Here's what the dictionary has to say:
quilt /kwɪlt/ [kwilt]
–noun
1. a coverlet for a bed, made of two layers of fabric with some soft substance, as wool or down, between them and stitched in patterns or tufted through all thicknesses in order to prevent the filling from shifting.
2. anything quilted or resembling a quilt.
3. a bedspread or counterpane, especially a thick one.
4. Obsolete . a mattress.
–verb (used with object)
5. to stitch together (two pieces of cloth and a soft interlining), usually in an ornamental pattern.
6. to sew up between pieces of material.
7. to pad or line with material.
–verb (used without object)
8. to make quilts or quilted work.
I guess #2 could be stretched to include your guild project, but I think I'd be more inclined to qualify it as well with a descriptive adjective. Rather than just "quilt", I'd maybe call it a "hanging quilt".