Grand Court Lifestyles, Inc.
Case Number: 00-32578(NLW)
Reporting Period: July 2000
MONTHLY OPERATING REPORT
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Form Document Explanation
REQUIRED DOCUMENTS No Attached Attached
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Schedule of Cash Receipts & Disbursements MOR-1 X
Bank Reconciliation MOR-1(CONT) X
Copies of bank statements X
Cash disbursement journals X
(attached to bank reconciliations)
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/ [ILLEGIBLE] 8/16/00
----------------------------------- -------
Signature of Debtor Date
/s/ [ILLEGIBLE] 8/16/00
----------------------------------- -------
Signature of Authorized Individual Date
<PAGE>
Case Number: OO-32578(NLW) Form MOR-1
Grand Count Lifestyles, Inc.
Schedule of Cash Receipts and Disbursements
July 1, 2000 - July 31, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
Bank Accounts
------------------------------------------------------------------ Current Cumulative
(1) Payroll Payroll Multi-family Real-Estate Rental Period filing to date
Operating Boca Fort Lee Sales-Escrow Tax Agency Actual Actual
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash 7/1/00 2,845,612 2,897 6,350 0 129,265 8,712 2,992,836 2,998,777
===============================================================================================
Cash Receipts:
Transfer to/from DIP accounts 0 0
Transfers (from DIP accounts) 542,472 194,000 163,000 834,405 1,733,877 4,217,174
Management fees 60,883 60,883 240,030
Bookkeeping fees 61,250 61,250 250,000
General Partner fees 142,000 142,000 587,250
Sterling National Bank(2) 0 (5,981)
Vendor refunds &
expense reimbursements 14,780 14,081 28,861 251,503
Notes, loans & other receivables 249,869 249,869 1,052,938
Interest income 3,563 3,563 69,603
Construction funding reimbursements 0 73,376
Return of earnest money 0 23,739
Lucinai Contribution 229,057 229,057 229,057
Multi-family Sales 0 834,405
Interest income-Bankruptcy 4,573 579 219 33 5,404 20,767
-----------------------------------------------------------------------------------------------
Total Receipts 1,308,447 194,000 163,000 834,984 219 14,114 2,514,764 7,843,861
Cash Disbursements:
Net Payroll and related
taxes and expenses (194,310) (165,786) (360,096) (1,770,933)
Insurance (18,047) (18,047) (241,564)
Administrative (153,666) (153,666) (673,641)
Taxes (1,393) (1,393) (96,393)
Other (see attached schedule) (228,793) (228,793) (798,457)
Transfers (to DIP accounts) (1,697,405) (36,472) (1,733,877) (4,217,174)
Restructuring Costs (54,038) (54,038) (83,036)
US Trustee Quarterly Fees (7,500) (7,500) (11,250)
-----------------------------------------------------------------------------------------------
Total Cash Disbursements (2,160,842) (194,310) (165,786) 0 (36,472) 0 (2,557,410) (7,892,448)
-----------------------------------------------------------------------------------------------
Net Cash Flow (852,395) (310) (2,786) 834,984 (36,253) 14,114 (42,646) (48,587)
-----------------------------------------------------------------------------------------------
Cash July 31, 2000 1,993,217 2,587 3,564 834,984 93,012 22,826 2,950,190 2,950,190
===============================================================================================
</TABLE>
Calculating Trustee Quarterly Fees from Current Month Actual
Total
Disbursements
-------------
Total Disbursements 2,557,410
Less Transfers to Debtor in Possession accounts (1,733,877)
Plus Estate Disbursements made by outside sources 0
-----------
823,533
===========
(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
July 1, 2000 - July 31, 2000
Disbursements-Other
Property Funding-operations 20,500.00 (1)
Property Funding-insurance 106,094.00 (2)
Property Funding-utilities 60,799.00 (3)
41,400.00 (4)
----------
228,793.00
==========
(1) Amount represents total advanced by debtor to a wholly-owned entity.
(2) Amount represents total advanced to three senior living properties to pay
insurance premiums.
(3) Amount represents total payments, some of which were advances, made to
utility companies on behalf of senior living properties previously managed by
the debtor.
(4) Payment to multi-family limited partners of their pro-rata shares of
proceeds for the pre-bankruptcy filing sale of a multi-family property. These
funds were not the property of the debtor.
<PAGE>
CHASE MANHATTAN BANK
BUSINESS CHECKING ACCT.
