NIH Cycle I begins with the January 25, 2012 deadline and goes through to the May 7, 2012 deadline. A complete table of information is at NIH standard dates and submission policies. See also, All the different kinds of NIH funding mechanisms.
NIH Salary Limitation Change to Executive Level II, 26 Jan 2012 ORA news
Lowered Executive Level Salary and NIH Salary Limitation, 5 Jan 2012 ORA news
Proposal Submission RULES at IUB: As of January 2011, administrative forms, including project budget, must be submitted to the Office of Research Administration by 5:00 p.m. five (5) business days before the sponsor’s deadline. Proposal narratives and technical material must be submitted two (2) business days before the sponsor’s deadline for electronic submissions, and three (3) business days before the sponsor’s deadline for paper submissions. See full ORA policy, (includes information on how late submissions will be handled).
OVPR sponsored webinar: 
Federal Research Priorities and Budgets for FY12, agenda, October 31-November 2, 2011. Session PowerPoints:
NIH, David Curren and Maria Koszalka
NSF, Jeremy Leffler
For assistance, contact Deborah.