Faculty members at academic institutions are typically expected to participate in service, teaching, and research throughout their careers. Each of these expectations involves a multitude of activities, contributing to each of the areas of focus. With the recent emphasis on grant funding, this research sought to identify faculty perceptions of the purpose of grant writing. Participants of this study include both tenured and tenure-track faculty as well as STEM and non-STEM faculty. Using a mixed-method design, comparisons between tenure and tenure-track faculty were made as well as comparisons between STEM and non-STEM faculty. The overall project looked at the various myths and truths of grant writing and the purpose of grant writing per faculty perceptions. A total of 104 participants were involved in the study. Overall, the quantitative results indicate slight differences among STEM/non-STEM faculty regarding the six truths that were researched. Additionally, three themes emerged from the qualitative data indicating that faculty perceive the purpose of grant funding to be (1) to sustain/support their own research, (2) to support/mentor graduate students, and (3) to advance science.