For many years, we've had a library in a cabinet that stays at our meeting location. We've got books and purchased DVDs and recordings of club demos. There's a notebook for checking things out (during a meeting), and a slot in the cabinet so they can be returned between meetings. We also have a lot of our club demos on line. The honor system for checkouts has worked well enough - we have lost a few things, but not really significant (I think most of the losses happen when we loose a member due to moving or death).
Since COVID started, we hadn't had any significant library use. We also significantly enhanced our audio/video and internet capability. So we took everything out and re-purposed the cabinet for our A/V/Internet gear. The library now lives in a couple of tubs at the librarian's house, and there's an inventory list on our web site. Checkouts now happen via arranging things with the librarian (like to bring a specific title to the meeting).
The plan is to give that a year or so and see how it goes and what the members think, then decide where to go from there. Maybe we decide we need to replace the cabinet. Or maybe we just auction off the library (or part of it) to raise funds for grants. Or something in between, we shall see...
