The Purple & Gold Gala is both a fundraiser and a friendraiser. It is a fundraiser in that the proceeds from ticket sales, and any sponsorships, will be used by the Mount for various student initiatives such as financial aid, clubs/sports, classroom improvements, etc.
It is different from a Celebrauction type event in that, other than ticket purchases and optional sponsorships, there will be no other ask for money at the event (no auction items, raffles, etc.). A portion of the ticket price (and a sponsorship if you choose to do one) will be "fundraising," but you are not going to be asked for any additional money as part of the event.