We are so lucky ... our PTO has ONE fundraiser, in September - so we get it over with. They go out and get corporate & parent sponsorships, then the kids raise pledge money for the event. On event day, they rotate between 7 fitness stations, promoting good health and fitness (!). For the weeks prior, the p.e. teacher works on particular exercises with them. There is a martial arts station (with a local karate teacher), a yoga station, a wall sit station, and my personal favorite, a bicep/tricep station using water-filled 2 liter bottles.
In addition, there is a family dinner and a huge silent auction. We cleared over $20,000 this year! Our school is in a pretty affluent area, but we are ranked 175 out of 180 in the state for state funding. A lot of parents work hard to make this come together, and we've been able to buy lots of technology for our 50+ year old school.