Alumni find classmates website

I require a basic alumni (find classmates) website. Just has to be a basic website with FREE access. Members can register free and add themselves to schools etc. They can add classmates, create profile, send messages etc. Admin needs to be able to send newsletters, add schools the basic stuff etc. Advertising Banners - i should be able to upload advertising banners at the top of the page and bottom of the page. They should be rotated everytime the page is refresed etc. The website can be coded from scratch or you can even get a turnkey website and modify it Please note check other class mate websites to see the basic requirements like: terms and conditions privacy FAQ etc Please note i have a max budget of $USD125 refer specs attached