Chabot Elementary, the school that I am currently student teaching at, has a pretty interesting idea for raising money. Everyone contributes something to the auction that might be of interest to parents and they bid on it. I would guess that the auction is also open to outsiders since an outsider's money would be just as good as a parent's.
The items vary from a student spending a day tagging along with the principal on the job, to a ceramic arts class for the adults, to an autographed Star Wars poster, to a signed Rolling Stones guitar.
Now, something to keep in mind is that Chabot Elementary is in Rockridge. Rockridge appears to be an area that is well off financially. So, would this fundraising idea work within a community that isn't doing quite as well financially. Probably not. At the very least, the items and services offered through the auction would need to be scaled down. Depending on the community being considered, a school auction would be infeasible. If you could figure out a way to interest wealthy community outsiders in the auction, perhaps the auction would be doable in a community that was not well off. Yea... seriously, if you figure out how to do that, let me know. I'm curious.