EX-99.1 3 ex99-1.txt MONTHLY OPERATING REPORT EXHIBIT 99.1 Grand Court Lifestyles, Inc. Case Number: 00-32578(NLW) Reporting Period: August 2001 MONTHLY OPERATING REPORT

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 9/17/01 -------------------------------------- --------- Signature of Debtor Date /s/ Catherine V. Merlino CFO 9/17/01 -------------------------------------- --------- Signature of Authorized Invididual Date /s/ Catherine V. Merlino CFO 9/17/01 -------------------------------------- --------- Printed Name of Authorized Individual Date MOR-1-Bank Statements The August bank statements for the various CHASE accounts were unavailable as of September 17, 2001. Case Number: 00-32578(NLW) Form MOR-1 Grand Court Lifestyles, Inc. Schedule of Cash Receipts and Disbursements August 1, 2001 - August 31, 2001

Calculating Trustee Quarterly Fees from Current Month Actual Total Disbursements ------------- Total Disbursements 2,515,223 Less: Transfers to Debtor in Possession accounts (1,259,000) Plus: Estate Disbursements made by outside sources 0 --------- 1,256,223 ========= (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. Case Number:OO-32578(NLW) Schedule of Cash Receipts and Cash Disbursements Supplementary Schedule August 1, 2001-August 31, 2001 Disbursements-Other Property Funding-operations 45,213 (1) --------- 45,213 ========= (1) Amount represents total advanced by debtor to two senior living properties to pay operating expenses, legal fees and insurance. CHASE MANHATTAN BANK BUSINESS CHECKING ACCT. A/C 312-8380029-66 August 31, 2001 Beginning Balance @8/01/01 22,092.07 Add: Cash Receipts 1,259,000.00 Less: Cash Disbursements (1,166,879.96) ------------ Book Balance @8/31/01 114,212.11 Less: Deposits and transit Add: Outstanding Checks ------------ Bank Balance @8/31/01 114,212.11 ============ CHASE CHECKING ACCOUNT CASH RECEIPTS August 31, 2001 Deposit Deposit Date Description Amount ---------------------------------------------------------------------- 8/1/01 Transfer from Chase money market acct. 72,000.00 8/3/01 Transfer from Chase money market acct. 20,000.00 8/13/01 Transfer from Chase money market acct. 52,000.00 8/14/01 Transfer from Chase money market acct. 70,000.00 8/15/01 Transfer from Chase money market acct. 30,000.00 8/20/01 Transfer from Chase money market acct. 25,000.00 8/27/01 Transfer from Chase money market acct. 98,000.00 8/28/01 Transfer from Chase money market acct. 62,000.00 8/29/01 Transfer from Chase money market acct. 830,000.00 ------------- 1,259,000.00 ============= CHASE MANHATTAN BANK MONEY MARKET A/C 312-8380029-65 August 31, 2001 Beginning Balance @8/01/01 7,927,499.51 Add: Cash Receipts 73,950.61 Less: Cash Disbursements (1,259,000.00) ------------ Book Balance @8/31/01 6,742,450.12 Less: Deposits in Transit- Add: Outstanding Checks- ------------ Bank Balance @8/31/01 6,742,450.12 ============ CHASE MONEY MARKET ACCT. ACCT. 312-8380029-65 RECONCILIATION-Cash Receipts August 31, 2001 GCL --------------- Vendor refund 8/1/01 278.46 Cashflow 8/2/01 21,570.94 Caton 8/2/01 14,962.76 Add'l sales proceeds 8/3/01 12,456.18 Cashflow 8/14/01 9,828.66 Vendor refund 8/14/01 72.28 COBRA receipts 8/15/01 1,705.00 COBRA receipts 8/27/01 3,190.00 Vendor refund 8/27/01 10.98 Expense reimbursement 8/31/01 39.39 Interest Income 8/31/01 9,835.96 --------------- 73,950.61 =============== GRAND COURT LIFESTYLES, INC. CHASE MONEY MARKET ACCT. CASH DISPENSEMENTS August 31, 2001

