when my older dd was in 5th grade, her DARE graduation was an hour long and took place in the school cafeteria. the DARE officer made a speach, the president of the school board spoke, a few kids read their essays. and a local politician came down to rally the troops to keep DARE in our schools -- there was an effort by the county government to stop funding the DARE program. the kids made a presentation to the DARE officer, and then each of them got a t-shirt (supplied by the PTA).
I expect younger dd's graduation will be similar in scope.