EX-99.1 4 d51794_ex99-1.txt SCHEDULES EXHIBIT 99.1 Grand Court Lifestyles, Inc. Case Number: 00-32578(NLW) Reporting Period: July 2002 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 8/14/02 -------------------------------------- ------- Signature of Debtor Date /s/ Catherine V. Merlino CFO 8/14/02 -------------------------------------- ------- Signature of Authorized Individual Date /s/ Catherine V. Merlino CFO 8/14/02 -------------------------------------- ------- Printed Name of Authorized Individual Date Case Number: 00-32578(NLW) Form MOR-1 Grand Court Lifestyles, Inc. Schedule of Cash Receipts and Disbursements July 1, 2002 - July 31, 2002

Calculating Trustee Quarterly Fees from Current Month Actual Total Disbursements ------------- Total Disbursements 573,487 Less: Transfers to Debtor in Possession accounts (242,000) Plus: Estate Disbursements made by outside sources 0 --------- 331,487 ========= (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:00-32578(NLW) Schedule of Cash Receipts and Cash Disbursements Supplementary Schedule July 1, 2002 - July 31, 2002 Disbursements-Other Property Funding-operations 16,125 (1) Multi-family advances 1,250 (2) --------- 17,375 ========= (1) Amount represents total advanced by debtor to 2 senior living properties to pay operating expenses, legal fees and insurance. (2) Amount represents amounts advanced to various multi-family investing partnerships for preparation of 2001 tax returns. CHASE MANHATTAN BANK BUSINESS CHECKING ACCT. A/C 312-8380029-66 July 31, 2002 Beginning Balance @7/01/02 77,904.07 Add: Cash Receipts 242,000.00 Less: Cash Disbursements (302,261.63) ------------ Book Balance @7/31/02 17,642.44 Less: Deposits and transit Add: Outstanding Checks 22,393.60 ------------ Bank Balance @7/31/02 40,036.04 ============ CHASE CHECKING ACCOUNT CASH RECEIPTS July 31, 2002 07/08/02 Transfer from Chase money market acct. 37,000.00 07/16/02 Transfer from Chase money market acct. 75,000.00 07/30/02 Transfer from Chase money market acct. 130,000.00 ---------- 242,000.00 ========== CHASE MANHATTAN BANK MONEY MARKET A/C 312-8380029-65 July 31, 2002 Beginning Balance @7/01/02 3,056,519.16 Add: Cash Receipts 83,260.39 Less: Cash Disbursements (242,000.00) ------------ Book Balance @7/31/02 2,897,779.55 Less: Deposits in Transit- Add: Outstanding Checks- ------------ Bank Balance @7/31/02 2,897,779.55 ============ CHASE MONEY MARKET ACCT. ACCT. 312-8380029-65 RECONCILIATION-Cash Receipts July 31, 2002 GCL ---------- Caton 07/02/02 27,576.29 Cashflow 07/12/02 6,776.55 COBRA receipts 07/24/02 758.60 Batchelor receivable 07/25/02 46,100.00 Interest Income 07/31/02 2,048.95 ---------- 83,260.39 ========== GRAND COURT LIFESTYLES, INC. CHASE MONEY MARKET ACCT. CASH DISBURSEMENTS July 31, 2002

