I do both for the Akron Area Alumnae Association of Alpha Delta Pi (it is an office- I am the web/newsletter editor). The website is constantly kept up to date and I also publish 4 newsletters a year, which the cost for those are included in the $22 a year dues. If you do not have the time or money for a newsletter, then a website is the best option...anyone can start one...I started ours through geocities.com. Feel free to take a look and ask any questions.
www.geocities.com/alphadeltapialumnae
I also started the chapters site that was also!
www.geocities.com/adpibetatau