Stood for
Sexual Minorities Aligned for Community Education and Support:
S/M ACES was a club at Bard College that focused on informational and fun exploration of S/M and fetish culture, and also sponsored the yearly Drag Race dance. It started with a bunch of friends that wanted to use school money to get .. toys .. and ended up petering out and being more or less persecuted by the school, on various subtexts, but mostly probably because it wouldn't look good to the investors.
A friend once said to me that if it weren't for S/M ACES, he wouldn't know what safeword meant - i think just that made the club worthwhile. They promoted creativity, but also safety, with Safe, sane, and consensual in the forefront. Their softball team in the spring softball season was called Slut Trash.