Place 14 square graham crackers in a bowl of a food processor and pulse a few times into fine crumbs.
Place cream cheese, powdered sugar and vanilla in a medium or large mixing bowl. Mix with an electric mixer until well combined.
Add graham cracker crumbs and mix well. The "batter" will become thicker and firmer.
If making 2 flavors, divide the mixture into 2 equal halves and transfer one of the halves into a separate bowl. Add 1-2 teaspoons cocoa powder and mix until all cocoa powder is incorporated (with a hand mixer).
Cover the bowl(s) with plastic wrap and place in the fridge to firm up, for at least 30 minutes or longer.
Line a cookie sheet with parchment paper.
Using a small cookie scoop, divide the cheese cream mixture into 28-30 rough balls.
Roll the "dough" with clean hands into round balls and coat in rainbow sprinkles, crushed graham crackers and cocoa powder or sprinkles of choice.