Are there any financial disclosure obligations for private fund-raising?

If members of a private organization start an account that is specifically used to collect donations for the construction of a building, what obligations, if any, do the account holders bear?

For example, three members of the private school organization, ABC Alumni Association, open a checking account under the DBA "ABC Alumni Center Fund." The purpose of the fund is to collect donations for the construction of a new alumni center. Over a period of 20 years, thousands of ABC Alumni Association members contribute money to the fund. It now holds half a million dollars, which is more than enough to pay for their new building.

Recently, however, the three members who opened the account have been in disagreement with the rest of the association's members. With only their names on the account, they have refused to release the money, as well as the account's financial statements.

Are the three members obligated, in any way, to release the money for the construction of the alumni center? Are they also obligated to answer requests by the alumni association to disclose the fund's financial statements?