Exhibit 99.1
Grand Court Lifestyles, Inc.
Case Number: 00-32578(NLW)
Reporting Period: August 2000
MONTHLY OPERATING REPORT
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Form Document Explanation
REQUIRED DOCUMENTS No Attached Attached
----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
----------------------------------------------------------------------------------------------------------------
Schedule of Cash Receipts & Disbursements MOR-1 X
----------------------------------------------------------------------------------------------------------------
Bank Reconciliation MOR-1 (CONT) X
----------------------------------------------------------------------------------------------------------------
Copies of bank statements X
----------------------------------------------------------------------------------------------------------------
Cash disbursement journals (attached to bank reconciliations) X
----------------------------------------------------------------------------------------------------------------
Statement of Operations MOR-2 X
----------------------------------------------------------------------------------------------------------------
Balance Sheet MOR-3 X
----------------------------------------------------------------------------------------------------------------
Status of Post Petition Taxes MOR-4
----------------------------------------------------------------------------------------------------------------
Copies of IRS Form 6123 or payment receipt X
----------------------------------------------------------------------------------------------------------------
Copies of tax returns filed during reporting period X
----------------------------------------------------------------------------------------------------------------
Summary of Unpaid Post Petition Debts MOR-4
----------------------------------------------------------------------------------------------------------------
Listing of aged accounts payable X
----------------------------------------------------------------------------------------------------------------
Accounts Receivable Reconciliation & Aging MOR-5 N/A
----------------------------------------------------------------------------------------------------------------
Debtor Questionairre MOR-5 X
----------------------------------------------------------------------------------------------------------------
</TABLE>
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached document are true and correct to the best of my knowledge and
belief.
/s/ Catherine V. Merlino CFO 9/18/00
-------------------------------------- --------------
Signature of Debtor Date
/s/ Catherine V. Merlino CFO 9/18/00
-------------------------------------- --------------
Signature of Authorized Individual Date
/s/ Catherine V. Merlino CFO 9/18/00
-------------------------------------- --------------
Printed Name of Authorized Individual Date
<PAGE>
Case Number 00-32578(NLW)
Form MOR-1
Grand Court Lifestyles, Inc.
Schedule at Cash Receipts and Disbursements
August 1, 2000 - August 31, 2000
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Bank Accounts
---------------------------------------------------------------------------------
(1) Payroll Payroll Multi-family Real Estate Rental
Operating Boca Fort Lee Sales-Escrow Tax Agency
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Cash 8/1/00 1,993,217 2,587 3,564 834,984 93,012 22,826
=================================================================================
Cash Receipts:
Transfer to/from DIP accounts
Transfers (from DIP accounts) 336,000 200,000 324,000
Management fees 79,581
Bookkeeping fees 53,750
General Partner fees 131,750
Sterling National Bank (2)
Vendor refunds & expense reimbursments 12,118 2,184
Notes, loans & other receivables 214,619
Interest income
Construction funding reimbursements
Return of earnest money
Lucinai Contribution 32,500
Multi-family Sales 65,000
Interest income-Bankruptcy 3,530 1,786 182 46
---------------------------------------------------------------------------------
Total Receipts 831,348 200,000 324,000 99,296 182 2,230
Cash Disbursements
Net Payroll and related taxes and expenses (201,639) (301,088)
Insurance (87,286)
Administrative (168,054)
Taxes (30,900)
Other (see attached schedule) (48,003)
Transfers (to DIP accounts) (860,000)
Restructuring Costs (9,750)
US Trustee Quarterly Fees
---------------------------------------------------------------------------------
Total Cash Disbursements (1,203,993) (201,639) (301,088) 0 0 0
---------------------------------------------------------------------------------
Net Cash Flow (372,645) (1,639) 22,912 99,286 182 2,230
