Wiltwyck

January 10, 2018

Dear Wiltwyck Golf Club Members, Friends of Wiltwyck and the Local Golfing Community:

January 10, 2018 is a significant day in the history of Wiltwyck Golf Club. Today, after 85 years
as a member-owned, member-operated facility, all assets and custodianship of the Club have
been transferred to a group who consider themselves the “Wiltwyck Golf Custodians” (New
WGC). This new entity is comprised of 10 equity owners who are either themselves, or are
affiliated with, existing members of the Club. On December 17, 2017, at a special meeting of
voting regular members of the Club, and upon the recommendation of the Wiltwyck Board of
Directors, the voting members unanimously approved the sale of all the assets of the Club to
New WGC. The closing of the transaction then followed today.

WILTWYCK HISTORY

• Wiltwyck has a long and storied 85 year history. Since inception, the Club played an
important role in Ulster County’s social, professional and philanthropic scene.

• The Club was formed on April 7, 1933 and was originally located off Hurley Avenue.

• In 1953, the State of New York filed a plan to build the NYS Thruway which would
eventually cut the Club’s original nine hole course in half. Proceeds from the settlement
with the State combined with proceeds from the sale of first mortgage bonds and
proceeds from the sale of the remaining Club property off Hurley Avenue produced
funds sufficient to permit the Club to purchase the Steward Farm, the current Wiltwyck
site, and to build the Club’s facilities.

• Robert Trent Jones Sr. was retained to design the new golf course which opened in
1955. The Clubhouse was constructed in 1956. At the same time as the construction of
the new course and Clubhouse, Wiltwyck was reorganized as a membership
corporation, which leased the golf course property from a separately owned land
corporation.

• The pool was constructed in 1960 and additions to the Clubhouse and other
improvements to the Club property were made throughout the 1960’s, largely financed
by assessments and the proceeds from the sale of pre-paid life insurance.

• In 1969, proceeds from Central Hudson’s construction of its transmission line along the
Thruway were used by the Club in order to facilitate a significant reorganization of

Wiltwyck
404 Steward Lane, Kingston, NY 12401
P 845 331 0700 F 845 331 2987 Pro Shop 845 331 7878
www.wiltwyck.org
 governance and ownership that lasted until today.

• Tennis courts were constructed adjacent to the pool in 1975.

• In 1983, members financed a larger Clubhouse kitchen and improvements to restrooms.

• In 1984, irrigation was installed on the golf course.

• In 1994, Wiltwyck borrowed $2 million to finance a significant Clubhouse expansion and

to make significant improvements to the golf course. The outstanding debt of the Club
repaid today is what remained after principal amortization and multiple refinancings
over the course of the last 20 years.

• On January 10, 2018, custodianship of Wiltwyck was transferred to New WGC.

ACKNOWLEDGEMENTS

Many members of Wiltwyck Golf Club, both past and present, have served the Club with great
distinction and generosity since the Club’s creation in 1933. Significantly, this has included both
time and money. Countless members have devoted significant time and expertise to manage
the many service functions of the Club. Additionally, over this entire period, members have
stepped forward financially. Crucially, in March 2016, 24 members provided loans totaling
$215,000 to facilitate a bank mortgage refinancing. Today’s announcement would not be
possible without the generosity of these members. Similarly, at a meeting of the membership
held on October 29, 2017, more than 30 members volunteered funds to pay the Club’s
November 2017 monthly mortgage expense, as well as other operating expenses, which in turn
enabled the Club’s Strategic Alternatives Task Force to continue the work of finding a buyer for
the Club. Again, without the generosity of these people, Wiltwyck would have ceased to exist in
November last year.

There have also been many other commonplace instances of “unseen” generosity at the Club.
Members have stepped forward to volunteer funding for junior programs, volunteer funding for
protective thermal covers for our greens during the Winter months, volunteer funding for tree
trimming initiatives, and so on and on, and many members have consistently made large
donations each year to the Club’s staff holiday fund. It is in the same vein that the investor
group has stepped forward to allow future generations of local golfers the opportunity to play
our great golf course. Indeed, several of the investors in New WGC participated in the above
initiatives to support Wiltwyck over the years.

Staff have also borne the weight of the Club’s difficulties over the last several years. Pay cuts,
layoffs and expansion of responsibility for the same pay have been commonplace. We would
also like to acknowledge and thank the many staff past and present for their contributions.

