Our PTO serves both functions at the Middle School level. Just split off as many committees as you need to plan and execute the functions. Those who are interested in the fundraising aspect will serve on those committees and those who are interested in the academics and other activities will serve on those committes. Creating 1 group for both ought to streamline things and make it easier to run once you make all the adjustments.
Our parent group deals mostly with school activities such as standardized testing, curriculum explanation, jr./sr. after prom activities. Our booster club deals with fundraising for sport teams and fine art activities. Our booster club is very successful. Our parent group is financially sound do to dues but has a very inactive parent base. There are 2-3 active parents from a school of almost 3,000 students. We are contemplating combining the 2 groups but don't exactly know how to go about it.