I have three employees retiring in two weeks. I made each of them a throw. When another employee asked if I was giving a monetary gift, I said no, I was making a quilt.
You would have though I had three heads. I figured out the cost:
9 fat quarters - $18.00
Backing - $15.00
Borders - $5.00
Batting - $11.00
Thread - $2.50
Total - $51.50
Per quilt plus time. So, I think that is generous gift.