My family has a private facebook group where we can send and view pictures and videos of all the kids and grandkids in the family. We don't have to worry about having it out there to the masses. We've been very careful to keep it private.
I think this is a great idea! Our family does this as well, but I'm not sure that all family members understand the importance for privacy. I do that same for one of my classes as well, at the end of each semester I delete anyone who no longer has a need to be part of our page. It's very handy, but I am also sure to communicate this to our administration. One of our admins and one of our counselors are on the page, so I feel more comfortable having that support, too!