The Board of Trustees of Callaway Foundation, Inc. authorized new grants during the fiscal year ended September 30, 2004, in the total net amount of $13,169,365 and disbursed during the same period $14,214,885 for various religious, educational, and charitable purposes.

During the year, grants for religious purposes amounted to $(311,211). A total of $3,444,926 was approved for grants for educational purposes, and the balance of $10,035,650 was contributed for charitable purposes.

A complete listing of all grants and distributions made during 2004 may be found here: