I belong to 2 guilds and both have a library that is very popular along with librarians to manage and organize everything. Books are stored and locked in large closets/lockers at the meeting hall and are placed on banquet tables during the monthly meeting for members to look through. Books must be signed out and signed in when returned.
The librarians work very hard categorizing and keeping track of where the books are and both guilds have a "master book list" with all books registered and listed by author and by name so it is easy to see if the library has a particular book that you may want to use.
The volunteers do have an occasional sell-off to members of books that are not frequently used or those that need replacing. These funds are added to their yearly budget that is allotted by the guild for new books. They also receive donations from members of books or $.
I like to check out the new books/patterns and have found lots of great ideas by taking a few home. Many of the books are also used by those that participate with the "comfort" quilts group - these quilts are donated to groups in need in the area. Each year each guild gives at least 250 - 300 quilts a year.