I was once working on a small-scale project at Monmouth University where the project sponsor was the local fire department and my project managers in a sense were two professors. These made up the enterprise environmental factors since I don’t believe any software was used for PM.
As for the organizational process assets, considering this wasn’t a corporate project, there were virtually no processes or guidelines to fall back on and consult. Pretty much all of these assets came from the experiences of the professors.
If I was in charge of this project, I don’t really see any other way of doing it. Of course I would have liked to bring in experienced project managers, but considering that the main limiting factor was the abysmal budget, I believe going the way it happened would be the only way to do it. The situation reminds me a lot like how new entrepreneurial companies form these teams, except if the there were even less resources to pull from.