A/C 312-8380029-66
JULY 31, 2000
Beginning Balance @07/01/00 119,335.86
Add: Cash Receipts 899,472.45
Less: Cash Disbursements (882,491.32)
-----------
Book Balance @07/31/00 136,316.99
Less: Deposits and transit (150,000.00)
Add: Outstanding Checks 49,389.29
-----------
Bank Balance @07/31/00 35,706.28
===========
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE CHECKING ACCOUNT
CASH RECEIPTS
JULY 31, 2000
Deposit Deposit
Date Description Amount
-----------------------------------------------------------------------
07/05/00 Transfer from Chase money market acct. 193,000.00
07/10/00 Transfer from Chase money market acct. 67,000.00
07/14/00 Transfer from Chase rental agency acct. 20,000.00
07/17/00 Transfer from Chase money market acct. 28,452.10
07/17/00 Transfer from Chase money market acct. 20,000.00
07/18/00 Transfer from Chase money market acct. 300,000.00
07/19/00 Transfer from Chase money market acct. 58,000.00
07/19/00 Transfer from Chase money market acct. 8,020.35
07/24/00 Transfer from Chase money market acct. 55,000.00
07/28/00 Transfer from Chase money market acct. 150,000.00
----------
899,472.45
==========
<PAGE>
CHASE MANHATTAN BANK
MONEY MARKET
A/C 312-8380029-65
JULY 31, 2000
Beginning Balance @07/01/00 2,726,277,10
Add: Cash Receipts 828,027.33
Less: Cash Disbursements (1,697,405.02)
-------------
Book Balance @07/31/00 1,856,899.41
Less: Deposits in Transit-Sierer-S. Dade 0.00
Add: Outstanding Checks- Debit @07/28/00 150,000.00
-------------
Bank Balance @07/31/00 2,006,899,41
=============
<PAGE>
CHASE
MONEY MARKET ACCT.
ACCT. 312-8380029-65
RECONCILIATION-Cash Receipts
JULY 31, 2000
<TABLE>
<CAPTION>
Bank
GCL Statement
---------------------------------
<S> <C> <C> <C> <C>
Tom Sierer - S. Dade 6/15 n/c 7/6 4,000.00 7/6 4,000.00
Estate of Bernie Rodin-Reimb Fed Ex 7/10 1,083.89 7/10 1,083.89
Conerstone 7/10 62,052.24 7/10 62,052.24
Supervisory Fees 7/13 75,750.00 7/12 75,750.00
Bookkeeping Fees 7/13 66,250.00 7/12 66,250.00
General Partner Fees 7/13 61,250.00 7/12 61,250.00
Loan Receivable -Seward/Albuquerque 7/13 4,730.60 7/12 4,730.60
Cloverleaf III Distribution 7/14 3,069.30 7/14 3,069.30
Conventional Cash Flow 7/17 48,898.14 7/17 48,898.14
Postdates/Cloverleaf III Distribution 7/17 2,599.76 7/17 2,599.76
Gilbert Settlement-Wire transfer In 7/20 229,057.02 7/18 229,057.02
Partial Return Advance to Hialeah Miami 7/20 14,427.97 7/20 14,427.97
Homestead Cash Flow 7/27 2,257.39 7/26 2,257.39
Management Fees 7/28 60,882.56 7/27 60,882.56
Reimbursement of Fed Ex 7/28 13,696.98 7/27 13,696.98
Batchelor Receivable 7/28 150,288.10 7/28 150,288.10
Batchelor Receivable 7/28 18,500.00 7/28 18,500.00
KC III-Return of L&E/Int Inc payroll resv-Boca 7/28 4,661.72 7/28 4,661.72
Monthly Interest Income 7/31 4,572.66 7/31 4,572.66
---------- ----------
Total Cash Receipts July 31, 2000 828,028.33 828,028.33
========== ==========
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE MONEY MARKET ACCT.
CASH DISBURSEMENTS
JULY 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. 07/05/00 193,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 07/10/00 67,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 07/14/00 20,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 07/17/00 20,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 07/18/00 300,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 07/19/00 58,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 07/21/00 834,405.02
Debit Grand Court Transfer to Chase Business Checking Acct. 07/24/00 55,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 07/28/00 150,000.00
------------
1,697,405.02
============
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
Bank Atlantic-Boca Payroll
2000
July
BOOK BAL BEGINNING 2,896.90
CR - PER G/L
WT fm Chase 98,000.00
WT fm Chase 96,000.00
CD-PAYROLL-per ADP sheets 7/7/00 (66,806.02)
7/21/00 (65,720.05)
401-k transfer 7/7/00 (1,789.02)
401-k transfer 7/21/00 (1,779.12)
Payroll taxes 7/7/00 (29,152.95)
Payroll taxes 7/21/00 (28,639.49)
Payroll taxes 7/28/00 (598.55)
Garnishments 7/7/00 (300.00)
Garnishments 7/21/00 (300.00)
Voided checks not yet in ADP 2396 815.82
CD-S/C (39.47)
BOOK BAL ENDING 2,588.05
==========
DIT:
O/S:
2416 1,470.13
Total o/s checks 1,470.13
BANK BALANCE 4,058.18
==========
Per Bank Statement 4,058.18
==========
<PAGE>
GRAND COURT LIFESTYLES, INC.
