1: Dismantle the picture frame: Set the backing aside and discard glass, if any.
2: Use painter's tape to partition off a section of the hardboard for the chalkboard paint. (Adjust measurements to allow for tape width.)
Place hardboard on drop cloth and spray on chalkboard paint, applying at least three coats; let dry between coats.
When completely dry, adjust tape to partition off a section for magnetic paint. Apply at least three coats of magnetic paint with the paint roller; let dry between coats.
3: Lightly sand the frame and drawer organizer tray, using tack cloth to remove dust.
Use wood glue to secure the tray to the frame in its desired location.
Secure it with clamps until completely dry (according to glue instructions).
4: Once the paints on the hardboard are dry, secure the cork to the hardboard with wood glue. Clamp until dry.
5: Use the paintbrush to paint the frame and tray (apply two coats for best results, letting paint dry between coats). Once the frame is dry, insert your hardboard and secure it with the original frame backing. Mount to the wall using the frame-mounting hardware sold with the frame.