Homeland Security FORWARD Funding Act of 2005

Funding Our Risks With Appropriate Resource Disbursement Act of 2005 or the Homeland Security FORWARD Funding Act of 2005 - Amends the Homeland Security Act of 2002 to set forth provisions governing Department of Homeland Security (DHS) grant funding for first responders pursuant to the State Homeland Security Grant Program, the Urban Area Security Initiative, the Law Enforcement Terrorism Prevention Program, and the Citizen Corps Program.

Makes eligible for a covered grant any state, region, or directly eligible tribe. Sets forth grant application procedures and requirements.

Requires the Secretary of Homeland Security to establish a Homeland Security Grants Board.

Requires the Secretary to establish: (1) clearly defined essential capabilities for state and local government preparedness for terrorism (sets forth factors to address in establishing such capabilities and lists critical infrastructure sectors and types of threats to specifically consider); and (2) a Task Force on Essential Capabilities.

Directs the Secretary to promulgate national voluntary consensus standards for grant-funded first responder equipment and training.

Lists authorized and prohibited uses of covered grants. Requires each covered grant recipient to submit quarterly and annual reports on homeland security spending.

Establishes penalties for states that fail to pass through to local governments, first responders, and other local groups funds or resources as required by this Act within 45 days of receipt.

Expresses the sense of Congress regarding interoperable communications and Citizen Corps councils.

Requires the Secretary to: (1) ensure coordination of federal efforts to prevent, prepare for, and respond to acts of terrorism and other major disasters and emergencies among DHS divisions; and (2) study the feasibility of implementing a nationwide emergency telephonic alert notification system.