Offer up ideas, and I will use some of them in my upcoming article... it would be my pleasure to have you all help out on this one.
When I say giving back, it's in regards to your members. How to you spend the donations in efforts to give back to your members for their time, and valuable membership?
All Right Ding ding ding, DISCUSS !!
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Maybe offer money in contest you could host? Donations are to help towards the running costs of a site. And if you have enough and some spare offer it back in a contest.
I wouldn't purchase anything or give the money out in a competition, donations are to aid in the running of the site. I'd be pretty pissed if I'd donated just for it to be given to somebody else. It's probably a good idea to keep it in the bank as you never know when donations will dry up and that extra few $'s could really help.
Good ways of giving back though, I think, are things like increased avatar size, increased PM storage, bigger signatures, access to private areas, virtual cash or virtual items etc.