To date, the UFFAB has voted to fund $194,400,000 for capital construction projects.

In the spring of 2005, the Associated Students of Colorado State University approved a $10 per credit hour facility fee to be used for capital improvements at CSU in ASCSU Senate Bill 3430 . This was the result of a downturn in the state budget at the time, and a lack of funding from the state to higher education institutions for capital construction and improvement projects. This new fee was approved by the CSU System Board of Governors at their June 2005 meeting, and was assessed to all students taking classes at the Fort Collins campus beginning with the fall 2005 semester.

In 2010, the facility fee was increased to $15 a credit after UFFAB performed due process and made the recommendation of the fee increase to the Student Fee Review Board.

The first meeting of the UFFAB was held November 10, 2005 in the ASCSU Senate Chambers with representatives from most of academic colleges in attendance. Since then, the UFFAB has met every other week on Thursday evenings from 5 to 6 p.m.

Voting members of the Board consist of one student representative from each of the undergraduate College Councils, one representative from the Graduate School Council, and two student-at-large members each from a different college. The student-at-large members are appointed each year by the new ASCSU President prior to the last meeting of the spring semester. These student-at-large members report to the ASCSU Senate at least once a month.

Each voting member may have one Associate Member, with the approval of the UFFAB Chairperson. Associate Members must be from the same college as their voting members. Associate Members representing student-at-large members are exempt from this stipulation.

Student Members are responsible for service as a liaison to their designated College Council. Each Member will attend user committees and subcommittees on a volunteer basis and/or as appointed by the Chairperson.

Project presentations are made to the Board by the requesting entity and must address specific criteria, as set out in the UFFAB Bylaws, to be considered for funding by the Board.