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Default IF OR help

I have entered the formula
=IF(OR(D5="K",D5<=4,M32<=95),"INELIGIBLE"," ")

I am trying to get a result that will display INELIGIBLE when the value in
D5 is K,1,2,3,4 OR the value in M32 is less than 96. with this formula I now
get INELIGIBLE when D5 is blank.

I would like cell to be blank unless one of the specific conditions is met.
If either D5 or M32 is blank, I would like this cell to also be blank M32
contains a formula that returns a blank cell unless data is entered elsewhere
in the workbook

Thanks for all the help

--
dbconn
 
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