---------------------------------------------------------------------------------
Cash August 31, 2000 1,620,572 948 26,476 934,270 93,194 25,056
=================================================================================
<CAPTION>
---------------------------
Current Cumulative
Period filing to date
Actual Actual
---------------------------
<S> <C> <C>
Cash 8/1/00 2,950,190 2,998,777
===========================
Cash Receipts:
Transfer to/from DIP accounts 0 0
Transfers (from DIP accounts) 860,000 5,077,174
Management fees 79,581 319,611
Bookkeeping fees 53,750 303,750
General Partner fees 131,750 719,000
Sterling National Bank (2) 0 (5,981)
Vendor refunds & expense reimbursments 14,302 265,805
Notes, loans & other receivables 214,619 1,267,557
Interest income 0 69,603
Construction funding reimbursements 0 73,376
Return of earnest money 0 23,739
Lucinai Contribution 32,500 261,557
Multi-family Sales 65,000 899,405
Interest income-Bankruptcy 5,544 26,311
---------------------------
Total Receipts 1,457,046 9,300,907
Cash Disbursements
Net Payroll and related taxes and expenses (502,727) (2,273,660)
Insurance (87,286) (328,850)
Administrative (168,054) (841,695)
Taxes (30,900) (127,293)
Other (see attached schedule) (48,003) (846,460)
Transfers (to DIP accounts) (860,000) (5,077,174)
Restructuring Costs (9,750) (92,786)
US Trustee Quarterly Fees 0 (11,250)
---------------------------
Total Cash Disbursements (1,706,720) (9,599,168)
---------------------------
Net Cash Flow (249,674) (298,261)
---------------------------
Cash August 31, 2000 2,700,516 2,700,516
===========================
</TABLE>
Calculating Trustee Quarterly Fees from Current Month Actual
Total
Disbursements
-------------
Total Disbursements 1,706,720
Less Transfers to Debtor in Possession accounts (860,000)
Plus: Estate Disbursements made by Outside sources 0
-----------
846,720
===========
(1) Represents the post-petition money market account and DDA account. The
post-petition cash is kept in an investment account and transferred to the DDA
account as needed
(2) Amount represents the book balances of a Sterling National Bank setoff;
debtor has been unable to ascertain the details of the setoff.
<PAGE>
Case Number: 00-32578(NLW)
Schedule of Cash Receipts and Cash Disbursements
Supplementary Schedule
August 1, 2000 - August 31, 2000
Disbursements-Other
Property Funding-operations 22,800.00 (1)
Property Funding-utilities 25,203.00 (2)
----------
48,003.00
==========
(1) Amount represents total advanced by debtor to a wholly-owned entity.
(2) Amount represents total payments, some of which were advances, made to
utility companies on behalf of senior living properties previously managed by
the debtor.
<PAGE>
CHASE MANHATTAN BANK
MONEY MARKET
A/C 312-8380029-65
AUGUST 31, 2000
Beginning Balance @08/01/00 1,856,899.41
Add: Cash Receipts 522,076.78
Less: Cash Disbursements (860,000.00)
-------------
Book Balance @08/31/00 1,518,976.19
Less: Deposits in Transit-Redeposit of
Return Item @8/31 (243.44)
Add: Outstanding Checks- 0.00
-------------
Bank Balance @08/31/00 1,518,732.75
=============
<PAGE>
CHASE
MONEY MARKET ACCT.
ACCT. 312-8380029-65
RECONCILIATION-Cash Receipts
AUGUST 31, 2000
<TABLE>
<CAPTION>
Bank
GCL Statement
-----------------------------------------
<S> <C> <C> <C> <C>
Chang-Hill Top Postdate 8/1 200.00 8/1 200.00
Conerstone Management 8/2 26,731.29 8/2 26,731.29
Cash Flow Distributions-HUD 8/2 26,579.41 8/2 26,579.41
Management Fees 8/4 79,581.07 8/4 79,581.07
Supervisory Fees 8/4 62,500.00 8/4 62,500.00
Bookkeeping Fees 8/4 53,750.00 8/4 53,750.00
GP Fees 8/4 69,250.00 8/4 69,250.00
Seward/Albuquerque 8/4 4,730.60 8/7 4,730.60
Wire-Return Earnest Money Salt Lake City 8/9 69,000.00 8/9 69,000.00
Reimburse Fed Ex-Estate of B.Rodin 8/10 96.88 8/11 96.88
Postdates @8/15/00 8/15 642.50 8/16 642.50
Reimburse Fed Ex-Donovan 8/15 10.50 8/16 10.50
Cash Flow Surplus 8/17 50,356.51 8/17 50,356.51
Country Estate Distriub-Return @8/24 Redeposit @8/28 8/18 2,702.87 8/18 2,702.87
Reimburse Fed Ex-Boca 8/21 10,983.14 8/21 10,983.14
Refund Fed Ex-Boca 8/21 1,026.63 8/21 1,026.63
KC III-Close Ins Escrow Acct 8/21 251.94 8/21 251.94
Homestead-Cash Flow 8/21 1,049.74 8/22 1,049.74
KC III-Close Acct 8/21 340.98 8/22 340.98
E.White-Return Overpayment Overland 8/22 5,000.00 8/23 5,000.00
Monk/Ewing Postdate 8/29 1,500.00 8/30 1,500.00
Cash Flow Surplus 8/29 2,262.48 8/30 2,262.48
Batchelor Receivables 8/30 50,000.00 8/31 50,000.00
Interest Income 8/31 3,530.24 8/31 3,530.24
Return-Carrollton Fed Ex Reimburse @8/21 Redeposit @9/00 8/28 (243.44)
----------- -----------
522,076.78 521,833.34
=========== ===========
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE MONEY MARKET ACCT.
