I recently made this Ribbon Board for my daughter and also one for a gift. It is used to hold clips and hair bows.
Plain board- I bought mine from Lowe's. They also cut it the size you want for free there at the store.
Cover one side of the board with batting and plain white material. I cut the batting the exact same size of the board. You want your material long enough to pull around part of the back of the board. Pull the material tight and hot glued it to the back of the board. I glued one end of the ribbon to the back of the board and strung it down the front of the board. Then hot glued the other end to the back of the board. I repeated this with all the ribbons until the board was covered with ribbon.