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If you're a local, you definately should seek a lawyer's advise about becoming a tax exempt organization (i.e. a 501(c)(3) organization). You can get the forms and everything through the IRS, but it's a very complicated process and you'd probably have to have some alumnae get involved.
Also, if you're not established as a corporation, you're also going to have some trouble.
If it's something you're serious about, seek a lawyer that specializes in non-profit organizations. You could find one by calling your county's Bar Association- they probably have a Lawyer Referral Service.
If you need a recommendation for your area, PM me and i'll ask my Non-Profit Organization Law professor if they can recommend someone.
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