I snurched this from: http://taff.org.uk/guffplat.html
What is GUFF? Known as the Going Under Fan Fund or the Get Up-and-over Fan Fund, depending on which direction it's running, GUFF was created in 1979. Like TAFF (the Trans Atlantic Fan Fund, between Europe and North America) and DUFF (the Down Under Fan Fund, between North America and Australia), GUFF exists to provide funds to enable well-known fans from Europe and Australasia to visit each other's national (or other) conventions and get to know each other's fandoms better. GUFF, like other fan funds, exists solely through the support of fandom. The candidates for each trip are voted on by interested fans, and each vote is accompanied by a monetary donation. These votes, and the continuing generosity of fandom through auctions and other donations, are what make GUFF possible.
ETA You can watch the race closer to hand or find out about Fan Fund information via aust_sf_fan_fun and the winner of this year's GUFF race gets sent to attend LX in London over Easter 2009.