This also avoids the need to re-license the content.
See Wikipedia: Museum projects for some related thoughts.
In particular, we try not to include content that is below an encyclopedic level of notability.
We probably don't need an article about your college club (unless it happens to be something like the Oxford Union).
Note that there is no way to say "you can use this in Wikipedia, but not anywhere else or in derivative works." Also, because some derivative works may be commercial, we cannot accept materials that are licensed only for educational use or even for general non-commercial use.
For example: Wikipedia is not a universal compendium. Probably the best explanation of this is at the page "Wikipedia: What Wikipedia is not".
This page exists to provide some guidance in these matters.
(Most of what is on this page also applies to work in the public domain, but the focus is on copyrighted materials, because they raise more complicated issues.) When you contribute material to Wikipedia, you are not giving us exclusive use of it.
Please be aware that the content you donate is subject to continuous editing by the Wikipedia community.
It may be added to, subtracted from, rearranged, illustrated, split into multiple articles, translated into other languages, and otherwise changed beyond your expectations.