I have been a part of a club for 2 years now, my sophomore and junior year and was elected in a position at the end of my junior year. But I won’t actually do anything in my position until after college applications?
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Definitely mention the title but also focus on what you did during the two years, what you learned and how you have grown through your involvement in the club. What made you join the club to begin with? Be reflective - what did you learn from your participation in the club? Would you like to join an org like that in college?
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Yes, some colleges do value being a part of an organization for a few years and taking on or being elected into leadership positions. You should list that in the common app. Colleges want to have students who will be active members of the community and take on leadership roles in their clubs and organizations.
It is better to have a few ECs with depth and longevity than 10 with no real engagement or genuine interest.
Scholarships may specifically ask about leadership experience.
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Yes, if you look at what colleges highlight on their press release and websites, many of the accomplishments listed would be obtained in Senior year.
Yes, ascending to a leadership position in a club you’ve participated in for years shows sustained commitment and validation of your ability and willingness to step into a leadership role.
It’s not something that’s necessarily going to dominate your application, but it checks a “leadership” box that is one thing schools look for.
Many schools ask for a short essay about one of your EC’s. If this is the one you choose, talk about the content of your involvement, how leading the group this year is part of that trajectory, what your plans/goals are for your year as president, and how that relates to things you’d like to do in college and beyond.
What doesn’t impress colleges so much is the scenario where a “leadership” thing is tacked on without precedent - i.e. you found a club in your senior year just so you can be president of it. At my high school, many years ago, a whole group of seniors founded a “Millard Fillmore Club”… the rationale being that Millard Fillmore was a president who didn’t do much. So everybody in the club was president, and they didn’t do much. They really used this as a line item on their apps. 
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some do, some don’t so, it really depends on your target school.
and its fine that it happens after aps are due.
i’d add that extensive ECs won’t make up for uncompetitive stats.
good luck
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