I am involved in my school's parent teacher organization, and we do and have done a number of the items already posted. One that hasn't been mentioned, that I would encourage you to consider, is creating a school cookbook. I have worked with G & H Publishing in the recent past and would highly recommend them. We are likely doing a cookbook for my DS's school this year, but I recently completed a book (called "What's For Dinner?"), with some of my staff, for our department at work. I work for a government organization, and we cannot and do not use taxpayers money for our own staff events, like recognition events, so we raise our own money on our own time.
This company will do the typing for you, so your committee needs to market the project, gather and sort the recipes, pick the design, handle sales and a few other small details. For schools and non-profits they will waive a down payment. We did advanced sales, advertising books for $10, and let everyone know that the price would be $12 per book once the books arrived. This was an incentive to purchase early, but also really helped us determine how many books we needed to order so we weren't left with a boatload of them in the end. Our books had 500 recipes, and we sold them below the price suggested by G & H, which I think was around $15.00. The cost per book is cheap, and the mark-up, which your organization sets, leads to lots of profit.
Additionally, you are creating a keepsake. So many people love to cook, so these have wide appeal, and wide gift appeal. We made sure that ours were in right before the Christmas holiday, and advertised what a great gift they would make. We sold oodles and made thousands in profit!!
For marketing purposes we created a few kitchen-related gift baskets that included food items (like salsa made from one of the book's recipes), a cookbook, stand, etc. For every book that people purchased through advanced sales, they were able to enter into a drawing to win one of the baskets.