Financially no. In the realm of organizing/sponsoring/using school facilities for the dance itself (though usually they are off campus) or for after prom activities of the “ABC High School Prom’ yes. The prom is an extracircular activity...as such if you choose to participate you follow the rules sanctioning the event. If you don’t follow the rules...you don’t participate.
And all these things are free? I’ve always heard that there is no free lunch.