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I ran my college game club for several years. We didn’t charge fees but we did get school funds each year. Here are my thoughts:
Buying a club library can lead to problems. We had members storing games and books at their homes and inevitably stuff would get forgotten about, lost, damaged, and sometimes stolen. Think about how you’ll handle club property carefully before spending money.
I think tables might be a good choice. Just be sure to consider where they will be stored, who is responsible for them, what to do with them if you change venues in the future, etc.
The best use we came up with was to subsidize trips to game conventions. Any activity you can do as a group might be worthy.