If you have a good amount of email addresses, I would go with an e-mail format.
Other than that, have each officer give you a monthly/quarterly report and include that. Attach the chapter's calendar, if possible, highlighting any events that the Alums would be interested in attending.
I would also invite Alums to email you updates, such as address changes, births, marriages, engagements, deaths, etc...and include those in the newsletter.
Hope that at least gives you a start.
Also, if you scroll to the bottom of the page, there's a list of related threads that could be helpful.
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