This document is the third annual report of the President's Board of Advisors on Historically Black Colleges and Universities (HBCUs), appointed by George W. Bush under Presidential Executive Order 13256. The report for fiscal years 2004-2005 details the performance of the 32 designated federal agencies and departments during 2004-2005, and presents a five-year perspective on several of those agencies and departments, including the performance of three model agencies with dedicated HBCU programs. The report also offers a long-range view of agency progress over the decade 1995-2005 and updates the assessment of the progress of the designated agencies and departments toward achieving goals first articulated in the 2001-2002 annual report. The Board believes that three matters deserve special attention by the president, the secretary of education and the heads of the designated departments and agencies: (1) Annual increases in the amounts of federal dollars awarded to the HBCU community obscure a gap in dollars awarded when compared to the dollars awarded to all institutions of higher education (IHEs); (2) Increasing the number of dedicated HBCU programs that are focused on capacity building, as defined in Executive Order 13256, is important to realizing the HBCU funding goal in the executive order and to close the gap between HBCUs and IHEs in the funding provided by the designated agencies; and (3) Steps must be taken both to strengthen agency accountability and enhance their performance, and to improve the White House Initiative on HBCUs, U.S. Department of Education and Office of Management and Budget coordination to ensure better monitoring and oversight. Seven appendixes are included: (1) Presidential Documents--Executive Order 13256; (2) Supporting Tables; (3) Supporting Figure; (4) September 2005 Letter From the Chairman to the President; (5) 2004-05 Designated Departments and Agencies Under Executive Order 13256; (6) HBCU List; and (7) HBCU Capital Financing Advisory Board. (Contains 23 endnotes, 3 figures, and 13 tables.)