For tassels, roll out colored fondant 1/16 in. thick. Cut a 1 1/4 x 1 1/2 in. wide strip for each tassel needed. Cut 1 in. deep x 1/8 in. wide slits for fringe; brush uncut edge with water and roll up to form tassel. For cord, cut 1/8 in. wide x 3/4 in. long strip and attach to mortarboard with damp brush; attach tassel.