The principles of research administration emerged during the 1960s and 1970s, a time when research in institutions of higher education generally was unencumbered by external factors. Over the past three decades, however, regulatory, economic, and political forces have altered dramatically the boundaries of sponsored research, calling into question the viability of research administration's founding principles. Now, research administration faces a difficult dilemma. It cannot confront the future by ignoring the past, jettisoning the founding principles as irrelevant in today's more complex environment. Nor can it resolutely cling to those guiding principles and disregard the new, demanding context in which research is conducted. Only by being Janus faced will research administrators be able to address the problems inherent in managing research and sponsored programs in today's environment.