3 items, and 2 EASY steps in 5minutes!!
What you need:
An old large frame (no glass insert needed)
A piece of felt to fit it (I scored a piece in the remnant bin at Wal-Mart!)
Taa-Daa! You have a felt board!
To make your own felt pieces you can cut them from felt, or print objects, laminate and secure a piece of felt to the back with masking tape (or other adhesive, I found rolled up masking tape works fine!)