BOSTON (CBS) – The Pan-Mass Challenge announced its 2017 fundraising goal Tuesday. The charity bike ride is aiming to raise a record $48 million this year, bringing their 38-year total to $595 million.

The money raised during the PMC supports patient care and cancer research at Dana Farmer Cancer Institute. Each year the ride raises more money for charity than any other single athletic event.

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“In 2017, we’re setting out to beat last year’s record-setting $47 million gift to Dana-Farber,” PMC founder Billy Starr said in a written statement. “Setting a goal as monumental as $48 million would not be possible without the unwavering commitment from our riders, volunteers, sponsors and donors.”

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This year’s Pan-Mass Challenge is the weekend of August 5-6. More than 6,200 riders are expected to participate, with minimum fundraising goals between $500 and $7,500, depending on their chosen route. One hundred percent of those donations go directly to Dana Farber.

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WBZ-TV is a proud partner of the PMC. You can learn more about the PMC, how to ride and how to donate, at CBSBoston.com/PMC.