This document discusses lessons learned from EU funding in 2007-2013 and plans for 2014-2020. It summarizes funding priorities and absorption rates for Lithuania in the previous period. Common myths about EU funds are addressed, and some questionable past projects are outlined. Success stories are referenced but not described. Upcoming funding priorities for 2014-2020 focus on innovation and SME competitiveness. Financial instruments like loans and guarantees are suggested to complement grants. Sources of further information and an upcoming conference are listed at the end.