When my own mother died a few years ago, one elderly acquaintance of hers did send me a check for $25 (made payable to me) inside her sympathy letter.
At first I didn't know quite what to do with the money. I was very fortunate that my mother had a pre-paid funeral plan, and all of her other bills had been paid up-to-date, so I didn't need the money for final expenses. I decided to endorse the check over to the public library in my mother's home town. (I checked with the librarian first.) It was used to buy a memorial book with an inscription saying it was from the acquaintance, and I wrote the acquaintance a nice letter thanking her and telling her what I had done.
Everyone else who contacted me after my mother's death either just expressed sympathy, or arranged their own order of flowers or memorial gift.
I thought any of those gestures were just fine. I was pleased that others remembered my mother kindly. I think what the club members want to do is OK, in other words.