Wow at the responses so far, I knew we'd be able to count on you all and the ideas are wonderful.
In the past we've done the anthology road, where a certain amount gave you the fanfic's collected a full year before they were posted for all.
I'm also a part of the Twilight fanfic groups and they hold fundraisers often for other Twihards that have fallen on hard times (I can't believe I forgot to tell this one to Labby - who I thank for taking the lead on this for me. I do have a fear of public speaking or getting the ball rolling on this stuff. I does make me uncomfortable to ask for donations, as it were.)
Anyway, what the Twihards have done is the first chapter or two would be given to those who donate and then six months later the authors would start posting their new fanfic, starting with the chapters the donors received, and then continued on with the fanfic. I can't tell you how many times I've been left hanging - they too have been blessed with wonderfully talented writers.
Another option would be creating a tee or sweatshirt with the phrase, "It's a Fanfic Thing, You Wouldn't Understand." I recently participated in "It's a Dean Cain Thing, You Wouldn't Understand."
Anyway, what it comes down to is thank you very much for the suggestions. Please keep them coming.
Once we know what we'd like to do then we need to start putting dates around this.