I think you just nominated yourself as president just by making this post my friend
Joking aside, I like the last idea (bullet point), making the officers/board members "invested" in the community/club. How that money is spent, on the other hand, is the more important thing to decide and make clear. All stake holders should be in agreement before funds are spent. For example, I think the fund can be used to front costs for the annual meet, but not necessarily merchandising if not all are in agreement.