The parent group at both of my children's schools do a Family Directory. A Directory form is sent home asking for name, address, phone, email, children's names, grades and teachers. Parents complete the parts that they want printed in the directory. At the bottom there is a statement that they sign, which gives permission for the parent group to print the material and if we make a mistake that they aren't held liable.
Our school families really use these directories often. The directory includes helpful school information, how much lunch costs, important phone numbers, class lists, family contact info., how to contact teachers, the parent group leaders and phone numbers, and a couple of pages on how parents can get involved in the school, also, a page from our principal with volunteer guidelines and rules.
The parent groups provide the directories free, one per family, and sell ads to cover the costs. They sell $25+ business card size ads to our local businesses to be in the back of the directory. This year they made more than $1,200 at one school and nearly $2,000 at the other school, after expenses.
Of course, they got the approval of the principal and superintendent before selling ads in the directory. They felt it including the ads were okay since the directory was directed toward the parents and not the children.