527 Reform Act of 2004 - Amends the Federal Election Campaign Act of 1971 to revise the definition of political committee to include any committee, club, association, or other group of persons that has as its major purpose the nomination or election of one or more candidates ("Section 527 Organizations" or major purpose organizations).
Treats certain expenses by major purpose organizations as expenditures subject to the limitations and reporting requirements of such Act.
Provides that any disbursement by separate segregated fund or nonconnected committee shall be allocated between Federal and non-Federal accounts in accordance with this Act and regulations prescribed by the Federal Election Commission. States that disbursements allocated to non-Federal accounts may be paid only from a qualified non-Federal account.
Prohibits a separate segregated fund or nonconnected committee from accepting more than $25,000 in funds for its qualified non-Federal account from any one individual in any calendar year.