championship and has served as a qualifying course for the U.S. Open. Stonewall hosted the Ladies Trans National Tournament and the United States Amateur Regional Qualifier in 2006. While too new to have hosted a major regional tournament, the North Course has been recognized by The Golfer in its spring 2005 issue as one of the 10 best new private courses in the world and was ranked 13th on Golfweek’s list of the 40 best courses opened in 2003 – 2004. The players at Stonewall consist exclusively of its limited partners, and their

approved designees, and the shareholders of Stonewall Links, Inc., its general partner. The Partnership is presently authorized to issue a maximum of 375 limited partnership interests (sometimes called "Units"); 352 of these Units are currently outstanding, of which 16 are held by the general partner.

A prospective partner, who has been approved by Stonewall’s Admissions Committee, can acquire a Unit with playing privileges only by purchase from a present owner who has elected to sell or from the Partnership itself if it has determined to offer additional Units. Stonewall's partners are the owners of Stonewall, and the price of a partnership interest will fluctuate with each retiring partner's perception of its value. Stonewall charges each incoming partner an administration fee of $5,000 and requires that 10% of the purchase price for his or her Unit be contributed to Stonewall. Stonewall also typically requires each incoming partner to make a supplemental capital contribution on his or her Unit’s capital account. The supplemental contribution currently is approximately $8,000 and is subject to change by the general partners. No other initiation or similar fees are charged to incoming partners. Stonewall has no minimum usage charges of any kind.

Legacy Interests

Since December 2003 a Legacy interest (i.e., a next generation relative of an active partner qualifies as a legacy) has been offered from time to time to existing holders of partnership interests. The Legacy program was set up to help existing partners secure interests for sons or daughters who may not yet be in the position to afford the full cost of a regular partnership interest. The program sets guidelines to help the designated legacy pay fees and capital payments. As of June 1, 2006, seven Legacy interests have been purchased to date.

Partnership Interests

Each Unit in the Partnership entitles the holder to a playing privilege as a partner of Stonewall. Each partner is entitled to the same privileges for playing and using the facilities as any other partner, based on the category of membership (resident or non-resident) selected by the partner. The general partner is solely responsible for adopting and enforcing all rules governing Stonewall's operations, including playing privilege fees, guest access, hours of operation, starting time, rules of play, conduct of partners and guests and other appropriate matters.

Subject to certain rights of first refusal, transfer contributions and other restrictions, interests in the Partnership may be transferred by the owners to natural persons approved by the Admissions Committee, with the owner retaining the net proceeds of the transfer payment. Each incoming partner must agree to be bound by the Partnership Agreement to which all partners are parties.

When a prospective purchaser has been approved by the Admissions Committee, arrangements will be made to place the prospective partner in touch with an existing partner who wishes to offer his or her Unit for sale. Alternatively, a partner who wishes to sell his or her Unit may identify a prospective partner and refer the prospective partner to the Admissions Committee for approval.

For more information on dues, fees and other charges, click here.

Golf at Stonewall

Stonewall's primary objective is on speedy, walking golf under uncrowded conditions on two world class courses. A foursome is expected to complete its round in not more than four hours. There are no starting times. In 2005, Stonewall played just over 8,000 rounds on the original (or Old) course, and we anticipate that approximately the same number will be played in 2005. The new (or North) course opened mid summer of 2003. There were over 4500 rounds played at the North Course in 2005. Crowding and delays have not been a problem, although occasionally a wait of up to 15 minutes before starting can occur on Saturday mornings in the summer season and around the lunch hour on weekdays in the summer.

Partners who wish to be made up can call or e-mail the golf shop at any time to determine whether a game is available.

Our tradition is to use a caddy on the Old Course. Players are expected to walk that course and to use a caddy when play begins before 3 p.m. As a result, it is imperative that a partner call the golf shop in advance of play so that caddies will be available when needed. Self-carry is permitted after 3:00 p.m. every day.

Electric carts are available on the North Course. Our tradition at Stonewall is to use a caddie or a cart when play begins before 3 p.m. unless the foursome is a family group or the player is a certified junior. Play at both courses will be regulated at the golf shop of the Old Course. Customarily, the Old Course is closed on Monday, but is open on other days in season. The North Course is open every day except on those Mondays when a member-sponsored golf outing of over 40 payers is scheduled to play. The North Course opens at 12 noon on available Mondays.

Guidelines

No hats, caps or the like may be worn in the Golf House, and no metal spikes may be worn anywhere at Stonewall (soft spikes or spikeless shoes are fine). Dress and conduct is that which is acceptable at any fine club. On the Old Course in season before 8:30 a.m. two-ball matches only on Saturdays, Sundays and holidays, with no more than one guest per partner before 9:30 a.m. on weekends and holidays.

Tipping of employees is not permitted. In lieu of tips, a $5 daily golf service fee is charged for each player. Caddies are not employees of Stonewall, and the amount paid is generally at the player's discretion. Advice concerning the appropriate caddy fee will be provided by the golf shop. We find that our partners generally pay their caddies $50 per bag plus gratuity.

Golf House and Accommodations

Stonewall has two golf houses. The Old Course has six overnight rooms each with private bath, meeting rooms, and a full service restaurant and bar. The North Course has two overnight rooms each with a private bath. The North Course also has a bar and outing banquet facility. Overnight and meeting rooms must be reserved in advance. In season, lunches are served at the half-way house at the Old Course located near the 9th tee. Drinks, snacks and wrapped sandwiches are offered daily on the golf house terrace of the North Course. The fieldstone buildings located on both courses have all been restored following the original design and with the original materials.
Food and Beverage
Food and beverage services are regularly available. In season (April 1 through December 31) the dining room is open for dinner service Tuesday through Sunday 5:30 to 9:00. Reservations for dinner are requested. Except in the cocktail area, gentlemen are expected to wear a jacket when dinner is served in the golf house dining room. Except for holiday schedules, Stonewall has no food or beverage service at the Old Course on Mondays. Cigar and pipe smoking is not permitted at the bar or dining room at the Old Course golf house. Stonewall accepts a limited number of house members who will have access to the food and beverage facilities upon payment of specified annual dues. House members do not have access to the golf facilities but will be able to patronize the golf shop. There is no food, beverage or other minimum charge for Partners. Partners and house members desiring alcoholic beverages for themselves or their guests can make arrangements for their own supply through the Stonewall Reserve. At no time may guests purchase alcoholic beverages. Alcoholic beverages may be consumed only when withdrawn by a member of the Reserve from his personal share of the Reserve. * * *
We hope the foregoing information is helpful. Our summary is intended to provide a brief overview of Stonewall and is not meant to be all-inclusive. This booklet is not intended and should not be considered to be an offer to sell Units in Stonewall or a solicitation of an offer to purchase a Unit. Further information can be provided by your proposer or a member of the Admissions Committee.
------------------------------------------ The Stonewall Links Limited Partnership 375 Bulltown Road P O Box 330 Elverson, PA 19520 ------------------------------------------ Paul L. Mauer, General Manager Office: 610-286-3030 extension 232 pmauer@stonewalllinks.com Jerome Cashman, Director of Golf Theodore McKenzie, Golf Professional Golf Shop: 610-286-3030 extension 225 jcashman@stonewalllinks.com Fax: 610-286-7828 Website: www.stonewalllinks.com