-------------------------------------------------------------------------------- GRAND COURT LIFESTYLES, INC. -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION -------------------------------------------------------------------------------- S:\USERS\CM\01GCLPR.WK4 -------------------------------------------------------------------------------- Bank Atlantic-Boca Payroll -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 2001 -------------------------------------------------------------------------------- August -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL BEGINNING 23,899.74 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CR - PER G/L -------------------------------------------------------------------------------- WT fm Chase 19,000.00 -------------------------------------------------------------------------------- WT fm Chase 19,000.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-PAYROLL-per ADP sheets 8/3/01 (18,555.16) -------------------------------------------------------------------------------- 8/16/01 (18,706.86) -------------------------------------------------------------------------------- 8/31/01 (18,927.61) -------------------------------------------------------------------------------- 401-k transfer 8/3/01 (166.17) -------------------------------------------------------------------------------- 401-k transfer 8/16/01 (166.17) -------------------------------------------------------------------------------- 401-k transfer 8/31/01 (166.17) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Garnishments -------------------------------------------------------------------------------- Garnishments -------------------------------------------------------------------------------- Garnishments -------------------------------------------------------------------------------- Other CD -------------------------------------------------------------------------------- Manual check-included in prior month CD -------------------------------------------------------------------------------- Manual check-included in prior month CD -------------------------------------------------------------------------------- Manual check-included in prior month CD -------------------------------------------------------------------------------- Manual check-not included in ADP -------------------------------------------------------------------------------- Manual check-not included in ADP -------------------------------------------------------------------------------- Manual check-not included in ADP -------------------------------------------------------------------------------- Manual check-not included in ADP -------------------------------------------------------------------------------- Voided cks per ADP included in prior month -------------------------------------------------------------------------------- Voided cks per ADP included in prior month -------------------------------------------------------------------------------- Voided cks per ADP included in prior month -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- CD-S/C -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL ENDING 5,211.60 ========= -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- DIT: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- O/S: 8/31/01 401K 166.17 -------------------------------------------------------------------------------- ck#3392 989.22 -------------------------------------------------------------------------------- ck#3393 1,831.03 -------------------------------------------------------------------------------- ck#3394 6,167.66 -------------------------------------------------------------------------------- ck#3396 1,052.60 -------------------------------------------------------------------------------- ck#3397 3,241.96 -------------------------------------------------------------------------------- ck#3398 4,410.64 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 17,859.28 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BANK BALANCE 23,070.88 ========= -------------------------------------------------------------------------------- Per Bank Statement 23,070.88 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (0.00) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- GRAND COURT LIFESTYLES, INC. -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION -------------------------------------------------------------------------------- S:\USERS\CM\01GCLPR.WK4 -------------------------------------------------------------------------------- August 2001 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL BEGINNING 75,908.05 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CR - PER G/L WT fm Chase 47,000.00 -------------------------------------------------------------------------------- WT fm Chase 47,000.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-PAYROLL-per ADP sheets 8/3/01 (43,215.41) -------------------------------------------------------------------------------- 8/16/01 (23,005.83) -------------------------------------------------------------------------------- 8/31/01 (24,967.65) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Health insurance -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Payroll taxes 8/3/01 (27,258.23) -------------------------------------------------------------------------------- Payroll taxes 8/16/01 (21,613.49) -------------------------------------------------------------------------------- Payroll taxes 8/31/01 (19,832.57) -------------------------------------------------------------------------------- Payroll taxes FL-SUIER (33.01) -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- Garnishments ck#1300 (1,311.50) -------------------------------------------------------------------------------- Garnishments ck#1302 (1,311.50) -------------------------------------------------------------------------------- Garnishments ck#1303 (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 -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- safety deposit box -------------------------------------------------------------------------------- Other-ADP charges JUK 8/3/01 (91.98) -------------------------------------------------------------------------------- Other-ADP charges JUK 8/16/01 (666.51) -------------------------------------------------------------------------------- Other-ADP charges JUK 8/17/01 (34.00) -------------------------------------------------------------------------------- Other-ADP