The college Elder Daughter went to (Carleton in MN) has a Yellow Bike program. Beater bikes are donated, painted baby-poop yellow and just left about campus for all and sundry to ride as needed. I think the bike club takes care of maintenence.

This seems to ease the theft program, as Elder Daughter didn't say much about theft problems, and I saw some reasonably good bikes chained to racks outside the dorms.

Of course, Elder Daughter isn't in the least bike crazy (where did I go WRONG???!!!) so she may not have been aware of problems.