Life after funding is often not as expected by new principal investigators. This chapter discusses some of the new responsibilities of a funded investigator and some of the administrative duties associated with receiving an award. Several principles are also presented that we believe can be most useful in helping to achieve the objective of a successful project and grant. The chapter begins with an overview of the importance of the grant award statement and reviews the limitations associated with receiving a grant. Possible budget arrangements are presented in which new investigators will most probably find themselves. Rules and regulations about personnel and equipment that seem to be a straitjacket for some investigators are also highlighted. Finally, action strategies are presented that emphasize a role ...