For the first blank, the best transition is:
A. In spite of
For the second blank, the best transition is:
B. Consequently
So the complete revised article would read:
Last September, the marine biology club had a bake sale, car wash, and book fair. The department chair was very proud of the students' efforts to raise funds. In spite of their fundraising efforts, the marine biology club did not raise enough money to go on a group trip. Consequently, all of the students were extremely disappointed. This year, the president of the marine biology club hopes for a better turnout at the fundraising events. It is really important to earn enough funds in order to send the students on the scuba diving trip they have all been planning on. Please make sure to invite all family and friends to support the marine biology club's efforts this year.