On an Island known for its generosity, the Art Buchwald Possible Dreams Auction is perhaps the most extravagant example. Since its inception the auction has raised over $11 million for Martha’s Vineyard Community Services.

The 38th Possible Dreams Auction takes place on Sunday, July 31 at the Winnetu Oceanside Resort on Katama.

Funds raised support six core programs at community services including Connect to End Violence, Disability Services, Early Childhood programs, Island Counseling Center, Island Wide Youth Collaborative and the Thrift Shop. Over 6,000 people benefit from services provided every year.

“The beauty of Community Services is we reach and care for and nurture everyone from our tiniest, tiniest baby to senior citizens and everyone in between,” said Liza Cowan May, chairman of the Possible Dreams Auction.

The money raised is not earmarked for any one program or specific cause. Instead it can go to where it is most needed, including items that do not always fit in a grant proposal, such as a new van for Daybreak Clubhouse, a program that helps improve the quality of life for individuals diagnosed with a mental health condition.

Doors open at 3:30 p.m. and guests can enjoy food from Vineyard Haute Cuisine, sample Spearpoint Oysters, sip beer from Offshore Ale and signature lemonade Vodka spritzes from MV Distillery while listening to the Joanne Cassidy Band and browsing the silent auction items. And of course bid on dream experiences, all donated by Islanders, from the year-round to the seasonal residents. Many of the dreams are Island-centric, including fishing trips with Cooper Gilkes or Buddy Vanderhoop, a sail aboard the Charlotte with Nat and Pam Benjamin, a cruise to Nantucket aboard the DiDay and a trip to Cuttyhunk aboard Conjuror.

Other dreams include luxury trips and celebrity encounters. A 10-day trip for eight guests to a cottage in Burgundy includes a wine tour and tasting at one of the oldest vineyards in the world, Chateau Coutet in Bordeaux. A one-week trip for two to the golf course of St. Andrews and a stay at the Hoppity House, a bed and breakfast owned by a Vineyard couple, Gordon Mitchell and Heather McQueen, is also up for bid.

A New York city dream includes tickets to a taping of Late Night with Seth Meyers including a meet-and-greet, a stay at Loews Regency Hotel, $1,000 to Kenneth Cole’s retail stores and a gift certificate to Cupcake Market. There will also be a 57-item silent auction and a 17-item super silent auction.

During the auction, Island artist Traeger di Pietro will be painting the scene en plein aire. His creation will go home with the highest bidder.

The live auction will be hosted once again by fast-talking comedian Jimmy Tingle, who took over in 2013. Art Buchwald was the face of the auction for nearly three decades.

Before even the first paddle has been raised, Ms. May said their 38th year has been record-breaking. This year they have more donors than ever before and have reached $100,000 in sponsorships as well as over $150,000 in general contributions. Advertisements have brought in $4,000 more than last year. One hundred golden tickets for a special raffle are available for $100 and will determine the winner of five dreams. Ms. May said by Monday, 68 of those tickets had already been sold.

“Really the generosity has been outstanding this year, quite honestly it has taken my breath away,” Ms. May said. “It’s heartwarming to see how everyone comes together in this community to help others.”

While the live auction focuses on big spenders, even those with a tight budget can participate by buying raffle tickets. One ticket is $10 while three are $25. One $10 ticket can win an overnight stay at The Nantucket Hotel along with two Cape Air tickets, two tickets to next year’s Taste of the Vineyard along with a haircut, outfit and car service, a charter fishing trip with Martha’s Vineyard Striped Bass and Bluefish Derby team Ed Jerome and Janet Messineo or $900 worth of gift certificates to Island restaurants.

Though the Dreams for auction could only be conjured up by a wild imagination, the results are as plain to see as a new van.

The 38th annual Art Buchwald Possible Dreams Auction takes place on Sunday, July 31, at the Winnetu Oceanside Resort 31 Dunes Road, Edgartown. Doors open at 3:30 p.m. Tickets are $25, available at mvcommunityservices.com.