An estimated $70,000 was raised to support local mental health initiatives, through Saturday evening's inaugural Mitsubishi Wangaratta Project 365 Gala Ball.

A spin-off from the concerts previously staged by Project 365 and its band U Can Cry, the gala ball was a chance to gather 230 people for a night of dining, dancing and a monster auction - and most importantly, to continue the important conversations which have been shown to have an impact on local mental health.

Project 365 founder Pete Rourke said the evening was beyond anything he had imagined when the gala ball concept was suggested.

"I'm still getting over the way it was so well received; it took some time to come down from all the phone calls and messages," he said.

"We were hoping for somewhere around $45,000 to $50,000, so to raise $70,000 was amazing.

"The generosity and the way people contributed was fantastic."

One story from the night which illustrated the level of local connection to the Project 365 cause centres on the final auction item which was offered on Saturday night.

"Two days out from the event, some friends of ours called and said their 15-year-old daughter had been working on a project as a surprise, and had left it on our back porch," Pete said.

That project was a chopping board made by young Mia Bernardi, which she had inscribed with the Project 365 logo.

"She said she wanted to donate it, and on the night I thought I'd have a go at auctioning it off myself; I started the bidding at $70, it quickly went to $1000, and rose to $2000," Pete said.

The item was purchased by Wangaratta's Maxishine Car Wash, which plans to put it on display at its Appin Street premises.

Chris Camm, manager of Maxishine Wangaratta, said the business' Sydney-based owner had purchased the chopping board after putting in a surprise bid.

"Project 365 means a lot to us - it's a great cause to get behind," Chris said.

"Pete sold us with his story, and we couldn't support it enough."

Pete said he was blown away by the continuing generosity.

"I've had some moments in the last four or five years, but to auction this chopping board contributed by a young girl for $2000, to raise money to assist our community, was really special," he said.

It was announced on Saturday night that another round of 24 mental health first aid scholarships would soon be made available to local small to medium businesses, as a result of previous Project 365 fundraising.

The scholarships will be overseen by The Mental Health Coach and its founder, Nick McEwan-Hall.

Major sponsor Mitsubishi Wangaratta has also announced that it will invite Project 365 to speak at its Melbourne and Adelaide bases, to further spread the group's message that 'it's okay to not be okay'.

Pete said there were no plans yet for use of the $70,000 raised through the gala ball - but there were plenty of ideas.

In the meantime, organisers are reflecting on the success of a night which meant even more than the funds raised to support the community.

"I spoke to so many people on the night, and they're all engaged in this, and they were all there for a reason," Pete said.

"I can't see that energy dropping away; it's a real positive coming out of what is a big community issue.

"I'm so proud of everyone in the foundation, and the community in general.

"We really do live in the best town in Australia when it comes to giving to help others."