The 2020 Nail Can Hill Run has been cancelled.
Organisers made the "disappointing" decision to cancel the community event tonight, which was meant to be held on May 3, after initially postponing it in March when COVID-19 restrictions came into place.
But the fundraising shortfall doesn't mean the beneficiary will miss out this year.
Vitasoy, Beyond Bank and a "prominent local business identity", who doesn't want to be named, have come up with the cash to help the Albury and Border Rescue Squad purchase an emergency light tower.
"We have come to this decision following extensive consultation between our event committee, sponsors and the other businesses and organisations who have been loyal, long-term supporters of this fabulous community fundraising event," race director Stephen Wood said.
"Our concern with running the event in the latter part of 2020 is that it is unknown what restrictions, or legislative compliances may still be under enforcement at that time.
"Further, with many other activities being rescheduled, along with the significant disruption created during the isolation period for everyone, it is likely there would be an adverse effect on participant numbers.
"Rather than delivering an event which failed to meet our own high expectations of quality, we will set our sights on 2021."
Mr Wood said the donations were an "amazing act of generosity and community spirit".
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"They have provided the funds required to purchase the much needed emergency light tower for our hard-working Albury and Border Rescue Squad.
"We cannot thank those organisations and people enough for this extremely kind and selfless gesture, it is one for which we are profoundly grateful."
The event committee will be contacting people for a full refund of their entry fee.
"As an alternative option, you are may care to approve the amount to be refunded as a donation in your name to our Nail Can Hill Run beneficiary and we will then redirect those funds for you," Mr Wood said.