GRAND COURT LIFESTYLES, INC. PAYROLL BANK RECONCILIATION Bank Atlantic Boca-Payroll 2002 July BOOK BAL BEGINNING 24,260.72 CR - PER G/L WT fm Chase 20,000.00 WT fm Chase 20,000.00 CD-PAYROLL-per ADP 7/5/02 (20,325.11) 7/19/02 (20,325.12) CD-S/C BOOK BAL ENDING 23,610.49 ========= DIT: O/S: 0.00 BANK BALANCE 23,610.49 ========= Per Bank Statement 23,610.49 (0.00) GRAND COURT LIFESTYLES, INC. PAYROLL BANK RECONCILIATION July 2002 BOOK BAL BEGINNING 75,331.27 CR - PER G/L WT fm Chase 45,000.00 WT fm Chase 70,000.00 CD-PAYROLL-per ADP sheets 7/5/02 (42,441.43) 7/19/02 (24,298.02) Payroll taxes 7/5/02 (27,132.52) Payroll taxes 7/19/02 (20,394.57) Payroll taxes 7/31/02 (27,060.13) Garnishments ck#1357 (849.97) Garnishments ck#1358 (849.97) Garnishments safety deposit box Other-ADP charges (249.77) Other-ADP charges (34.00) Other-ADP charges (73.65) Other-ADP charges (190.01) CD-S/C BOOK BAL ENDING 46,757.23 ========= DIT: O/S: ADP charge 190.01 Total Outstanding Checks 190.01 BANK BALANCE 46,947.24 ========= Per Bank Statement 46,947.24 (0.00) CHASE MANHATTAN BANK MULTI FAMILY MONEY MARKET A/C 312-8380029-67 July 31, 2002 Beginning Balance @7/01/02 4,898,588.96 Add: Cash Receipts-multifamily cashflow Add: Cash Receipts-interest income 3,329.45 Less: Transfer to Chase MM ------------ Book Balance @7/31/02 4,901,918.41 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @7/31/02 4,901,918.41 ============ CHASE MANHATTAN BANK REAL ESTATE ESCROW ACCOUNT A/C 312-8396952-65 July 31, 2002 Beginning Balance @7/01/02 95,745.00 Add: Cash Receipts-Interest Income 65.08 Less: Cash Disbursements 0.00 ------------ Book Balance @7/31/02 95,810.08 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @7/31/02 95,810.08 ============ CHASE MANHATTAN BANK RENTAL AGENCY ESCROW ACCT. A/C 312-8396952-65 July 31, 2002 Beginning Balance @7/01/02 28,413.50 Add: Cash Receipts 19.31 Less: Cash Disbursements ------------ Book Balance @7/31/02 28,432.81 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @7/31/02 28,432.81 ============ CHASE MANHATTAN BANK MONEY MARKET-Ed Glatz A/C 312-8380029-68 July 31, 2002 Beginning Balance @7/01/02 150,476.85 Add: Transfer from Chase Money Market Add: Cash Receipts-interest income 102.28 ---------- Book Balance @7/31/02 150,579.13 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ---------- Bank Balance @7/31/02 150,579.13 ========== Form MOR-2 Grand Court Lifestyles, Inc. Income Statement July 1, 2002 - July 31, 2002 Cumulative Filing 07/31/02 to Date ------------------------------- Revenues: Management Fee Income 0 2,279,074 General Partner Fees 0 304,645 Interest Income 66,488 11,957,007 Deferred Profit Earned 46,823 1,339,789 Loss from Wholly-Owned Subsidiaries 0 (4,351,737) Loss from Joint Ventures 0 (1,592,432) Other Income 0 552,519 ---------------------------- Total Revenues 113,311 10,488,865 Administrative Expenses: Travel 3,048 114,432 Telephone 5,565 344,381 Federal Express 6,089 90,638 Postage 0 43,872 Office Supplies & Expense 3,777 314,017 Outside Storage 1,665 46,281 Miscellaneous 0 42,846 ADP 547 18,613 Legal & Accounting 0 297,855 Licenses & Filing Fees 1,715 57,989 Recruitment 0 8,855 Printing 0 8,765 Caton Expenses 12,411 475,349 Rent 24,673 1,252,070 Computer Equipment Maintenance 415 191,232 Insurance 7,458 895,188 Equipment Leases 3,571 172,415 Office Salaries and expenses 159,556 8,247,533 Director's Fees 0 9,500 Interest 0 25,874 Corporate Taxes 50 394,959 Amortization 0 757,925 ---------------------------- Total Administrative Expenses 230,540 13,810,589 ---------------------------- Extraordinary Expenses: Net loss due to loss of properties (1) (130,300) 26,500,088 ---------------------------- Total Expenses 100,240 40,310,677 ---------------------------- Net Income(Loss) Before Reorganization Expenses 13,071 (29,821,812) ---------------------------- Restructuring Expenses: Administrative fees (113,521) (637,178) Professional fees 0 (4,537,534) US Trustee Quarterly Fees (5,000) (66,750) Interest Earned on Accumulated Cash from Chapter 11 5,565 276,600 ---------------------------- Total Reorganization Expenses (112,956) (4,964,862) ---------------------------- Net Income(Loss) (99,885) (34,786,674) ============================ Note (1): (a) Net loss due to loss of properties for the month of July represents: (i) reduction of loans payable due to the collection of investor notes which were sold as part of the sale of the general partner interests pursuant to section 363 of the bankruptcy code and the application of the investor note payments to the Debtor's liability. (130,300) ======== (b) 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 July 31, 2002 Book Value Book Value at end of on Petition Month Date -------------------------------- Assets: Cash 8,162,530 2,998,777 Notes & Receivables 169,051,255 227,986,234 Investments 2,618,154 16,099,729 Construction in Progress 0 739,486 Furniture & Equipment-net 49,313 4,658,158 Other Assets 16,665,469 18,526,143 -------------------------------- Total Assets 196,546,721 271,008,527 ================================ Liabilities Not Subject to Compromise: Accounts Payable 539,790 549,781 Professional Fees 801,862 -- -------------------------------- Total Post-Petition Liabilities 1,341,652 549,781 -------------------------------- Deferred Income 41,636,590 67,403,696 Deferred Rent Obligations -- 2,741,705 Liabilities Subject to Compromise: Secured Debt 90,082,109 106,385,512 Priority Debt 217,279 486,635 Unsecured Debt 88,414,880 84,197,250 -------------------------------- Total Pre-Petition Liabilities 178,714,268 191,069,397 -------------------------------- 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 (42,003,086) (7,216,422) -------------------------------- Total Stockholders' Equity (25,145,789) 9,243,948 -------------------------------- Total Liabilities & Stockholders' Equity 196,546,721 271,008,527 ================================ Case Number: OO-32578(NLW) Reporting Period: Month of July 2002 Status of Postpetition Taxes Fort Lee & Boca office

Case Number:00-32578(NLW) Form MOR-4 Grand Court Lifestyles, Inc. Summary of Post Petition Debts Reporting period: July 31, 2002

For MOR-5 Grand Court Lifestyles, Inc. Case Number 00-32578(NLW) Reporting Period - July 2002 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