Seems to me like another option would be to donate those items to the school. The original (and continuing) goal of the parent group (PTA and PTO) was/is to help the kids. The "technical" owner of the popcorn machine probably won't makea large difference in its use.
Many PTOs and PTAs already donate things like Ellison machines and computers to schools, so this move won't be far off track, and the equipment, I'm sure, will still be available for your use.
We are now in the process of disbaning our PTA and becoming a PTO. We know we had to use our money on the kids or lose it. But we were wondering about supplies and equipment we bought from PTA money, will these be taken from us too? Such as a popcorn machine that was bought years ago, spirit shirts we still have to sell, etc.