The Board of Trustees of Callaway Foundation, Inc. authorized new grants during the fiscal year ended September 30, 2003, in the total net amount of $15,453,684 and disbursed during the same period $7,511,398 for various religious, educational, and charitable purposes.

During the year, grants for religious purposes amounted to $6,971,293. A total of $163,769 was approved for grants for educational purposes, and the balance of $8,318,622 was contributed for charitable purposes.

A complete listing of all grants and distributions made during 2003 may be found here: