I have to be the bad guy here. The principal runs the show. That's it. No ifs, ands, or buts. She has the right to approve or disapprove what happens at her school, and that includes who does fundraisers, how they get done, what kind is run, etc. Parents Groups are not her main concern. Educating children and finding the funds to do that are her concerns. Being that she is new, she may not have realized what a huge help your parent group could've been. She said she was sorry (and, I might ask, what else did you want her to do?) and it sounds like you chose not to accept that apology. I may be way off base, but what more could she have done without losing face? She is the number one at the school, you are number 2 - not the other way around. Granted, an apology may not have seemed like much to you, but begging your forgiveness would be a little out of line, don't you think?
It sounds like your school has realized some budget cuts. It sounds like she was trying to find some funds. Was your group clear about what you were going to do with the catalog sale money? Unless it was ALL going into the general budget at school, she may not have seen any other way (I know when I get over-loaded that I have a tendency to become somewhat tunnel-visioned and don't always see all of the options available).
Almost every school (not talking parent groups here) has some sort of fundraiser. Ours did Mr. Earl (magazine sales) for years. Now our school runs the cookie dough sale just for the general budget. Consider the brochure sale as the school fundraiser, get over it and move on.
As for getting rid of your principal: This is up to the district. Not you, at least not in the short term. Go see the Powers That Be in your district. It is their job to assess her abilities. But beware. Because you and she don't see eye to eye doesn't mean squat in the big scheme of things. That test scores improve or go down makes a difference. That the students are in a safe or unsafe environment makes a difference. These things and more make a difference. That the parent group prez doesn't like her? That parents aren't thrilled with her? That she said I'm sorry and you didn't feel it was good enough? I'd say her attitude might not be the only one that needs to be checked.
I'm sorry that sounds rough, but you have to realize who is there to help whom. You are there to help her, not the other way around. Take her to lunch one day and explain all the things your group can do for the school. If there is money problems (aka budget cuts...lol...), offer to help her find a solution. Whatever she needs, offer to help her. Just remember that she is new (one year is still very green in terms of being in charge of a school whereas one year is an old dog in parent group prez terms...lol...) and is probably scrambling to learn everything, make the Powers That Be happy, educate children, take care of daily issues, etc.
Last piece of advice? My Grandmother always said you will catch more flys with honey than with vinegar. Sweeten up, check your attitude, accept her apology (for real this time) and move on. Sounds like she AND the school need you.
Good Luck!