I don't think I could handle the "roast" described above.
Thankfully our event was like TechAPhis, but it was called "Senior Send Off." We had one every semester, as there were usually some December grads.
Here's our version:
Typically the last chapter meeting of the semester, all members gathered in the chapter room where we sang songs, our chaplain read sisterhood poems and inspirational quotes. Then each graduating sister's name was announced.
Like "Senior Say," described above, the underclass members would give short "tributes" to the person leaving. Usually there was something special done by the little sisters for their big sisters. Then the graduate would speak and say goodbye.
The chapter presented each graduate with special gifts (the year I graduated we got silver letter openers with "Alpha Phi" engraved on the handle--very nice--I still have mine).
After the ceremony we'd have a little party with a cake, cookies and punch, etc.
It was a great way to send our seniors off into the "real world."