Our sail club actually isn't all about races.
We offer a Sadie Hawkins race, where the skipper must be a female...
We have 3 dinners hosted by the club all season...
2 charity races where there are huge parties with live music and such.
2 raft-ups on the lake overnight.
Memorial day raft-up, and July 4th sailboat parade and Raft up... These "family" functions are more social functions... but they are quite nice.
My complaint was more that there isn't more incentive for kids. In the club's defense though, there aren't a lot of kids of members (most are grown).
Our sail club is a bargain, costing us less than a full tank of gas per year (top that!)...
I think membership is stable, but race attendance is down mostly because of unemployment/underemployment, and price of fuel. There is little to no industry near the lake, so anyone working and a member, drives a decent distance to sail with us (average club member drives about 30 minutes).
We are also landlocked, and on a lake that isn't the greatest lake to sail... it's narrow, and long, and between two hills (making for shifty winds)... the lake is also one of a very few lakes with unlimited horsepower nearby. So water skiers frequent the lake.
The sail club has also sponsored cruises in the past, where several members got together and chartered 2 boats for the BVIs. A great idea, and seemed pretty successful.
Finally, 2 members of the club, are instructors from our local ASA school. They steer new graduates toward the club, and many of of best sailors have come from their program. I think this is key, if you can get your yacht club, or sail club to work with the local ASA school, you can both work to make one another stronger. I am so confident of the quality our ASA school cranks out, 2 of their graduates were my crew for the summer. If I have room, I'll take newbies for crew anytime.
What you are really asking isn't how to save your yacht club... you are asking how to save sailing... Given the skill required to sail, and time it takes to learn, as well as initial cost of entry, I'd say that sailing will likely wane much more before we are through. You can have local success keeping your club alive, by recruiting new members. Recruiting like you would ANY other sport... drag people out and show them how it's done!
I have a few other ideas, but I am hoping to implement some of them with our sail club this year, so I'll let you know how they work before I share.