This report summarizes the findings of an impact study of the National Science Foundation (NSF) program of Presidential Awards for Excellence in Science and Mathematics Teaching (PAESMT). In 1994, NSF commissioned a company to conduct a series of informal conversations with 115 of the 430 awardees to gather more systematic information on what it means to be recognized as an awardee and how receiving the award has affected the teachers' lives and careers. Topics covered included: impact of the recognition of the awardees; their use of financial rewards and gifts; their reflections on the nomination, selection, and award process; and their suggestions for strengthening the program and broadening its coverage. Findings showed that PAESMT is seen as an overwhelming success in terms of its impact on participants and the recognition of the importance of good mathematics and science instruction. Strong positive effects were found on the personal level, the professional level, and the public level for those who had been recognized. Many rewardees look for ways to share the monetary award with their colleagues, providing support for conferences or other training activities. (MKR)