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 where some of these practices are already established, and summarizes the challenges ahead.