Proceeds to give thanks to college (7)
I believe the answer is:
takings
'proceeds' is the definition.
('takings' can be a synonym of 'proceeds')
'give thanks to college' is the wordplay.
'give' is a charade indicator (letters next to each other).
'thanks' becomes 'ta' (UK informal version of 'thank you').
'to college' becomes 'kings'.
'ta'+'kings' is 'TAKINGS'.
'to' acts as a link.
(Other definitions for takings that I've seen before include "Monetary receipts" , "Income from transactions" , "What's in the till" , "Cash receipts" , "Income from sales, etc" .)