Make tassel. Using Golden Yellow icing color, tint 1 oz. white fondant yellow. Roll into log measuring 3/16 in. wide and 6 in. long.
Roll remaining fondant into six logs measuring 3/16 in. wide and 2 in. long and one 3 in. long. Fold 3 in. long rope accordion-style into fourths. Pinch top and bottom together to create tassel knot.
Fold 2 in. long ropes in half. Attach folded end to end of 6 in. long rope; secure with fondant adhesive. Wrap accordion knot around tassel. Secure with fondant adhesive.
Using reserved black fondant, form oval measuring 1 in. x ¾ in. in size (1/4 in. tall). Place tassel on front of graduation cap, using fondant oval to secure tassel to middle of mortarboard. Attach all with fondant adhesive. Set aside.