Every college student needs to buy textbooks, so why not turn that into a chance to fund you team? One option is to sell the textbooks yourself. This will require your team to purchase textbooks from the campus bookstore, online or from other students. Your team can then sell them for a profit. Be careful, though. There's a fine line between fundraising and selling for profit. Make sure to check with your adviser. And if that option doesn't work out, you can sell textbooks through online fundraising sites. For example, CampusFundraiser.com provides this service specifically for college groups.
Develop a cause-driven function and encourage people in the community to donate to your team because of it. For example, if you're a soccer team then spend a day or weekend teaching under-privileged children how to play soccer for free. Launch a campaign to collect donations from the surrounding community. Explain that your team isn't "just a team," and tell them how you support the community. Spread the word through Facebook, Twitter, the student newspaper and other media spots and create a central donation station. This will allow you to collect donations without the hassle of an online donation site.
Pizza. It's almost impossible to find a college student who doesn't love pizza. Team up with your local pizza joint, or other business. Work out a deal where the business gives you a certain percentage of every product they sell. Your team can advertise on Facebook and other media sites to encourage students to eat or buy from that business. You might even consider selling the product on the Quad or somewhere else on campus.
Do what you do best. If you're a sports team, split the team in two, play against each other and charge a modest price to allow people to watch. If you're a performing team, same concept adapted to your specific abilities. This allows you to play to your strengths and do what you love, which saves you time and stress.