This paper presents a study assessing the impact of a specific teaching award. The study examines the impact of this teaching innovation prize on faculty and discusses disseminations of innovative teaching practices and uses of award funds. The study employs thematic analysis to analyze the data collected from an online survey and interviews. The findings are presented in a large framework of general teaching awards and implications for effectively administering teaching awards are discussed along with questions for future research in teaching awards. The study ends with suggestions for leveraging teaching awards to create a culture of teaching excellence in colleges and universities.