charges -------------------------------------------------------------------------------- Other-Safety deposit box -------------------------------------------------------------------------------- Other-Safety deposit box -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-S/C -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL ENDING 5,254.87 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- DIT: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- O/S: ck#1303 1,311.50 -------------------------------------------------------------------------------- ck#3383 2,963.59 -------------------------------------------------------------------------------- ck#3384 1,690.73 -------------------------------------------------------------------------------- ck#3386 2,283.40 -------------------------------------------------------------------------------- ck#3388 5,679.96 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total Outstanding Checks 13,929.18 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BANK BALANCE 19,184.05 ========= -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Per Bank Statement 19,184.05 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (0.00) -------------------------------------------------------------------------------- CHASE MANHATTAN BANK MULTI FAMILY MONEY MARKET A/C 312-8380029-67 August 31, 2001 Beginning Balance @8/01/01 4,814,616.91 Add: Cash Receipts- Add. Cash Receipts-interest income 6,137.46 Less: Cash Disbursements-transfer to Chase Checking ------------ Book Balance @8/31/01 4,820,754.37 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @8/31/01 4,820,754.37 ============ CHASE MANHATTAN BANK REAL ESTATE ESCROW ACCOUNT A/C 312-8396952-65 August 31, 2001 Beginning Balance @8/01/01 94,837.41 Add: Cash Receipts-Interest Income 120.89 Less: Cash Disbursements 0.00 --------- Book Balance @8/31/01 94,958.30 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 --------- Bank Balance @8/31/01 94,958.30 ========= CHASE MANHATTAN BANK RENTAL AGENCY ESCROW ACCT. A/C 312-8396952-65 August 31, 2001 Beginning Balance @8/01/01 28,144.16 Add: Cash Receipts 35.88 Less: Cash Disbursements 0.00 --------- Book Balance @8/31/01 28,180.04 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 --------- Bank Balance @8/31/01 28,180.04 ========= Form MOR-2 Grand Court Lifestyles, Inc. Income Statement August 1, 2001 - August 31, 2001 Cumulative Filing 8/31/01 to Date -------------------------------- Revenues: Management Fee Income 0 2,279,074 General Partner Fees 0 304,645 Interest Income 23,878 10,169,987 Deferred Profit Earned 44,217 842,588 Loss from Wholly-Owned Subsidiaries 0 (2,283,377) Loss from Joint Ventures 0 (1,183,855) Other Income 0 515,000 -------------------------------- Total Revenues 68,095 1O,644,062 Administrative Expenses: Travel 4,570 71,599 Telephone 6,563 286,060 Federal Express 2,932 60,949 Postage 0 38,964 Office Supplies & Expense 5,969 256,887 Outside Storage 1,631 28,170 Miscellaneous 0 42,021 ADP 1,157 11,960 Legal & Accounting 42,191 133,409 Licenses & Filing Fees 1,308 43,832 Recruitment 63 8,855 Printing 274 8,765 Caton Expenses 25,025 256,017 Rent 27,381 957,741 Computer Equipment Maintenance 1,788 181,118 Insurance 27,214 658,202 Equipment Leases 4,144 132,960 Office Salaries and expenses 222,664 5,991,724 Director's Fees 0 9,500 Interest 0 25,874 Corporate Taxes 30,080 253,098 Amortization 0 472,545 -------------------------------- Total Administrative Expenses 404,954 9,930,250 -------------------------------- Extraordinary Expenses: Net loss due to loss of properties (1) (12,456) 24,803,427 -------------------------------- Total Expenses 392,498 34,733,677 -------------------------------- Net Income (Loss) Before Reorganization Expenses (324,403) (24,089,615) -------------------------------- Restructuring Expenses: Administrative fees (3,906) (320,435) Professional fees (226,163) (3,324,842) US Trustee Quarterly Fees 0 (41,750) Interest Earned on Accumulated Cash from Chapter 11 16,130 186,186 -------------------------------- Total Reorganization Expenses (213,939) (3,500,841) -------------------------------- Net Income (Loss) (538,342) (27,590,456) ================================ Note (1): (a) A final analysis of all of the details of the sale of the general partner interests and related assets and its effect on the balance sheet and income statement of the debtor has not yet been completed. Form MOR-3 Grand Court Lifestyles, Inc. Balance Sheet August 31, 2001 Book Value Book Value at end of on Petition Month Date -------------------------------- Assets: Cash 11,811,021 2,998,777 Notes & Receivables 173,284,301 227,986,234 Investments 8,197,789 16,099,729 Construction in Progress (0) 739,486 Furniture & Equipment-net 335,292 4,658,158 Other Assets 16,733,582 18,526,143 -------------------------------- Total Assets 210,361,985 271,008,527 ================================ Liabilities Not Subject to Compromise: Accounts Payable 269,690 549,781 Professional Fees 943,158 -- -------------------------------- Total Post-Petition Liabilities 1,212,848 549,781 -------------------------------- Deferred Income 44,167,246 67,403,696 Deferred Rent Obligations -- 2,741,705 Liabilities Subject to Compromise: Secured Debt 94,289,084 106,385,512 Priority Debt 217,279 486,635 Unsecured Debt 88,425,112 84,197,250 -------------------------------- Total Pre-Petition Liabilities 182,931,475 191,069,397 -------------------------------- 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 (57,091,480) (57,190,813) Net (loss) for period (34,806,881) (7,216,422) -------------------------------- Total Stockholders' Equity (17,949,584) 9,243,948 -------------------------------- Total Liabilities & Stockholders' Equity 210,361,985 271,008,527 ================================ Case Number: OO-32578(NLW) Reporting Period: Month of August 2001 Status of Postpetition Taxes Fort Lee & Boca office

Case Number:OO-32578(NLW) Form MOR-4 Grand Court Lifestyles, Inc. Summary of Post Petition Debts Reporting period: August 31, 2001

For MOR-5 Grand Court Lifestyles, Inc. Case Number 0O-32578 (NLW) Reporting Period - August 2001 Debtor Questionaire Yes No -------------------------------------------------------------------------------- 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 --------------------------------------------------------------------------------

GRAND COURT LIFESTYLES INC 8-K