This is a church's mother's day out program. We meet twice weekly. We share space with the preschool area of the church so it would benefit both.Is this a preschool program where parents bring their kids in for a few hours a couple days/week or is this your preschool religious education program? If this is a paid daycare/preschool type set up I think you will have a more difficult time with a fundraiser outside of people that use the preschool. If this is the church preschool religious education program, I would suggest simply putting information in the weekly bulletin stating that you need to upgrade your equipment and need to raise how ever much money. I have found that in the church setting most people are very generous for specific donations for things like this.
Thank you everyone for the great ideas. I am adding new things to the list of ideas.