Wiltwyck 2|Page
404 Steward Lane, Kingston, NY 12401
P 845 331 0700 F 845 331 2987 Pro Shop 845 331 7878
www.wiltwyck.org
Finally, we would like to thank the outgoing Board and Club Committees. Being a Board or
Committee member of a not-for-profit volunteer organization is often a thankless task. The
people that typically step forward to undertake these roles are those who have a vision for the
common good of their community, and the Club’s many Board and Committee members
routinely did this hard and necessary work over the years.

In looking back over recent past years, common to all membership efforts to restructure the
Club’s operations has been a recognition and acknowledgement of the need to preserve
Wiltwyck as a valuable piece of social infrastructure within the local community. New WGC
embraces this spirit completely.

PRESERVATION OF COMMUNITY ASSET

Wiltwyck’s championship golf course was designed by Robert Trent Jones Sr. and is widely
recognized as a significant test of championship golf -- it is the best example of modern
championship golf architecture in a radius of 60 miles of Kingston. Over the years, the course
has played host to a number of prominent local and state golf events in both professional and
amateur categories. In 2004, the club hosted the New York State Amateur championship, and
many times has hosted the Men’s and Women’s Ulster County Championships. The course has
bred a number of amateur champions including, most recently, Doug Kleeschulte, Jr. who won
the New York State Amateur Championship in 2010 and Bryan Smith, who also won the New
York State Amateur Championship in 1998.

Wiltwyck has had an active and important role in the community, which is well recognized by
New WGC. For example, the Michael B. Finnegan Golf Classic held annually at Wiltwyck has
raised more than $1 million benefitting individuals and organizations in the local community in
their battle against cancer. The YMCA of Kingston and Ulster County has raised close to $2
million for the Strong Kids Scholarship Fund, and its most important fundraiser, the Wiltwyck
Pro-Am, is conducted annually at Wiltwyck. These monies help the neediest in the community
receive support for youth programming and child care. Significantly, the new ownership group
is delighted to welcome Heidi Kirschner, the CEO of the YMCA, to the New WGC leadership
team.

It would be impossible to list the many other examples where the Club has offered support to
the community. As is most often the case with people that make a difference, mostly it goes un-
noticed. When the Rosendale Rapids swim team needed a pool to continue training, the
Wiltwyck pool was made available to keep the swim team swimming.

Wiltwyck is the northern most member of the Metropolitan Golf Association (MGA). The MGA
recognizes Wiltwyck as an important golfing amenity in Ulster County and has acknowledged to
us that our facilities are important and significant. Multiple discussions between New WGC and

Wiltwyck 3|Page
404 Steward Lane, Kingston, NY 12401
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senior MGA officials have already taken place to align New WGC’s vision with the greater vision
for golf in the tri-state area. New WGC plans to introduce an MGA supported Junior Works
Program providing work experience for youth that have an interest in the game. Agronomy, turf
maintenance, retail sporting goods service, hospitality and business administration are all
examples of skills the MGA currently supports within their program. In addition, New WGC
intends to organize a caddy program at the Club, and participants will be eligible to participate
in the MGA’s caddie scholarship program (previously administered by the WGA). This program
is a nationally recognized program providing opportunity and scholarships to participants.

Historically, Wiltwyck has provided golf teams from Kingston High School, Coleman High School
and the Ulster County Community College with complimentary access to our course and
facilities. New WGC will continue these historical relationships and work to expand the offering
to additional proximate educational facilities.

NEW WGC MISSION

Provide a best in class golf course and golf experience for members and provide accessibility
and affordability to the golfing public.

Provide a broad, best in class health offering that serves the local community through
accessibility and affordability.

Provide training, mentoring and opportunity for youth in the local area.

Work to provide improved and increase levels of recreational amenities to the local community.

NEW WGC VISION

Deliver the pre-eminent golfing and recreational health experience in the Hudson Valley.

Future

The motivation of the new group of owners is the same motivation that drove the many
generous members of the Club to step up to support Wiltwyck over the years. Indeed, the
group’s primary motivation is to preserve the Club’s various recreational facilities and centrally,
the golf course.

