Boscov's has announced it has raised more than $3 million in proceeds from its Friends Helping Friends event.

"Throughout our stores, over 3,000 local non-profit organizations distributed over 600,000 Shopping Passes in exchange for a $5 donation," said Jim Boscov, chairman and CEO of Boscov's.

Boscov adds that participating non-profit organizations kept 100% of those $5 donations.

The money raised stems from the company's annual Friends Helping Friends Event on Oct. 18.

The company says in exchange for $5 to  participating nonprofit organization, customers received  shopping pass good for 25% off for one day in store.