MPen is mightier than MSword
You know how, whenever you edit an MS Word document, your neatly positioned figures and captions fly off in opposite directions? Someday, MPen will solve these and other problems. Meanwhile, here's a work-around I just figured out:
Layout graphs and captions you want to stay together on a single Power Point "slide." Make slide width equal the width of your printed lines, so Word won't try to squeeze text on either side. Save individual slides as WMF files. Import each WMF file into Word about where you want the slide. Slides may still jump around when you edit the document, but at least slide(s) and caption(s) will stay together.
I'm still working on grant proposals, but thought those of you who don't use LaTeX might find this useful.