There have been some good offerings for a similar acronym for Arminian soteriology (like FACTS), but I have never found them satisfactory because I didn't feel they were clearly descriptive. So, for the ailment of inexactitude, I'd like to offer a cure.
A.= Absolute Inability: mankind is so incapacitated by spiritual death, that none are able to turn themselves to God apart from the gracious influence of the Holy Spirit.
C.= Conditional Election: God has chosen to save all who trust Jesus Christ as Savior and Lord.
U.= Unlimited Atonement: the blood of Christ was shed for the sins of the entire world, and anyone who will can avail themselves of its effects through faith.
R.= Resistable Grace: The Holy Spirit's efforts at graciously influencing the sinner can be resisted by the sinner.
E.= Extinguishable Faith: the faith that the Holy Spirit's gracious ministrations made possible can be lost or shipwrecked by the person who had believed at one time.
I think this is a little more clearly descriptive than the FACTS acronym, especially for those who believe in the possibility of apostasy (and it doesn't have to be shared with a toy convention). It sure would be nice to have something as communicative as TULIP among those of us who actually got our soteriology right!