Each district / RS probably handles it a little differently. My son's district likes to do it at an "event" -- like a professional basketball game or sports venue, or at a high school (if awarded as a senior in high school.) The RS will probably be contacting you and will do it as a public affairs event.
Now, having said that, sometimes plans don't always go off. My son was awarded the 4 year while already a college program midshipman. He was awarded / presented his in front of a bunch of PLC officer candidates.
Basically, it's a cardboard check with a dry erase name put on it. Make sure they spell your name correctly -- moms like that in the picture.