Graduated Status
When a child leaves the program it could be many reasons: graduated secondary school, aged out of program, moved away from community, etc…) it would be great if there was a field to enter the reason why the child graduated and also the date the graduated. I would like to be able to pull a report to see when and reason children leave the program.

This can be done by setting up a Sponsorship Custom Field. You can include any amount of data here (why graduated, date of graduation, etc.) and generate a report and export all your data into a spreadsheet. Here's how.
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Liz Thomsen commented
It would be great if there were more options besides “graduated as we have some sponsorships who drop out, leave the program for one reason or another and so just choosing graduated isn’t always correct