For 24 years, Denver partygoers have donned their extravagant hats to celebrate and watch the Kentucky Derby — living it up for a good cause.

Hosted by the Sean Ranch Lough Foundation, the Denver Derby Party is planned for Saturday at McGregor Square. The watch party is the annual fundraising event for the Colorado nonprofit, which was founded by Scott Anderson and Terrance Hunt in 2001 after the death of friend Sean “Ranch” Lough.

The organization honors Lough’s life by gifting Denver students four-year scholarships to Colorado State University, focusing on first-generation undergrads. The event’s proceeds go to the scholarship fund, which has raised $8.5 million and delivered more than 60 scholarships since its start.

At the party, the foundation will hand out checks to the scholarship recipients alongside Colorado State University President Amy Parsons on stage.

“The kids that have been given this bridge to higher education — we have had some of the most amazing kids you can ever possibly imagine with stories that are unimaginable to the average person like us,” Anderson said, referencing scholarship winners who have come from war-torn countries and refugee camps.

The party has grown substantially from its humble roots. It started with 100 people at the boat house at Washington Park, Anderson said. It soon outgrew the boat house, and it’s now a celebration attended by thousands.

There will be live music, food and drinks as the race is broadcast on the giant outdoor screen.

“It’s a really great representation, number one, of who Sean was, because he had this really amazing zest for life,” Anderson said. “He loved to be around people in a jovial environment. This event is a great illustration of the fun and caring person that he was.”

Of course, there will be a contest in the afternoon for “Best Hat,” a nod to the Kentucky Derby fashion tradition. Many past winners got creative and crafted their own headwear, some making whole scenes displayed on the tops of their heads, others building massive sculptures for wear.

Anderson encourages those planning on attending to go all out: dress up and wear hats. But also remember to pace yourself — it’s not a sprint, he joked.

“We really encourage the guests to talk to people and socialize,” Anderson said. “There’s so many friendly people that are there just looking to have a good time like everybody else. And you’ll find a very, very friendly crowd of people. And when it’s time to dance, dance and shake it.”