CASH DISBURSEMENTS
AUGUST 31, 2000
<TABLE>
<CAPTION>
Vendor Check
Check No Name Reference Date Amount
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Debit Grand Court Transfer to Chase Business Checking Acct. 08/02/00 186,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 08/07/00 51,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 08/11/00 25,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 08/16/00 151,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 08/16/00 22,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 08/17/00 72,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 08/18/00 30,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 08/29/00 187,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 08/30/00 136,000.00
-----------
860,000.00
===========
</TABLE>
<PAGE>
CHASE MANHATTAN BANK
BUSINESS CHECKING ACCT.
A/C 312-8380029-66
AUGUST 31, 2000
Beginning Balance @08/01/00 136,316.99
Add: Cash Receipts 860,000.00
Less: Cash Disbursements (894,722.22)
-----------
Book Balance @08/31/00 101,594.77
Less: Deposits and transit 0.00
Add: Outstanding Checks 79,951.76
-----------
Bank Balance @08/31/00 181,546.53
===========
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE CHECKING ACCOUNT
CASH RECEIPTS
AUGUST 31, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
08/03/00 Transfer from Chase money market acct. 186,000.00
08/08/00 Transfer from Chase money market acct. 51,000.00
08/14/00 Transfer from Chase money market acct. 25,000.00
08/16/00 Transfer from Chase money market acct. 151,000.00
08/17/00 Transfer from Chase rental agency acct. 22,000.00
08/18/00 Transfer from Chase money market acct. 72,000.00
08/21/00 Transfer from Chase money market acct. 30,000.00
08/30/00 Transfer from Chase money market acct. 187,000.00
08/31/00 Transfer from Chase money market acct. 136,000.00
-----------
860,000.00
===========
<PAGE>
--------------------------------------------------------------------------------
GRAND COURT LIFESTYLES, INC.
--------------------------------------------------------------------------------
PAYROLL BANK RECONCILIATION
--------------------------------------------------------------------------------
S:\USERS\CM\100GCLPR.WK4
--------------------------------------------------------------------------------
Bank Atlantic-Boca Payroll
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
2000
--------------------------------------------------------------------------------
August
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BOOK BAL BEGINNING 2,588.05
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CR - PER G/L
--------------------------------------------------------------------------------
WT fm Chase 66,000.00
--------------------------------------------------------------------------------
WT fm Chase 66,000.00
--------------------------------------------------------------------------------
WT fm Chase 68,000.00
--------------------------------------------------------------------------------
CD-PAYROLL-per ADP sheets 8/3/00 (64,413.68)
--------------------------------------------------------------------------------
8/17/00 (63,860.44)
--------------------------------------------------------------------------------
8/31/00 (66,227.75)
--------------------------------------------------------------------------------
401-k transfer 8/3/00 (1,779.12)
--------------------------------------------------------------------------------
401-k transfer 8/17/00 (1,782.03)
--------------------------------------------------------------------------------
401-k transfer 8/31/00 (1,782.03)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Payroll taxes
--------------------------------------------------------------------------------
Payroll taxes
--------------------------------------------------------------------------------
Payroll taxes
--------------------------------------------------------------------------------
Garnishments 8/3/00 (300.00)
--------------------------------------------------------------------------------
Garnishments 8/17/00 (300.00)
--------------------------------------------------------------------------------
Garnishments 8/31/00 (300.00)
--------------------------------------------------------------------------------
Other CD
--------------------------------------------------------------------------------
Manual check-not included in ADP
--------------------------------------------------------------------------------
Voided cks per ADP included in prior month 2396 (815.82)
--------------------------------------------------------------------------------
Voided cks per ADP included in prior month
--------------------------------------------------------------------------------
Voided checks not yet in ADP
--------------------------------------------------------------------------------
CD-S/C (77.71)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BOOK BAL ENDING 949.47
===========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DIT:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
O/S:
--------------------------------------------------------------------------------
2505 1,470.12
--------------------------------------------------------------------------------
8/31 payroll 66,227.75
--------------------------------------------------------------------------------
8/18 garnishment 300.00
--------------------------------------------------------------------------------
8/31 garnishment 300.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
68,297.87
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BANK BALANCE 69,247.34
===========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Per Bank Statement 69,247.34
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(0.00)
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
GRAND COURT LIFESTYLES, INC.
