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I have edited the newsletter for my alumnae club for 3 years and simply use Word. I mix up the columns, add text boxes and graphics/ pictures. Publisher may have more features but if you're doing this on a budget, you don't need to buy special software. I'd be happy to send you a copy... PM me if you want to see an alumnae version of a newsletter.
As far as content goes, if this is going to parents, alumnae then you want to brag. Make sure everyone knows all the special things that are going on with the chapter and your individual members. "Star of the Month" is a great idea but you could also highlight a senior every month (include her job aspirations and locations... never know what connections this could bring). Calendar of events for the upcoming month(s) would be good also.
Is this something that will be mailed or sent electronically? If mailed, it will run into some expense sending out a monthly edition.
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