Washington — If you’re new to the game of applying for federal grant money, the National Science Foundation wants you. The independent federal agency, which is getting $3-billion from the $787-billion economic-stimulus measure signed into law last month, today announced some guidelines for how it will go about divvying up its largess.

In describing its “top priorities,” the NSF said in a notice on its Web site that it would emphasize getting money to “new principal investigators and high-risk, high-return research” projects. The agency also said that all grants issued with money from the stimulus legislation would be “standard grants with durations of up to five years.” That approach, it said, would “allow NSF to structure a sustainable portfolio.”

That said, anyone who hasn’t yet applied may already be too late. The NSF said that for the biggest portion of its stimulus money — $2-billion for research and related activities — the agency would mostly approve proposals “that are already in house” and will be reviewed or awarded before September 30.

And those who win will be expected to spend the money promptly. “If, after 12 months, no allowable expenditures have taken place,” the agency said, “NSF may consider reducing or terminating the award and reallocating the funds.” —Paul Basken