Corkboard - you can buy it in squares or in rolls at most craft stores. I prefer the rolls as I can then cut to size for what I want.
Fabric Square - Any fabric that suits you and your personality and home décor will do great!
Scrapbook pages - Consider buying some for every major holiday and switching out the background of your dry erase board.
Picture frames - I prefer the square scrapbook page holder frames from Micheal's, they have a tension backing so they still fit with the cork board and provide a firm backing to the frame so that the pushpins don't go into the wall. These go on sale often and even at their regular price of $10 each they are a good deal.
Dry Erase Markers - Office Max has some that have magnets on the lid, luckily for you the frame I suggested is made of metal. Or you can do as I have in the picture of finding a ribbon or string that matches your fabric and wrapping it around your marker to keep it from wandering away.
Measure your frame
If you are going to spray paint it a different color, dismantle it and set it on newspaper outside to spray paint. Let dry completely before continuing
Cut a length of fabric 1 inch wider and 1 inch longer then your frame
Cut a length of cork board the same size as your frame space (to include the lip of the frame)
If you are not using a tension backed frame, set your cork board in the center of your fabric, pull tight but not taut and glue into place with fabric glue. Wait for the glue to dry then set the fabric covered cork board into the frame with a dot of fabric glue in each corner. Weigh down the frame with a book for an hour or so to help the glue set
If you are using a tension backed frame you can trim another 1/2 inch both long and wide from your fabric, set your cork board in the center of your fabric and pull tight but not taut (You will not need to glue into place as the tension of the frame will keep it where it needs to stay. It will also make it easier to switch the fabric out if you want to change it up over the course of the year). Set the fabric covered cork board into the frame, ensure that it pulls evenly on the fabric as it sets into the space
Hang on the wall and tell yourself how brilliant you are as we work on the dry erase portion
For the example, I merely flipped the sample picture from the frame around and put it back in place while I hunt for a scrap-booking page that I feel will work with the fabric I picked out. The frame in the example is exactly 12*12 which to me makes it easier to swap out the design of the dry erase board
I set the two picture frames side by side and got out some bungee cord from the garage and used Gorilla Glue to set the frames permanently together. I then bungee corded them in place while the glue set
Hang on the wall and tell yourself again how brilliant you are!