Give this a try...
In the conditional formatting popup, select 'Expression Is'.
Try any of the following in the expression textbox. Make sure to include the brackets. For the first two, use the name of the textbox on your form. For the last, use the name of the field in the underlying table.
instr(1,[txtYourDateTextBox],"Awaiting") > 0
[txtYourDateTextBox] = "Awaiting"
NZ([YourDateField], "Awaiting") = "Awaiting"
Miriam Bizup Access MVP