Hi Patti,
Senior Farewell was one of my favorite experiences as a collegian and I think it's great that you're going to do it! This is how we did it at my chapter when I was in school:
We scheduled our Senior Farewell to coincide with our spring "White Rose Banquet" (we had a banquet in place of a spring formal since my school has a Greek Gala, Junior Formal & Senior Formal all within a few weeks of each other). After the ceremony (you should have all that information, I always cried like a baby!), we would celebrate the White Rose Banquet by going to a relatively nice local restaurant that accommodated large groups and served food family style. I put the link below to give you an idea so you can see if there's anything similar in your area. This had to be booked well in advance to accomodate everyone. Anyway, the chapter would pay for the seniors' food at the banquet (but not alcohol, if they wanted a drink) and the seniors would be presented with "Senior Gifts" by their little sisters. Usually, the little sisters, and anyone else who was present that wanted to would give a speech about how much they were going to miss the seniors and thank them for all they had done for the chapter, etc. The gifts varied from year to year--my senior gift is a silver jewelry box engraved with
QFA, another year one of our sisters worked for a jewelry store and she got discounted pearl bracelets, yet another year the seniors recieved engraved silver picture frames. Hope this helps!
http://www.vinnytsofboston.com/
Your conference director should also be able to give you some ideas.
yitb,
J