Todd, you are after my heart. It is absolutely wonderful that you want to raise money for lake water quality monitoring, education, and preservation. Do you know about the Maine Lakes Society? We're coming out with a new website soon, and doing a lot of work with "LakeSmart," a lake protection program, and you might want to look into it. The site is http://www.mainecola.org/ as we used to be Maine Congress of Lake Associations.
So that is where there is information, until we get the new site up, which will be wwwmainelakessociety.org.
I am planning to encourage a road association membership level soon, so you can join and through that get the benefits of instruction in the program. This is especially important since landowners are responsible for sites that degrade water quality.
The problem is, the road association statute is what it is, and whether road associations can expend funds for water quality issues is not explicitly stated.
What you might do is go to your lake association, if you have one, or form one, or when and if the new membership level comes out, join through that.
Hope this helps.