Assistance for Orphans and Other Vulnerable Children in Developing Countries Act of 2004

Assistance for Orphans and Other Vulnerable Children in Developing Countries Act of 2004 - (Sec. 4) Amends the Foreign Assistance Act of 1961 to replace the program of assistance to disadvantaged children in Asia with a program of assistance for orphans and vulnerable children in developing countries.

Authorizes the President to provide assistance (grants, international organization contributions, or governmental assistance) for orphans and other vulnerable children in developing countries for: (1) basic care, including establishment and operation of basic care centers; (2) HIV/AIDS treatment, including the training of appropriate personnel and the provision of related mental health services; (3) school food programs; (4) education and employment training assistance; and (5) protection of inheritance rights.

Establishes within the United States Agency for International Development (USAID) an Office for Orphans and Other Vulnerable Children, which shall carry out the programs under this Act.

Gives assistance priority to developing countries with HIV/AIDS infection rates of at least five percent among women in prenatal clinics or more than 15 percent among high-risk individuals.

Requires that assistance for children who have HIV/AIDS or are HIV/AIDS-orphaned shall be consistent with assistance relating to HIV/AIDS under the United States Leadership Against HIV/AIDS, Tuberculosis, and Malaria Act of 2003.

Directs the President to: (1) establish a monitoring system which shall establish program goals and performance standards; and (2) submit an annual program report.

Authorizes FY 2005 and 2006 appropriations for programs under this Act from amounts under any provision of law authorizing assistance for orphans and other vulnerable children in developing countries. Obligates at least 60 percent of such amounts for community-level assistance.