I remember someone in our class at OCS getting an award from a previous command. I think we took care of it at the...picnic thing, what was it called? You play dodgeball and stuff with class team when you're candios. But we were outside, and they did "Attention to the award" and read the citation for him. It was pretty informal, no big deal.
The NAM that our Reg-Com got as an OC, however, was a much bigger deal. Commander, NETC came out (or maybe NSTC) and pinned it on his n-dubs since we weren't wearing khakis yet. Whole big to-do.