The business of New WGC will provide Wiltwyck members and guests a level of golf facility
performance in playing surfaces and conditioning that is pre-eminent and not available
elsewhere within the local area. At the same time, Wiltwyck’s facilities will be opened up to
those people who want to play Wiltwyck but who do not wish to avail themselves of the

Wiltwyck 4|Page
404 Steward Lane, Kingston, NY 12401
P 845 331 0700 F 845 331 2987 Pro Shop 845 331 7878
www.wiltwyck.org
responsibilities of membership. The compromise is to provide a semi-public/semi-private
experience where lower cost access is traded off against restriction on time of play.

Reinvestment will be a recurring theme under New WGC, and the reinvestment theme again
plays into the role of custodianship. It is apparent to New WGC that there will be an
inexhaustible list of items that require repair, replacement and upgrade over the next decade.
Many areas of the property require repair and improvement and our master plan includes five
years of upgrades to the property. The turf equipment that maintains the course is on average
20 years old and fully depreciated. There is an urgent need to replace critical machinery. New
WGC has budgeted to continue to upgrade machinery over the next several years, starting in
2018.

Our vision includes the creation of an integrated pool and fitness facility where both our golfers
and non-golfers could choose to come and take advantage of the property’s amenities. An
architect has been retained to make aesthetic and functional changes to the pool area. Repairs
and updating will begin this Spring – tile repair work, updated fencing and improved
surrounding lounge areas will be addressed. We intend to make the pool area much more
attractive and appealing for adults, families and their guests. Café and full bar service at the
pool is planned. Underutilized space in the main Clubhouse building will be repurposed to
house a work out area for members. Looking to the future, specialized fitness classes will be
offered, a meditation area will be made available and massage will be a service members can
secure at Wiltwyck.

Offering a high quality of food and beverage service is critical and a wonderful way for our
members and guests to mingle, relax and unwind. New WGC expects to roll out a modernized
food offering that will be available to members, their guests and the public. A number of well-
known local culinary stars have been interviewed to partner with Wiltwyck. Most have
expressed a strong desire to provide outside patio service, so expect an exciting new seating
area and outdoor bar to add to the Wiltwyck experience.

The grounds of Wiltwyck offer experiences sure to please our youngest in the community. We
intend to organize opportunities for kids to explore the trees at Wiltwyck and learn about the
different species that exist throughout our 100+ acres. Identifying birds and wildlife walks will
be among our planned activities for youth and adults.

Wiltwyck 5|Page
404 Steward Lane, Kingston, NY 12401
P 845 331 0700 F 845 331 2987 Pro Shop 845 331 7878
www.wiltwyck.org
 GOVERNANCE

The 10 investors in New WGC are:

Bill Collins
Rich Croce
Alan DeForest
Frank & Beverly Finnegan
Rich Mellen
Joe O’Connor
Ed Peterson
Rich Siegel
Luke Sullivan
KSJJ LLC (Tom Scherer & Heidi Kirschner)

These 10 intrepid investors have established a five person governing body, called Managing
Members, who will oversee the overall day-to-day management of the business and affairs of
the Club. The five Managing Members are:

Bill Collins
Rich Croce
Alan DeForest
Heidi Kirschner
Joe O’Connor

These Managing Members will draw on the other investors for help on various Club initiatives,
and all will be supported by the Club’s capable senior staff, including its Club Professional,
Greens Superintendent, Controller and Facilities Manager.

Wiltwyck 6|Page
404 Steward Lane, Kingston, NY 12401
P 845 331 0700 F 845 331 2987 Pro Shop 845 331 7878
www.wiltwyck.org
 MEMBER BENEFITS

Following are the benefits that will be reserved for Wiltwyck Members going forward:

• Preferred tee times -- before 11:00 a.m. on Weekends, and between Noon and 2:00 p.m. on
Fridays

• Locker room access -- lockers, steam and showers

• Unlimited access to golf course, driving range and practice green

• Free bag storage

• Eligibility for Club golf events

• USGA Handicap

• Member discounts in restaurant and pro shop

• Guest discounts

• Eligibility for reciprocal play

• No assessments

• No restaurant minimums

• Access to pool and fitness facility (to come)

• Free WiFi

Wiltwyck 7|Page
404 Steward Lane, Kingston, NY 12401
P 845 331 0700 F 845 331 2987 Pro Shop 845 331 7878
www.wiltwyck.org
 MEMBER CATEGORIES AND DUES *

