FACET was established in 1989 to promote and sustain teaching excellence among faculty on the eight campuses of IU. FACET numbers more than 400 full-time faculty members chosen through an annual campus and statewide peer review process. Each year, approximately 20-25 candidates from IU campuses are selected as new members. Members contribute their experience and skills to FACET activities and are involved in a range of collaborative activities at the campus, university and national levels. FACET’s newest members participated in the 16th annual FACET Retreat, entitled "Celebrating the Good Life of Teaching and Learning," last weekend at Lake Monroe.

The IU Credit Union was begun in 1956 when seven faculty and staff members contributed $5 apiece to form an organization with the purpose of allowing those involved to save and to borrow money. The IU Credit Union is now a $460 million financial institution with 10 branches throughout the state of Indiana, with 65,000 members.

The IU Credit Union FACET Leadership Institute draws its roots from a model symposium in 1996 which sought to provide a foundation for designing new freshman learning programs, teaching strategies for large classes, strategic planning and diversity programs throughout the university.

The institute is now an integral component of FACET programming. The 2004 Leadership Institute was held April 23-25 at University Place Hotel and Conference Center on the IUPUI campus.

Speakers included Harry Boyte, co-director of the Center for Democracy and Citizenship and senior fellow, Hubert Humphrey Institute of Public Affairs, University of Minnesota; Satvinder Juss, international jurist and faculty of law, Kings College, London; and Christa Olson, assistant director of international initiatives at the American Council on Education.