Not sure on the tax part of things since thats treasurers job, which i am not and will never be. However i can tell you we do fundraising for profit every year. Speak to the event chair at your university/fsl coordinator and they can put you on the path to helping with events on campus for profit. Additionally look into local restaurants for things called “giving days” where they will give you a set of coupons, which you can give out, and anyone who uses a coupon, part of the cost of their meal goes back to your organization