These Biennial Reports review the activities of The Achelis and Bodman Foundations during 2004 and 2005. This was a busy period for the Foundations, with $8.5 million in grants made to over 200 institutions.

We are grateful for the talent and hard work of Joseph Dolan, our executive director, and his staff, John Krieger, senior program officer, and Pamela Goebert, administrative assistant. Since joining the Foundations twelve years ago, Joe has shown a fine skill at identifying areas where a small amount of well-directed money can make a difference. An obvious example is charter schools where the Foundations have been early and broad funders. We are proud of what the Foundations have done to help make this idea a growing reality.

Finally, we would like to thank our fellow Trustees who contribute considerable time and wisdom to the work of the Foundations.

John N. Irwin III Chairman

Russell P. Pennoyer President