BI WEEKLY PAYROLL FOR WIRED FUNDS
BANK ATLANTIC RT#267083763 A/C0055333296
--------------------------------------------------------------------------------
MONTH
JULY 7, 2000 JULY 21,2000 TOTAL
--------------------------------------------------------------------------------
FEDERAL TAX DEPOSIT ($29,152.95) ($28,639.49) ($57,792.44)
--------------------------------------------------------------------------------
GARNISHMENTS ($300.00) ($300.00) ($600.00)
--------------------------------------------------------------------------------
401 K CONTRIBUTION BOCA ($1,104.65) ($1,094.75) ($2,199.40)
--------------------------------------------------------------------------------
401K CONTRIBUTION FT.LEE ($684.37) ($684.37) ($1,368.74)
--------------------------------------------------------------------------------
NET PAYROLL ($66,806.02) ($64,715.24) ($131,521.26)
================================================================================
REQUESTED FUNDS FOR BOCA ($98,047.99) ($95,433.85) ($193,481.84)
================================================================================
WIRED FUNDS RECEIVED-FT LEE $98,000.00 $96,000.00 $194,000.00
================================================================================
EMPLOYEE BENEFIT
PAID FROM FT. LEE $488.00 $476.00 $964.00
================================================================================
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
2000
July
BOOK BAL BEGINNING 6,250.09
CR - PER G/L WT fm CH 95,000.00
WT fm CH 68,000.00
CD-PAYROLL-per ADP sheets 7/7/00 (61,551.77)
7/21/00 (38,794.22)
Health insurance ck#35 (3,603.10)
Health insurance
Payroll taxes 7/7/00 (30,969.48)
Payroll taxes 7/21/00 (24,125.20)
Payroll taxes add'l SUI (23.13)
JL&BR taxes included prio month
Garnishments ck#33 (1,311.50)
ck#34 (1,311.50)
Garnishments
Manual check-not included in ADP ck# 36 (1,546.82)
Manual check-not included in ADP ck# 37 (1,103.51)
Manual check-not included in ADP ck# 38 (525.27)
Manual check-not included in ADP ck# 39 (722.33)
CD-S/C (197.68)
BOOK BAL ENDING 3,464.58
==========
DIT:
O/S:
0.00
BANK BALANCE 3,464.58
==========
Per Bank Statement 3,464.58
0.00
<PAGE>
Grand Court Lifestyles, Inc.
Payroll Reconciliation
July 2000
Balance beginning 100.00
Transfer 0.00
------
Ending balance 100.00
======
<PAGE>
CHASE MANHATTAN BANK
MULTI FAMILY MONEY MARKET
A/C 312-8380029-67
JULY 31, 2000
Beginning Balance @07/01/00 0.00
Add: Cash Receipts 834,983.57
Less: Cash Disbursements 0.00
----------
Book Balance @07/31/00 834,983.57
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
----------
Bank Balance @07/31/00 834,983.57
==========
<PAGE>
GRAND COURT LIFESTYLES, INC.
MULTI-FAMILY MONEY MARKET
CASH RECEIPTS
JULY 31, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
7/21/00 Transfer from Chase Money Market Account 834,405.02
7/31/00 Interest Income 578.55
----------
834,983.57
==========
<PAGE>
CHASE MANHATTAN BANK
REAL ESTATE ESCROW ACCOUNT
A/C 312-8396952-65
JULY 31, 2000
Beginning Balance @07/01/00 129,265.35
Add: Cash Receipts 219.65
Less: Cash Disbursements (36,472.45)
----------
Book Balance @07/31/00 93,012.55
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
----------
Bank Balance @07/31/00 93,012.55
==========
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE REAL ESTATE ESCROW
CASH DISPURSEMENTS
JULY 31, 2000
Debit Check
Date Description Amount
--------------------------------------------------------------------------------
7/17/00 Transfer to Chase Business Checking Account 28,452.10
7/19/00 Transfer to Chase Business Checking Account 8,020.35
---------
36,472.45
=========
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE REAL ESTATE ESCROW
CASH RECEIPTS
JULY 31, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
7/28/00 Interest Income Credit 0.38
7/31/00 Interest Income Credit 219.27
------
219.65
======
<PAGE>
CHASE MANHATTAN BANK
RENTAL AGENCY ESCROW ACCT.
A/C 312-8396952-65
JULY 31, 2000
Beginning Balance @07/01/00 8,712.31
Add: Cash Receipts 14,113.60
Less: Cash Disbursements 0.00
---------
Book Balance @07/31/00 22,825.91
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
---------
Bank Balance @07/31/00 22,825.91
=========
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE RENTAL AGENCY ESCROW ACCOUNT
CASH RECEIPTS
JULY 31, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
7/12/00 Deposit from Boca Raton 14,081.00
7/31/00 Interest Income Credit 32.86
---------
14,113.86
=========
<PAGE>
Form MOR-2
Grand Court Lifestyles, Inc.
Income Statement
July 1, 2000 -July 31, 2000
Cumulative
Filing
Revenues 7/31/00 to Date
--------------------------
Management Fee Income 191,368 877,070
General Partner Fees 23,250 118,645
Interest Income 1,018,689 4,315,452
Deferred Profit Earned 53,305 261,324
--------------------------
Total Revenues 1,286,612 5,572,491
Administrative Expenses:
Travel 6,551 23,543
Telephone 20,176 72,088
Federal Express 7,047 14,376
Postage 8,094 22,987
Office Supplies & Expense 16,569 45,234
Outside Storage 1,998 6,215
Miscellaneous (2) 836 (47,865)
ADP 612 2,845
Legal & Accounting 0 27,067
Licenses & Filing Fees (3,873) 9,227
Recruitment 0 6,585
Printing 1,315 7,564
Caton Expenses 11,523 55,047
Rent 64,115 245,104
Computer Equipment Maintenance 16,415 38,779
Insurance 11,151 136,886
Equipment Leases 12,717 27,403
Office Salaries and expenses 366,737 1,645,942
Director's Fees 0 6,000
Interest 21,318 22,798
Corporate Taxes 0 22,000
Amortization 20,328 87,869
--------------------------
Total Administrative Expenses 583,630 2,477,675
--------------------------
Extraordinary Expenses:
Net loss due to loss of properties (1) 3,090,605 13,474,741
--------------------------
Total Expenses 3,674,235 15,952,416
--------------------------
Net Loss Before Reorganization Expenses (2,387,623) (10,379,925)
--------------------------
Restructuring Expenses:
Administrative fees (20,362) (79,003)
Professional fees (174,000) (359,000)
US Trustee Quarterly Fees (7,500) (11,250)
Interest Earned on Accumulated Cash from Chapter 11 5,404 20,768
--------------------------
Total Reorganization Expenses (196,458) (428,485)
--------------------------
Net Income(Loss) (2,584,082) (10,808,410)
==========================
<PAGE>
(1) Net loss due to loss of properties for the month of July represents:
Write-off of four multi-family receivables relating to properties
whose mortgages are in default 3,084,764
Write-off of a receivable relating to a senior living property whose
mortgage is in default 10,000
Final expenses regarding a receivable relating to a senior living
property which was previously written off 6,454
As offset by:
Receipt of payroll overfunding related to the four Capstone
properties (10,613)
---------
3,090,605
=========
There are three additional multi-family properties that may be lost through
foreclosure, in the near future. The debtor 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 ten additional senior living properties that are currently in default
of their mortgages. The debtor is in the process of negotiating with the
respective mortgage lenders and is unable to determine whether such negotiations
will be successful.
(2) Miscellaneous expense for Cumulative Filing to Date includes a partial
reimbursement of financing costs associated with the anticipated acquisition of
a property that was not completed. Such costs were written off pre-petition.
<PAGE>
Form MOR-3
Grand Court Lifestyles, Inc.
Balance Sheet
July 31, 2000
Book Value Book Value
at end of on Petition
Month Date
------------------------------
Assets:
Cash 2,950,190 2,998,777
Notes & Receivables 214,915,416 227,986,234
Investments 16,099,729 16,099,729
Construction in Progress 715,940 739,486
Furniture & Equipment-net 609,199 4,658,158
Other Assets 18,161,683 18,526,143
------------------------------
Total Assets 253,452,157 271,008,527
==============================
Liabilities Not Subject to Compromise:
Accounts Payable 407,686 549,781
Professional Fees 374,000 --
------------------------------
Total Post-Petition Liabilities 781,686 549,781
------------------------------
Deferred Income 63,605,916 67,403,696
Deferred Rent Obligations -- 2,741,705
Liabilities Subject to Compromise:
Secured Debt 106,146,981 106,385,512
Priority Debt 224,084 486,635
Unsecured Debt 83,992,858 84,197,250
------------------------------
Total Pre-Petition Liabilities 190,363,923 191,069,397
------------------------------
Stockholders' Equity:
Common Stock 178,000 178,000
Treasury Stock (1,579,817) (1,579,817)
Paid-in-Capital 75,318,094 75,053,000
Accumulated Deficit (57,190,813) (57,190,813)
Net (loss) for period (18,024,832) (7,216,422)
------------------------------
Total StockhoIders' Equity (1,299,368) 9,243,948
------------------------------
Total Liabilities & Stockholders' Equity 253,452,157 271,008,527
==============================
<PAGE>
Case Number: 00-32578(NLW)
Reporting Period: Month of July
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 30,713 30,713 7/7,7/21 see attached 684
FICA-Employee 329 5,982 5,982 7/7,7/21 see attached 329
FICA-Employer 329 5,982 5,982 7/7,7/21 see attached 329
Unemployment 0 see attached 0
Income 0 0
Other: 0 0
---------------------------------------------------------------------
Total Federal Taxes 1,341 42,678 42,678 0 0 1,341
---------------------------------------------------------------------
State & Local
Withholding 0 12,089 12,089 7/7,7/21 see attached 0
Sales 0
Excise 0
Unemployment 0 328 328 7/7,7/21 see attached 0
Real Property 0
Personal Property 0
Other 0
---------------------------------------------------------------------
Total State & Local 0 12,417 12,417 0 0 0
---------------------------------------------------------------------
Total Taxes 1,341 55,095 55,095 0 0 1,341
=====================================================================
</TABLE>
<PAGE>
Case Number: O0-32578(NLW)
Reporting Period: Month of July
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) 36,312 36,312 7/7,7/21 see (1,145)
PICA-Employee 0 10,856 10,856 7/7,7/21 bank 0
FICA-Employer (296) 10,624 10,624 7/7,7/21 statement (296)
Unemployment 599 599 7/28 0
Income 0 0
Other: 0 0
---------------------------------------------------------------------
Total Federal Taxes (1,441) 58,391 58,391 0 0 (1,441)
---------------------------------------------------------------------
State & Local
Withholding
Sales
Excise
Unemployment 1,354 1,354 7/28
Real Property
Personal Property
Other
---------------------------------------------------------------------
Total State & Local 0 1,354 1,354 0 0 0
---------------------------------------------------------------------
Total Taxes (1,441) 59,745 59,745 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: July 2000
<TABLE>
<CAPTION>
Number of Days Past Due
Current 0-30 31-60 61-90 Over 90 Total
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Accounts Payable 36,173 4,461 3,984 18,732 63,350
Accrued expenses 72,109 19,806 91,915
Taxes Payable 24,014 1,341 25,355
Other 209,063 3,617 2,650 605 11,131 227,066
----------------------------------------------------------------------------------
Total Post Petition Debts 305,186 39,790 7,111 4,589 51,010 407,686
==================================================================================
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE - POST PETITION - FT. LEE
AS OF 07/31/00
ACCOUNTS PAYABLE SUB-LEDGER 38,558.91
Add: 0.00
Less: 0.00
---------
Accounts Payable Balance per G/L @07/31/00 38,558.91
=========
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE - POST PETITION - BOCA
AS OF 07/31/00
ACCOUNTS PAYABLE SUB-LEDGER 24,791.18
Add: 0.00
Less: 0.00
---------
Accounts Payable Balance Per G/L @07/31/00 24,791.18
=========
<PAGE>
Form MOR-5
Grand Court Lifestyles, Inc.
Case Number 00-32578(NLW)
Reporting Period - July 2000
Debtor Questionaire
Yes No
--------------------------------------------------------------------------------
1. Have any assets been sold or transferred outside the X
normal course of business this reporting period? If yes,
provide an explanation below.
--------------------------------------------------------------------------------
2. Have any funds been disbursed from any account other X
than a debtor in possession account this reporting
period? If yes, provide an explanation below.
--------------------------------------------------------------------------------
3. Have all postpetition tax returns been timely filed? If X
no, provide an explanation below.
--------------------------------------------------------------------------------
4. Are workers compensation, general liability and other X
necessary insurance coverages in effect? If no, provide
an explanation below.
--------------------------------------------------------------------------------
Explanation to question 1:
Write-off of four multi-family receivables relating to properties whose
mortgages are in default.
Write-off of a senior-living receivable relating to a property whose mortgage is
in default.
