Back in the late 80s I was one of the founders of the IUP Gaming Society. Our bread and butter for fundraising was running Battletech tournaments. The main advantage of the society was reserving rooms in the Student Union building which was easy for organizations not so easy for individuals. I believe most of our funds went into prizes for tourneys. I am not sure if we tried building a game library. There are some real impractical issues with maintaining a communal stock of games.
This was taken back in 1988 or 1989. I am in the lower right corner. Since then I told my barber to shear the hair off the top of my head.