Often times the food for an alumni cocktail party is provided by the location or a caterer so there's not much creativity involved in the menu planning. However, you can feature a signature cocktail that spotlights you school's colors.
School Color Cocktails - One of the easiest ways to match a drink with a theme is by choosing a vodka-based cocktail. Vodka works with just about anything from a sweet fruit juice to a savory mixer like tomato juice. Give the cocktail a fun name like the "Rio Americano Splash" with an orange juice mixer and a green lime wheel for school colors of gold and green.
Scholastic Drink Garnishes - Go with school color plastic cocktail picks for drinks garnish with olives and onions. Or choose a school themed pick such as a football, grad cap, or pennant. For tall drinks, look for stirrers in school colors.