This is my experience, I know your club will be slightly more topic focused than an ACM club but these are some issues I had as a leader and member of several computing clubs in my time. I hope it helps.
You have to find a balance in your schedules. One of the main things clubs will suffer from is either having too many meetings and not having enough content to fill them up or having not enough meetings and people forgetting about it, either way, you will lose members because of these two things. This is not just ACM but in the hackerspace I attend in my town that had "organized meetings" that ended up being nothing and sometimes just me sitting there alone wondering if anyone was going to show up for the talk on the calendar, and even the speaker doesn't show up.
Don't get discouraged
You're going to have people showing up looking for answers to homework problems or with general class problems and are looking for some magical device to help them pass their courses. You will also have people showing up looking for free refreshments. You will get people who think joining your club is going to somehow lead to an internship somewhere or that you'll help them in their career. They will all eventually stop coming, you must not take it personal and keep going.
Keep your content on track and don't write checks you can't cash. Working in a group where people are bogged down by coursework already and have little to no time to commit will often bullshit with you and say they're up for a task then not deliver when it matters. So what I mean by this is don't promise anything to the group or outside groups (we had a president do this before and it made us look bad), don't promise help with web pages or anything like that. These things happen like "hey can you help me with [thing]?" then you feeling like a good chance for outreach are like "sure" and you're in trouble and looking like a total jackass now.
Make sure you can get guest speakers to come and talk about something related to projects you're working on. It will be exciting to hear about how maybe someone implements [thing] in the real world and what to look out for when doing real world implementations. You can learn a lot about things like hardening servers and so on by asking a working engineer about dos-and-don'ts in the work force.
Keeping content on track can be hard, you start forgetting what the point of the club is as it turns into a more social event (which isn't bad) but you will lose members and focus very easily and eventually your club will die. So maybe set aside social time after the main meeting content is done, this will allow people to mingle and get some good technical information from your meetings.
Your core will eventually disappear
College is a revolving door and the 5 core members who really tied the group together will graduate and you will be left with people who don't care as much. I saw this happen to ACM while I was at my school before I got involved with some friends forming the "new core," then we graduated and my dept chair emailed me saying "ACM is now dead." So you need to ALWAYS be advertising and finding people who are interested, or you'll have a huge hole in your group. You'll also be trying to find a way to make things go back to how they were and recapture that magic, it won't happen. Don't get discouraged.
You are just some guy who likes linux. People are going to look to you as a leader and expect you to have answers. Don't bullshit. My first experience at ACM involved a "Linux seminar" where the president was giving the talk. He didn't know anything about linux. He somehow became the Fedora ambassador at the school (probably because no one else knew about the position) so he decided to try to get us all to install fedora and was trying to show us how to configure it. He never used linux before. He made a real ass of himself and a few friends of mine and myself ended up finishing the talk for him from the audience by taking over the A part of the Q&A that erupted. Long story short, if you don't know, don't pretend. That meeting I described really killed the clubs image to the CS department students.
Take ownership of these positions in the school if you can and throw release parties. You can often get the parent company to sponsor the event. I know for sure Google, Fedora and Microsoft (I know... but it has perks for the club) have ambassador programs and will provide funding and raffle prizes that can be used for fundraising to keep the club going.
Do not pressure your new members to wipe out their existing Windows OS for linux, they will be fearful of this. They are curious and want to learn, but still want to play League of Legends and whatever. The best thing I found was using virtualbox to install VMs that they can mess around in. You will gain new members a lot easier if you have a "noob meeting" where you do an intro to setting up a VM and getting them going with linux and easing them in. Then, they will become very active members.
Also, at times you will feel some pressure. Drink a beer and play some league of legends, it's not worth worrying about, it should be fun.