"The colors of the club are blue and white."
Translation:Die Farben des Vereins sind blau und weiß.
Colours can be adjectives or nouns. I agree with Germandy. In this case, they're nouns. It's more obvious if you switch the subject and predicate nouns.
Blau und Weiß sind die Farben des Vereins.
Before I go reporting something that I'm not 100% sure about, is "Vereines" also an acceptable option in this sentence? Canoonet (http://goo.gl/bNNg7) says either "Vereins" or "Vereines" can be used but I'm not sure if that is based on one's personal preference or if there is a rule of some sort. The reading I have done leads me to believe that (for this word) it can be either "es" or "s" and that the choice is pretty much yours.