--------------------------------------------------------------------------------
PAYROLL BANK RECONCILIATION
--------------------------------------------------------------------------------
S:\USERS\CM\100GCLPR.WK4
--------------------------------------------------------------------------------
Grand Court Ft Lee Payroll Corp 2000
--------------------------------------------------------------------------------
August
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BOOK BAL BEGINNING 3,464.58
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other
--------------------------------------------------------------------------------
CD-S/C (20.27)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BOOK BAL ENDING 3,444.31
=========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DIT:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
O/S:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
0.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BANK BALANCE 3,444.31
=========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Per Bank Statement 3,444.31
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(0.00)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
GRAND COURT LIFESTYLES, INC.
--------------------------------------------------------------------------------
PAYROLL BANK RECONCILIATION
--------------------------------------------------------------------------------
S:\USERS\CM\100GCLPR.WK4
--------------------------------------------------------------------------------
Aug
--------------------------------------------------------------------------------
2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BOOK BAL BEGINNING 100.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CR - PER G/L WT fm Chase 120,000,00
--------------------------------------------------------------------------------
WT fm Chase 85,000.00
--------------------------------------------------------------------------------
WT fm Chase 119,000.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CD-PAYROLL-per ADP sheets 8/4/00 (58,091.22)
--------------------------------------------------------------------------------
8/17/00 (34,676.70)
--------------------------------------------------------------------------------
8/31/00 (58,571.02)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Health insurance ck#1222 (3,831.76)
--------------------------------------------------------------------------------
ck#1223 (1,324.12)
--------------------------------------------------------------------------------
Payroll taxes 8/2/00 (30,276.42)
--------------------------------------------------------------------------------
Payroll taxes 8/2/00 (28,380.82)
--------------------------------------------------------------------------------
Payroll taxes 8/17/00 (27,781.46)
--------------------------------------------------------------------------------
Payroll taxes 8/17/00 (20,773.16)
--------------------------------------------------------------------------------
Payroll taxes 8/31/00 (28,492.78)
--------------------------------------------------------------------------------
Payroll taxes 8/31/00 (27,302.67)
--------------------------------------------------------------------------------
Garnishments ck#1218 (1,311.50)
--------------------------------------------------------------------------------
Garnishments ck#1219 (1,311.50)
--------------------------------------------------------------------------------
Garnishments ck#1220 (1,311.50)
--------------------------------------------------------------------------------
Other CD
--------------------------------------------------------------------------------
Manual check-included in prior month CD
--------------------------------------------------------------------------------
Manual check-included in prior month CD
--------------------------------------------------------------------------------
Manual check-not included in ADP
--------------------------------------------------------------------------------
Voided cks per ADP included in prior month
--------------------------------------------------------------------------------
Voided cks per ADP included in prior month
--------------------------------------------------------------------------------
Voided checks not yet in ADP ck#2988 22,874.70
