Have the students create a memory book of the year. The first pages should include a school photo of each child along with the classroom photo. The next pages should include pictures of classroom activities throughout the year. You can make photocopies of pictures so that each student can have whichever pictures she wants in her memory book. Have the children include several pages in the back where their fellow classmates can write their name and a simple message. Write a personalized message on the inside of the cover of each student's memory book to tell her how much you enjoyed having her in your class.
Provide the students with a variety of children's and travel magazines. Ask them to cut out pictures of things they plan on doing this summer with their family or places they are going to go on vacation. If they are not sure, have them create a collage that shows what they hope to be doing this summer or what their dream vacation would include, such as a trip to Disney World.
Put a large piece of paper on the board and ask the students to brainstorm a list on why they loved second grade as a welcome to next year's second grade class. If things such as recess and class parties come up a lot, encourage the students to think about what they loved learning about in class. You can also have the class write a list of funny advice to the next year's class such as, "Clean up the first time the teacher tells you to or else!"
Let the children unwind on the last day of the school year with a party. Bring in snacks if the school allows and play a movie. Play kid-friendly music and have the children write in each other's memory books. Or, compile pictures of activities throughout the school year, set it to music, and play them in a slide show presentation. Provide a copy of the slide show to each student to take home with him as a keepsake.