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Michael B. Falla, CPA, has been involved with financial management in the real estate field for over twenty-five years. From 1981 to 1992 he served as Controller for Modern Management Realty, a Washington, DC-area property-management firm dealing in residential and commercial property management. Mr. Falla was responsible for establishing and developing accounting policies and procedures as well as financial reporting. His experience also included preparing corporate and partnership tax returns, formulating mid-year and annual budget analysis and projections, and other functions integral to general real estate investment. He also conceived, researched and established that company's entire computerized accounting system, which he improved and maintained until he left in late 1992.

Mr. Falla joined Zalco in October 1992 as its Controller. In this position, he was also responsible for reviewing monthly financial statements, and coordinating annual audits for all communities and entities managed by Zalco. In his current position as Zalco's Chief Financial Officer, he is responsible for Zalco's entire Financial Division, which is Zalco's largest service arm, comprising almost one-third of its 60 headquartered employees.

Mr. Falla is also a Certified Network Specialist, with primary responsibility for Zalco's automatic-data-processing operations and coordination of its computer-network applications. He combines these skills with his financial background to customize the comprehensive Monthly Report that Zalco prepares for each of its clients. These Monthly Reports are state of the art for the industry and the most comprehensive financial reports of any in the marketplace. Whatever the client requires, Zalco's financial division has the operational expertise and technical capability to customize any data in a flexible, user-friendly format to meet those needs.

In addition to his CPA, Mr. Falla holds a Bachelors Degree in Management from American University and a Masters Degree in Accounting from Southeastern University.

"Our executives average more than 25 years of industry experience."