If you want to raise money and have a good turn out get donations for the prize money. That away you can say the money is guaranteed and more people will fish.Then the entry fees are all yours to keep.
Most local banks and organizations will contribute. Ask EVERYONE, you would be surprised who will give!!!!Also find someone to help who fishes alot. Nothing will kill a turn out faster than having your event the same day as another big tournament..
Hope this helps