What my team did was buy in bulk massive amounts of candybars for about $.32 each, and then sell them for $1.
i did that for ultimate in high school for 2 years and i was so sick of it after a while
. the profits aren't that great and the selling is pretty slow (as compared with a party or other such things).
hosting tournaments can be great fundraisers
or do a date auction. your ultimate team has got to have some hotties on it bc ultimate players in general are pretty hot.
selling discs with your team's design can bring in some profit, or along those lines, shot glasses.
one team i met last year sold ultimate stickers with cool slogans and stuff on them. (like "layouts are for lovers" and "one bad muthahucka"
other than that i don't really have any ideas.