The Board of Trustees of Callaway Foundation, Inc. authorized new grants during the fiscal year ended September 30, 2005, in the total net amount of $12,128,411 and disbursed during the same period $11,915,002 for various religious, educational, and charitable purposes.

During the year, grants for religious purposes amounted to $(283,991). A total of $1,478,836 was approved for grants for educational purposes, and the balance of $10,933,566 was contributed for charitable purposes.

A complete listing of all grants and distributions made during 2005 may be found here: