Cost is going to vary depending on your location. A semi-formal in the midwest is going to cost less than one in Los Angeles. Find out how much money you have to plan this event without leaving your social budget dry for the rest of the year.
Are you an NPC? Talk to one of your advisers or area district officers. They will have ideas or know of venues.
Call some area hotels and ask to speak with the banquet/catering sales manager. More than likely they will be able to help you create a menu and centerpieces. They will also be able to refer you to DJ's.
You should also plan to charter a bus to transport your members and their dates.
You may also want to consider hiring security for the event. The catering manager can make recommendations.
Alcohol served will have to be a cash bar, so that should not be a cost consideration.
You may be able to save on money for the DJ by getting a fraternity guy who spins at the fratenity parties to hook you up. You may spend less or he may do it for free if you feed him!
Keep your centerpieces really minimal-- you don't need to have any sort of elaborate flowers.
You print menus on nice paper using your own computer, or a friend's computer, and sit the menus in front of the place settings at the event.
Favors, like party picture frames, t-shirts, etc., can be pre-paid in advance by the members so you don't over order or blast the budget.
Hire an event photographer who does Greek events and who charges for the photos ordered rather than the actual photo taking.
Basically, you're going to take the same kind of planning that you would put into a formal-- the attire is a little different and you may want to spend a bit less money on this event than your formal.
Ask around at the other greek groups to see what they do. I'm sure some of your sisters have been to fraternity semi formals and will have ideas. It's also a good idea to recruit a social committee in your chapter to help you plan.
I know this doesn't answer your question about costs, but this should get you started to calling around and doing some local research.
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