Lay the clipboard on the back of your fabric. Trace around and loosely cut the material using your scissors. Set aside.
Use painter’s tape around the clip to protect the back from being spray painted and sticking to the clip. If it has a plastic covering, leave it to protect the clipboard back.
Use a few light coats of spray paint on the clip until it is fully covered (on the top as well as inside), making sure to let it dry in between. Let dry completely when done.
Working in sections, Mod Podge your material onto the clipboard. If your clipboard is MDF, apply a layer of Mod Podge on the material before adhering it down, and then apply another layer of Mod Podge on top of the material to reinforce the adhesion. Let each section dry before moving on to the next.
When you get to the top section, cut a slit on the top part of the material to fit around the clip. Cut any excess fabric that would overlap the clip backing, before Mod Podging it down.
Apply another layer of Mod Podge on top of the material as a final coat.
Trim the excess material around the clipboard and use Mod Podge to secure the edges. Let it dry.
Notes
Optional final step: Use clear or iridescent acrylic spray to protect the surface further.