Preheat your oven to 350°F (175°C) and line a cupcake tin with paper liners.

In a medium bowl, whisk together the flour, baking powder, baking soda, and salt.

In a large bowl, cream the butter and sugar together until light and fluffy using an electric mixer.

Add the eggs one at a time, mixing well after each addition, then stir in the vanilla extract.

Gradually add the dry ingredients to the wet ingredients, alternating with the milk, starting and ending with the dry ingredients. Mix until just combined.

Divide the batter evenly among the cupcake liners, filling each about 2/3 full.

Bake for 18-20 minutes, or until a toothpick inserted into the center of a cupcake comes out clean.

Let the cupcakes cool in the pan for 5 minutes, then transfer them to a wire rack to cool completely.

While the cupcakes are cooling, prepare the frosting by beating the butter until smooth and creamy.

Gradually add the powdered sugar, mixing well after each addition. Stir in the vanilla extract and heavy cream, beating until the frosting is fluffy and spreadable.

If desired, divide the frosting into separate bowls and tint with food coloring to match school colors.

Once the cupcakes are completely cooled, frost them using a piping bag or spatula.

Decorate with graduation-themed toppers or additional school-colored sprinkles as desired.