I would say hot dogs have to be one of the easiest and least expensive item to serve. Possibly any local grocery stores would be willing to donate or let you buy at cost. Ice cream sundaes go over fairly well.
Something we started 3 years ago is an Event we call Snow Fest. It is always held the last day of school before our feb. vacation break. It starts at 12:30 and lasts till about 2:15, so we have plenty of time to get the kids on the buses. We have 5- 6 different outdoor events. Like tabagoon races, tug of war, good old sledding, Snow Angels then fill them with birdseed etc. We try a new game every year. Each teacher has no problem getting parents to volunteer to go around to the games with their childs class. The PTO pays for the birdseed, and provides hot coccoa and snacks in the cafeteria so everyone gets a chance to warm up. This is something we definitely will do again this school year. The teachers really enjoy running the games too!
Gosh compaired to all of those our school went VERY SIMPLE!! We ordered cookies from the local store, served punch the gals in the lunchroom helped with, teachers helped with face painting, egg balancing, other little sinple games. We even had a Dad donate his time as a DJ for advertising in the school year book and in the school paper.
We kept it simple and the kids had a great time!
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In January we always have a winter dance for the family. We contract with a local BBQ restaurant and they bring and serve all of the food. We do not make any money but we are just happy not to have to bother with it. We have found that by serving a dinner, it was more convenient for the families. We also hire a D.J. and the kids and well as parents have a blast! (note we charge two dollars apiece to enter the dance) Last year we took stick trees (took limbs with no leaves put them in a coffee can with cement. Then we spray painted them with silver put christmas lights and it looked great! We then outlined the dance floor and made it a "skating rink" Just an idea!
Is it during the day or evening? Pizza is always a big hit. You can ask your local joints to donate (or at least at cost) 20 pizzas each. This way you are not getting them from the same place. (The first few batches will be cold!) And they might not be resistant to say no--unless they can manage 80+ pizzas. Or maybe for every 5 you buy, you get some free, etc.
Another easy thing is spaghetti and sauce....buy bulk meatballs at Sams/Costco. Or you can just do desserts like Sundaes!
Ask local restaurants and fast food places to donate. We have Sonic and they donated like 500 hot dogs and fixings for our Family Fun Night. Remind them its tax deductible and you will advertise their generosity. Its good publicity!
What grade level is your school. Depends on the ages. I would give cookies & punch, bite size candy (minitures). Have someone take digital pictures get their email address and they can be emailed to them for a small fee or for free. Door prizes would be great. Maybe a nice wreath(background)or a bench for the person to sit and the other to stand behind them. You can put a Christmas tree in the middle of the floor then some empty gift wrap boxes if you have access to a small white fenced barrier that would be neat. Maybe you can borrow one from a bridal shop. For you punchbowl also you can use a fountain and put lights on your tables.