Here's what I came up with...
All you need is:
-4" x 4" canvas (Quantity 2)
-Pictures printed on heavy wt paper (at least 90 lb card stock)
-E6000 Glue (or another type of heavy duty glue)
Apply a layer of Mod Podge to the canvas. While the canvas is still wet, center your picture onto the canvas. Apply pressure and smooth out any bumps or bubbles that may form. Allow this to dry for about an hour.
After the canvas is pretty dry apply another coat of Mod Podge on top of the picture to seal it on the canvas. Allow the canvas to dry again for about an hour. Then apply a second top coat, and allow it to dry completely overnight.
Then, turn the canvas over onto it's backside and apply the E-6000 glue to the back where you want to place the ribbon. Apply pressure to the ribbon where the glue is to ensure it sticks. I looped the ribbon on the top, so there would be a place to hide the thumb tack when you hang it on your wall or cubicle.
Here's the final product...
Domesticated Diva Cost:
Blank Canvas: $1.80 (originally $2.99 but 40% off) = $3.60 for two)
Mod Podge, Ribbon, Paper Cutter, Paint Brush, E-6000 Glue, and Paper: FREE (already had)
Total Cost of Project: $3.60