The initiative was launched last year by Moama’s Jan Donchi after her close friend was diagnosed with breast cancer.
Unsure how to help, Jan decided to get a few friends together to knit beanies.
"And before I knew it, it just grew from there," she said.
Knitters across the twin towns jumped in to help, with several businesses offering to sell the beanies.
In the end, almost $3500 was raised for Breast Cancer Australia.
The initiative has returned this year, but this time, will also raise funds for prostate cancer.
"This year I wasn’t sure whether I’d go ahead with it but everyone started to come to me," Jan said.
"So now we’re getting the knitters and we just need to sell the beanies."
Jan said she had the idea to also raise funds for prostate cancer after reading an article about the devastating disease.
"A young man who was my daughter’s age got prostate cancer — he was only in his 30s," Jan said.
"I think prostate cancer is often forgotten but it affects men of all ages."
Moama Village Pharmacy’s Clint Flanigan said the community had immediately backed the initiative after it took off 12 months ago.
"Some of our patients have been looking for something to do, so as a result of that they became knitters for Jan," he said.
"We now have three or four regular knitters who wander in every couple of weeks with a whole new raft of beanies.
"Plus we have a small stand at the front of our store and the feedback from that has been really positive. Most people are happy to dip into their pockets and put funds towards a really great cause."
The beanies can be purchased at Moama Village Pharmacy, Unique Safety Services, Moama Florist, Perricoota Vines Retreat and the Riverine Herald office.
If you are interested in knitting a beanie, call Jan on 0414 902 508.