Our PTO doesn't, but a local Literacy Association does. They have adults form teams of five that compete against each other, with a $100 fee per team for the chance to compete. They get the local chamber of commerce involved with some fierce competition between teams. The teams are usually sponsored by employers, with like-businesses trying to claim the fame. Teachers from different schools in the district also form teams to see who can have the bragging rights.
I'm sure you were thinking of student spellers, but this is a different twist that could be combined with a student bee of some sort and net a bit of profit.
