My quild has a chairperson for swaps and exchanges. Our past swap and exchanges projects have included needle cases, mug rugs, pin cushions and mini quilts.
One fun and challenging project was our Batik challenge. Each person brought a yard of batik fabric (their choice). Everyone participating formed a circle and we played a form of "musical chairs". To music we handed the yard of fabric to the person to our right. When the music stopped we ripped the yard of fabric in half - keeping one of the halves and continuing the musical chairs concept - each time ripping in half the fabric. At the end everyone had 5 pieces of batik fabric - ranging from 1/2 yard to about a 10" square. Our challenge was to make a quilt or some type of sewing project using at least 3 of the 5 fabrics and we could add any amount of other fabric - of our choice. The guild members, who did not participate in the challenge, voted for their favorite project. The winner received a small prize.