--------------------------------------------------------------------------------
Voided checks not yet in ADP
--------------------------------------------------------------------------------
Voided checks not yet in ADP
--------------------------------------------------------------------------------
Voided checks not yet in ADP
--------------------------------------------------------------------------------
safety deposit box (174.30)
--------------------------------------------------------------------------------
Other-ADP charges 8/11/00 (98.80)
--------------------------------------------------------------------------------
Other-ADP charges 8/11/00 (58.20)
--------------------------------------------------------------------------------
Other-ADP charges 8/25/00 (114.63)
--------------------------------------------------------------------------------
Other-ADP charges 8/25/00 (59.90)
--------------------------------------------------------------------------------
Other-ADP charges
--------------------------------------------------------------------------------
CD-S/C
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BOOK BAL ENDING 23,033.24
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DIT:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
O/S: ck#2982 2,898.17
--------------------------------------------------------------------------------
ck#2983 1,036.94
--------------------------------------------------------------------------------
ck#2987 6,694.71
--------------------------------------------------------------------------------
ck#2990 1,286.00
--------------------------------------------------------------------------------
ck#2991 4,812.91
--------------------------------------------------------------------------------
ck#2993 1,952.11
--------------------------------------------------------------------------------
ck#2994 1,931.35
--------------------------------------------------------------------------------
ck#1220 1,311.50
--------------------------------------------------------------------------------
ck#1222 3,831.76
--------------------------------------------------------------------------------
ck#1223 1,324.12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total Outstanding Checks 27,079.57
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BANK BALANCE 50,112.81
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Per Bank Statement 50,112.81
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(0.00)
--------------------------------------------------------------------------------
<PAGE>
CHASE MANHATTAN BANK
MULTI FAMILY MONEY MARKET
A/C 312-8380029-67
AUGUST 31, 2000
Beginning Balance @08/01/00 834,983.57
Add: Cash Receipts 99,286.33
Less: Cash Disbursements 0.00
-----------
Book Balance @08/31/00 934,269.90
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
-----------
Bank Balance @08/31/00 934,269.90
===========
<PAGE>
GRAND COURT LIFESTYLES, INC.
MULTI-FAMILY MONEY MARKET
CASH RECEIPTS
AUGUST 31, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
08/03/00 Western Park 97,500.00
08/31/00 Interest Income 1,786.33
----------
99,286.33
==========
<PAGE>
CHASE MANHATTAN BANK
REAL ESTATE ESCROW ACCOUNT
A/C 312-8396952-65
AUGUST 31, 2000
Beginning Balance @08/01/00 93,012.55
Add: Cash Receipts 181.86
Less: Cash Disbursements 0.00
---------
Book Balance @08/31/00 93,194.41
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
---------
Bank Balance @08/31/00 93,194.41
=========
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE REAL ESTATE ESCROW
CASH RECEIPTS
AUGUST 31, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
08/31/00 Interest Income Credit 181.86
------
181.86
======
<PAGE>
CHASE MANHATTAN BANK
RENTAL AGENCY ESCROW ACCT.
NC 312-8396952-65
AUGUST 31, 2000
Beginning Balance @08/01/00 22,825.91
Add: Cash Receipts 2,229.61
Less: Cash Disbursements 0.00
---------
Book Balance @08/31/00 25,055.52
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
---------
Bank Balance @08/31/00 25,055.52
=========
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE RENTAL AGENCY ESCROW ACCOUNT
CASH RECEIPTS
AUGUST 31, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
08/22/00 Refund Vendor-San Angelo 2,184.00
08/31/00 Interest Income Credit 45.61
--------
2,229.61
========
<PAGE>
Form MOR-2
Grand Court Lifestyles, Inc.
