Both quilt guilds I have belonged to would raffle a quilt to raise funds. Making the quilt was a group effort, then tickets were distributed to members to sell (you really need a color photo to help with this) and tickets were also sold at the annual or semi-annual quilt guild show. Tickets were always $1 each or 6 for $5.
One quilt guild also created baskets of related donations (e.g., DVD and popcorn with napkins in a basket encased in cellophane tied with a ribbon), sold books of tickets for them (can't remember the price, but I think 50 cents per ticket), and buyers would place a ticket in the bowl in front of each basket they were interested in winning.
Regarding boosting membership, especially for a small guild, I think establishing a mentoring program for new members would yield the best results. At my last guild I saw numerous new members drop out because there was no welcoming committee to introduce them to other members, invite them to participate in different activities to see what might interest them, etc. The problem wasn't getting new people to come to meetings; the problem was keeping them once they came.