Undergraduate research (UR) is a valued co-curricular activity that has involved an increasing number of students and faculty members in recent years. While there is a growing body of research on student participation in UR, there is less research available examining faculty perceptions of, participation in UR, and how those factors influence student participation in UR. This study examined approximately 110,000 responses to the "National Survey of Student Engagement" and 40,000 responses to the "Faculty Survey of Student Engagement" at over 450 four-year institutions. Findings revealed that individual and institutional characteristics predicted student and faculty member involvement and that the majority of faculty members perceived UR to be of importance. Implications for fostering faculty involvement, student success, and viewing UR as an institutional asset are discussed.