I know these are older students, but one of our biggest $$ makers was a fun fair or Spring Fling.
I have been involved in quite a few of them, but they are all about the same.
Booths with things to do---basketball throw, balloon break, bean bag toss, etc....I think the games that needed to be built, were done by Dads. You can also have a cake walk---cakes made by parents. Each game is x amount of tickets to be sold ahead of time. We also had a contest to design a Tshirt that was sold.
One fair, we sold baked potatoes. We bought the potatoes at Wendy's for cost---all were about the same size and prewrapped.
We sold them quite a few different ways....plain, with chili (made by PTO), etc.
We got donations of so much---condiments for potatoes, Walmart, grocery stores, ask everyone and every store. It is amazing what will be donated. If they give you a gift card, use it for plates, cups, whatever you need.
And have a silent auction....again, ask everyone and every store for a donation...we got everything from teeth whitening, to pet check up and resturant gift cards.
Ohhhh and get a puppy/kitten to auction. The kids LOVE it.
We had a basket from each class. Let everyone put tickets in a box for the basket they wanted to win OR auction off the basket in a live auction---we have done both.
Each class can have a theme for their baskets....we have had electronics, TEXAS basket (don't guess you would want to do that one

), whatever the classes decide. One year, the staff basket was MARGARITAVILLE
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There is alot of planning, and some $$ spent, but we made alot of $$$$$
Good Luck