Income Statement
August 1, 2000 - August 31, 2000
<TABLE>
<CAPTION>
Cumulative Filing
8/31/00 to Date
------------------------------
<S> <C> <C>
Revenues:
Management Fee Income 210,750 1,087,820
General Partner Fees 31,250 149,895
Interest Income 928,826 5,244,278
Deferred Profit Earned 22,425 283,749
------------------------------
Total Revenues 1,193,251 6,765,742
Administrative Expenses:
Travel 4,646 28,189
Telephone 17,767 89,855
Federal Express 5,922 20,298
Postage 1,719 24,706
Office Supplies & Expense 2,836 48,070
Outside Storage 2,543 8,758
Miscellaneous 81,000 33,135
ADP 346 3,191
Legal & Accounting 300 27,367
Licenses & Filing Fees 4,659 13,886
Recruitment 2,202 8,787
Printing 48 7,612
Caton Expenses 12,217 67,264
Rent 62,380 307,484
Computer Equipment Maintenance 30,368 69,147
Insurance 81,748 218,614
Equipment Leases 5,784 33,187
Office Salaries and expenses 506,044 2,151,986
Directors Fees 0 6,000
Interest 181 22,979
Corporate Taxes 30,900 52,900
Amortization 20,328 108,197
------------------------------
Total Administrative Expenses 873,938 3,351,612
------------------------------
Extraordinary Expenses:
Net loss due to loss of properties (1) 4,416,494 17,891,235
------------------------------
Total Expenses 5,290,432 21,242,847
------------------------------
Net Loss Before Reorganization Expenses (4,097,181) (14,477,105)
------------------------------
Restructuring Expenses:
Administrative fees (12,363) (91,366)
Professional fees (138,000) (497,000)
US Trustee Quarterly Fees 0 (11,250)
Interest Eamed on Accumulated Cash from, Chapter 11 5,544 26,312
------------------------------
Total Reorganization Expenses (144,819) (573,304)
------------------------------
Net Income (Loss) (4,242,000) (15,050,409)
==============================
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(1) Net loss due to loss of properties for the month of August represents:
Write-off of a multi-family receivable relating to a property whose
mortgage is in default 2,690,241
Write-off of a receivable relating to a senior living property whose
mortgage is in default 1,304,800
Write-off of the debtors investment in three senior living properties
whose mortgages went into default 488,637
As offset by:
Final proceeds from the sale of a multi-family property (65,000)
Vendor reimbursement related to a Capstone property (2,184)
----------
4,416,494
==========
</TABLE>
There are three additional multi-family properties that may be lost through
foreclosure in the near future. The partnerships which own these properties are
is in the process of attempting to sell these properties but is unable to
determine whether such sales will occur or at what price.
There are eleven additional senior living properties that are currently in
default of their mortgages.
<PAGE>
Form MOR-3
Grand Court Lifestyles, Inc.
Balance Sheet
August 31, 2000
<TABLE>
<CAPTION>
Book Value Book Value
at end of on Petition
Month Date
--------------------------------
<S> <C> <C>
Assets:
Cash 2,700,516 2,998,777
Notes & Receivables 211,605,368 227,986,234
Investments 15,611,093 16,099,729
Construction in Progress 715,940 739,486
Furniture & Equipment-net 609,199 4,658,158
Other Assets 18,078,161 18,526,143
--------------------------------
Total Assets 249,320,277 271,008,527
================================
Liabilities Not Subject to Compromise:
Accounts Payable 403,599 549,781
Professional Fees 512,000 --
--------------------------------
Total Post-Petition Liabilities 915,599 549,781
--------------------------------
Deferred Income 63,583,491 67,403,696
Deferred Rent Obligations -- 2,741,705
Liabilities Subject to Compromise:
Secured Debt 106,104,581 106,385,512
Priority Debt 224,084 486,635
Unsecured Debt 84,001,389 84,197,250
--------------------------------
Total Pre-Petition Liabilities 190,330,054 191,069,397
--------------------------------
Stockholders Equity:
Common Stock 178,000 178,000
Treasury Stock (1,579,817) (1,579,817)
Paid-in-Capital 75,350,594 75,053,000
Accumulated Deficit (57,190,813) (57,190,813)
Net (loss) for period (22,266,831) (7,216,422)
--------------------------------
Total Stockholders' Equity (5,508,867) 9,243,948
--------------------------------
Total Liabilities & Stockholders' Equity 249,320,277 271,008,527
================================
</TABLE>
<PAGE>
Case Number: 00-32578(NLW)
Reporting Period: Month of August
Status of Postpetition Taxes
Fort Lee office
<TABLE>
<CAPTION>
Beginning Amount Ending
Tax Withheld Amount Date Check No Tax
Liability or Accrued Paid Paid or EFT Liability
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Federal
Withholding 684 43,644 43,644 8/4,8/18,8/31 see attached 684
FICA-Employee 329 7,552 7,552 8/4,8/18,8/31 see attached 329
FICA-Employer 329 7,552 7,552 8/4,8/18,8/31 see attached 329
