This report studies the role of teaching in the faculty reward structure by examining the relationship between faculty activities (teaching and instruction, research and scholarship, administration, public service) and compensation. The study examined the implicit emphases given by academic institutions to various faculty activities. The data presented are from a national survey of 424 colleges and universities, stratified by Carnegie type; and 8,383 full- and part-time faculty representing a response rate of 76%. Key findings indicated: (1) seniority and male gender were positively related to compensation; and (2) teaching was a negative factor in compensation whereas research was positively related to compensation. These patterns held true overall and for each type of institution. Appendices include the survey questionnaire; and various compensation breakdowns by academic and demographic characteristics, teaching activities and workload, research activities and workload, by administration and service, and by faculty demographics and type of institution. (Contains 57 references.) (GLR)