As far as fundraisers, I second @RazorRoss3 on all of his tactics. Also, don't forget you can usually get different restaurants (ie: 5 Guys, Moes, Wing Stop, etc.) to help you out with a fundraiser where they will donate 10% of all receipts over a 3-5 hour period on a given day. If you work hard at it, you can generally have 2 restaurant fund raisers a month all year long and never have one at the same restaurant twice.
I would suggest putting together a very detailed budget for the '14-'15 scholastic year. It doesn't have to be completely accurate, but a fairly good estimate of income and costs incurred by the team for an entire year. Things you would want to include in the budget: Total Income - dues, fund-raisers, donations, tournament proceeds, t-shirt sales, etc.; Total Costs - practice site dues, boat, boat insurance, boat gas, boat depreciation, boat maintenance, potential USAWS club insurance, equipment (don't forget things like ropes, handles, vests in various sizes, jump suits, helmet, etc.), tournament fees (based on anticipated team participation), travel costs, hotels, tournament bibs (some regions require them at all tournaments, definite requirement for regionals and nationals), potential costs to host a fall tournament (USAWS sanction, region/conference sanction, gas, food, hotels for judges, etc. - don't host a spring tournament until your club can afford the loss).
Once your have your fairly realistic budget put together, your costs will always outweigh the total income, divide out the difference in costs and income among the projected club members. This should give you a ballpark figure of how much total cost the student members will have to float on their own. Then you can determine what amount of money would be "reasonable" to ask the university to contribute to the success of your waterski club - use your club's faculty advisor to assist with this. Create an accurate and concise presentation of your club (history, current member status, projected member status, coach?, future goals) and projected budget. Schedule a time in mid March with the director of club sports to give your presentation to them.
If you show hard work, organization, and determination among your club to those who are in control of your club's existence and potential financial assistance, you should do just fine.
I know I kinda got lengthy, but that was a large lesson learned in my 6 years of waterski club experience and leadership.