The Joint Policy Board for Mathematics, representing the American Mathematical Society, the Mathematical Association of America, and the Society for Industrial and Applied Mathematics is conducting a study of the recognition and rewards system in the mathematical sciences. Numerous recent reports point to this system as a key to reforming the K through 12 education system, to revitalizing undergraduate science and mathematics education, and to elevating the level of technology transfer in order to boost economic competitiveness. The study also responds to the increasing awareness of the importance of interdisciplinary work and of the participation of mathematical scientists in the education of individuals who plan to work in industry and government. This initial study will focus on the barriers to changing the rewards structure and will be implemented as a series of case studies. The results of this research will be reported to NSF and to the mathematics community through the news publications of the three organizations that comprise the JPBM. This research is expected to be the basis of further study of the system that will lead to a set of recommendations and plan of action to produce a recognition and rewards system that is consistent with the missions of institutions of higher education and with the diverse responsibilities of college and university faculty.//