On a calculated field is there any limit on the number of conditions? I have the following but it does not seem to be producing accurate results..

=IF(
  OR([funnel status]="Early Engagement (Active)",[funnel status]="Early Engagement (Non-Active)",[funnel status]="DRFP (Active)",[funnel status]="DRFP (Non-Active)",[funnel status]="Post Proposal Submission"),
  "active",
    IF(
      OR([funnel status]="DRFP Question",[funnel status]="RFI",[funnel status]="RFP",[funnel status]="BAFO",[funnel status]="Orals Prep",[funnel status]="Orals",[funnel status]="Quals",[funnel status]="ENs",[funnel status]="FRP",[funnel status]="Bridge",[funnel status]="Contract MOD",[funnel status]="unsolicited"),
      "live",
      ""
    )
  )