2017 2018
Membership Category
Yearly Dues Yearly Dues

Regular Single over 36 $ 3,995.00 $ 4,000.00

Regular Single over 36 with Spouse 4,995.00 5,000.00
Dues frozen because of
age and years as a
Century Single 3,995.00 4,000.00
member -- must equal
100
Dues frozen because of
age and years as a
Century with Spouse 4,995.00 5,000.00
member -- must equal
100
Junior Associate Single 31-36 3,000.00 3,000.00
Junior Associate Single 27-30 2,000.00 2,000.00
Junior Associate Single 22-26 1,500.00 1,500.00
Non-Resident Single 3,420.00 3,400.00
Non-Resident with Spouse 4,220.00 4,200.00
Super Senior 1,997.50 2,000.00
Super Senior with Spouse 2,547.45 2,500.00
Memorial Day through
Weekday Single 2,500.00 2,500.00
Labor Day
Memorial Day through
Weekday with Spouse 3,000.00 3,000.00
Labor Day
Memorial Day through
Weekend Single 2,500.00 2,500.00
Labor Day
Memorial Day through
Weekend with Spouse 3,000.00 3,000.00
Labor Day
Corporate (4 players) 11,984.00 12,000.00

Social 1,344.00 1,000.00

Pool 750.00 TBD

*
Any applicable sales taxes would be extra.

Wiltwyck 8|Page
404 Steward Lane, Kingston, NY 12401
P 845 331 0700 F 845 331 2987 Pro Shop 845 331 7878
www.wiltwyck.org
 OTHER FEES & CHARGES

A fee schedule of charges for public play, guests, carts, club rentals and lessons will be
announced later in the Spring.

PAYMENT SCHEDULE

Members joining prior to July 1 will be responsible to pay a full year’s dues payments. Dues for
those members will be payable in five equal monthly installments commencing in March 2018
and ending in July 2018. These monthly installments will be charged at the beginning of each
month and will be due by the 15th of that month.

Members joining between July 1 and September 15 will be responsible for 2/3 of the applicable
stated dues. Mid-season members will be charged 2/3 of the applicable stated regular price
and their dues will be payable in three equal monthly installments commencing in July 2018
and ending in September 2018. These monthly installments will be charged at the beginning of
each month and will be due by the 15th of that month.

Members joining after September 15 will be responsible for 1/3 of the applicable stated dues.
End of season golf members will be required to pay in full upon joining.

Payments not paid as of a required due date will incur a finance charge of 1.5% per month.

Any member choosing to pay all of their dues by March 1, 2018 in a single up front installment
will receive four complimentary guest passes.

A person’s age as of July 1 of each year will be used to determine eligibility for an age based
membership classification.

All fees are subject to change without notice although an existing member’s dues will not
change during a membership year. Memberships are non-refundable, non-transferrable, and
may not be sold.

Wiltwyck 9|Page
404 Steward Lane, Kingston, NY 12401
P 845 331 0700 F 845 331 2987 Pro Shop 845 331 7878
www.wiltwyck.org
 FINAL PHILOSOPHICAL OBSERVATION

When one considers the long and storied history of Wiltwyck, it is obvious that there have been
many iterations and changes within the structure of the organization and the golf course.
There have been uncertain times in the past and no doubt there will be challenges in the
future. A golfing fraternity of any dimension or within any socio-economic setting understands
this. Sometimes you hit a bad shot and the branch knocks it back on track, at other times you
can prepare and execute a shot perfectly but receive an unlucky bounce. If we are able to view
the Club’s current situation and the recently closed sale, and all the associated activity, through
this lens, then we quickly realize this most recent period for the Club is simply a few shots or
one hole played by the membership in a very long round on a challenging course.

Ultimately, for all golfers, it is the enjoyment of the game, the enjoyment of one another’s
company, the enjoyment of minor triumphs and perseverance of minor tragedies that sparks
our interest and keeps us all coming back, and back again. And again and again.

Our sincere wish is that we can provide a facility that the existing membership is happy to be a
part of and frequent while, at the same time, accommodate those people in the community
who wish to play our great golf course without the responsibilities of membership. Finally, we
sincerely wish to make a difference to the future of the local community, including through
development of junior programs. There is so much the golf environment can provide to the
young and we will do our level best to provide an environment where this wish can be
accommodated.

We hope to see you on the course this Spring!

Wiltwyck 10 | P a g e
404 Steward Lane, Kingston, NY 12401
P 845 331 0700 F 845 331 2987 Pro Shop 845 331 7878
www.wiltwyck.org