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At German universities, there student councils, called "Fachshaft", which is an extracurricular representative structure for students.

Each year (or semester), the student councils organize parties for students of their universities, called "Fachschaftsparty", in order to collect money for serious things and to provide socializing activity for the students.

How do you translate "Fachschaftsparty"?

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Not Fachschaftspartei? Or Fachschaftsfest? I had no idea party had become a Denglish refugee. –  John Lawler May 22 '13 at 17:57
    
Translation requests are off topic here. –  MετάEd May 23 '13 at 1:18
    
Did you try googling for 'fachschaft trabslation'? –  Mitch May 23 '13 at 17:27
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3 Answers

In English universities, the extra-curricular representative structure for students is called the Students' Union.

University College London (UCL) Union website

The objects of the Union are the advancement of education of Students at UCL for the public benefit by:
4.1 promoting the interests and welfare of Students at UCL during their course of study and representing, supporting and advising Students;
4.2 being the recognised representative channel between Students and UCL and any other external bodies; and
4.3 providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its Students.

The annual party for students to raise money for serious causes is called Rag Week, and is generally marked outside the campus in the university town by students in various fancy-dress outfits with buckets collecting money. Some, like Imperial College, London, do quite a bit more.

[UCL again]

To further its objects, but not to further any other purpose, the Union may:
5.3 support any RAG or similar fundraising activities carried out by its Members for charitable causes, including the provision of administrative support, banking facilities and acting as a holding trustee of any funds raised;

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There is no such equivalent in English. You have to, therefore, paraphrase it like this:

An event organized by the student representatives of the __ department.

Check out leo.org and type in Fachschaft to read the discussion.

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see our answers, there are several equivalent in non-American English –  Jo Bedard May 22 '13 at 20:30
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The closest I can come up with (for North-America) are

Fundraiser;
Fundraising party;
Benefit party. 

A quick Google search on multiple combination of these words seems to indicate that the most commun name for these kind of events is

"Student fundraiser party"

But in Ireland and UK there's a word for exactly that:

[Rag][1] 

Also known as Charities Campaigns, Charity Appeals, Charity Kommittees, or Karnivals.

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