In fundraising/development for a nonprofit or a university, there are typically several types of ways to fundraise:
Events like balls or galas (at these, you typically dress up, maybe in a tux and gown or depending on the theme in other attire (like western wear). There is usually a dinner. You buy tickets to attend. Tickets could range anywhere from $50-$250 for most nonprofits (political balls/galas would be more typically). Not all of the ticket is tax-deductible, as in the US, you can only deduct what is on top of what your ticket actually pays for. These events usually have corporate sponsors or individual sponsors who contribute $5,000 or $10,000 or more and they get a table full of seats to distribute to employees or friends. Yes, someone is usually honored, and most of the development work I've done hasn't been around galas, but some has (I do nonprofit fundraising for a living). Yes, someone is often honored, and it's a real thing.
But this is not a thank you event for donors. Those donezost but typically within Annnual andnmajir Giving, which I outline below. Those stewardship and cultivation events are very important in getting larger gifts--and having an impact on Food Allergies or whatever the cause is.
Back to balls and galas. Gala donors are not often philanthropic toward the org outside of events, and their "conversion" rate to be a real donor is typically low. So an org know it has people who will really only come come to events like this and you have events like this to engage them.
In many communities, the social calendar is made up of galas/balls. The southern town I moved from was like this. It is what it is.
Oh--if I didn't mention it, there is usually dancing and other side activities. At one ball I went to, there was adult face painting. It was very cool and after having a couple of drinks a very sensual process.
Other events may serve as fundraisers like 5Ks. Man--most of those people never become real donors, but the revenue from events like that is also important for many orga.
Annual Giving/Fund--involves direct mail, email, etc where you ask donors to give money throughout the year. This is what I do. It can include mid-level giving. For instance, I currently am responsible for gifts up to $2,500. This is bread and butter stuff and often covers operational expenses.
Major Giving--giving officers ask individual donors to make larger annual gifts (say $10,000-$200,000) or very large gifts for a special capital campaign.
Grants--request gifts from foundations, familiar foundations or corporate foundations through grant requests.
Corporate requests
PLanned Giving--asking donors to give through their will or another option. There are giving vehicles that allow a donor to make angiftvwhule alive and receive money from the gift to live off of. Many options are available.
This is more than you asked, but I thought context might be helpful.