Unemployment 0 see attached 0
Income 0 0
Other: 0 0
------------------------------------------------------------------------------------------------
Total Federal Taxes 1,341 58,749 58,749 0 0 1,341
------------------------------------------------------------------------------------------------
State & Local
Withholding 0 19,369 19,369 8/4,8/18,8/31 see attached 0
Sales 0
Excise 0
Unemployment 0 234 234 8/4,8/18,8/31 see attached 0
Real Property 0
Personal Property 0
Other 0
------------------------------------------------------------------------------------------------
Total State & Local 0 19,603 19,603 0 0 0
------------------------------------------------------------------------------------------------
Total Taxes 1,341 78,352 78,352 0 0 1,341
================================================================================================
</TABLE>
<PAGE>
Case Number: 00-32578(NLW)
Reporting Period: Month of August
Status of Postpetition Taxes
Boca Office
<TABLE>
<CAPTION>
Beginning Amount Ending
Tax Withheld Amount Date Check No Tax
Liability or Accrued Paid Paid or EFT Liability
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Federal
Withholding (1,145) 53,711 53,711 8/4,8/18,8/31 see attached (1,145)
FICA-Employee 0 15,065 15,065 8/4,8/18,8/31 0
FICA-Employer (296) 15,065 15,065 8/4,8/18,8/31 (296)
Unemployment 250 250 0
Income 0 0
Other: 0 0
------------------------------------------------------------------------------------------------
Total Federal Taxes (1,441) 84,090 84,090 0 0 (1,441)
------------------------------------------------------------------------------------------------
State & Local
Withholding
Sales
Excise
Unemployment 565 565 8/4,8/18 8/31
Real Property
Personal Property
Other
------------------------------------------------------------------------------------------------
Total State & Local 0 565 565 0 0 0
------------------------------------------------------------------------------------------------
Total Taxes (1,441) 84,655 84,655 0 0 (1,441)
================================================================================================
</TABLE>
<PAGE>
Case Number:00-32578(NLW) Form MOR-4
Grand Court Lifestyles, Inc.
Summary of Post Petition Debts
Reporting period: August 2000
<TABLE>
<CAPTION>
Number of Days Past Due
Current 0-30 31-60 61-90 Over 90 Total
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<S> <C> <C> <C> <C> <C> <C>
Accounts Payable 37,787 3,790 495 21,190 63,262
Accrued expenses 60,049 19,806 79,855
Taxes Payable 24,014 1,341 25,355
Other 206,497 10,627 3,617 2,650 11,736 235,127
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Total Post Petition Debts 290,560 48,414 7,407 3,145 54,073 403,599
=====================================================================
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE - POST PETITION - BOCA
AS OF 08/31/00
C:\123R5W\WORK\APRECON.WK4
ACCOUNTS PAYABLE SUB-LEDGER 27,445.59
Add: 0.00
Less: 0.00
---------
Accounts Payable Balance Per G/L @08/31/00 27,445.59
=========
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE - POST PETITION - FT. LEE
AS OF 08/31/00
C:\123R5W\WORK\APRECON.WK4
ACCOUNTS PAYABLE SUB-LEDGER 35,816.04
Add: 0.00
Less: 0.00
---------
Accounts Payable Balance per G/L @08/31/00 35,816.04
=========
<PAGE>
For MOR-5
Grand Court Lifestyles, Inc.
Case Number O0-32578(NLW)
Reporting Period - August 2000
<TABLE>
<CAPTION>
Debtor Questionaire Yes No
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. Have any assets been sold or transferred outside the normal course of
business this reporting period? If yes, provide an explanation below. X
-----------------------------------------------------------------------------------------------------------
2. Have any funds been disbursed from any account other than a debtor in
possession account this reporting period? If yes, provide an explanation
below. X
-----------------------------------------------------------------------------------------------------------
3 Have all postpetition tax returns been timely filed? If no, provide an
explanation below. X
-----------------------------------------------------------------------------------------------------------
4. Are workers compensation, general liability and other necessary insurance
coverages in effect? If no, provide an explanation below. X
-----------------------------------------------------------------------------------------------------------
</TABLE>
Explanation to question 1:
Write-off of a multi-family receivable relating to a property whose mortgage is
in default.
Write-off of a senior-living receivable relating to a property whose mortgage is
in default.
Write-off of the debtor's investment in three senior living properties whose
mortgages went into default.
