Of course there is life out there -- it would be completely arrogant to think the human race is all that there is. The danger of any discovery is that religious leaders will panic as will governments. It will change how we perceive our race as being "all powerful", and perhaps we will realize we are simply a small speck in this vast Universe.
SETI@home and Astropulse are funded by grants from the National Science Foundation, NASA, and donations from SETI@home volunteers. AstroPulse is funded in part by the NSF through grant AST-0307956.