To increase faculty participation and to recognize the strategic educational position held by undergraduate research, scholarship, and creative activities (URSCA) in many institutions, faculty mentorship of undergraduate students needs to be valued as a standard component of workload and formally included in activity reports and evaluations, including those that lead to reappointment, tenure, and promotion. This white paper presents the need for recognition of faculty mentorship of URSCA, recommends best practices for institutions to adopt, offers a selection of case studies that features some of these practices, and summarizes upcoming challenges. [This white paper is published by the Council on Undergraduate Research (CUR). For "Undergraduate Research: A Road Map for Meeting Future National Needs and Competing in a World of Change. CUR White Paper No. 1," see ED600981.]