If I understand you, you want to filter out faculty members who do not have any awards at the query stage.
Replace your code:
<?php query_posts( 'post_type=mtt_page'); ?>
<?php if ( have_posts() ) while ( have_posts() ) : the_post(); ?>
with this (untested):
<?php
$args = array(
'post_type' => 'mtt_page',
'posts_per_page' => -1,
'meta_query' => array(
array(
'key' => 'awards',
'compare' => 'EXISTS'
)
)
);
$members = new WP_Query( $args );
?>
<?php if ( $members->have_posts() ) while ( $members->have_posts() ) : $members->the_post(); ?>
Note that I believe the EXISTS meta_query comparison only works in WP 3.5 onwards.
As a few people have pointed out – query_posts is best avoided.