EXCELSIOR — As many as 1,000 people are expected to welcome the new year by diving into a hole in the ice of Lake Minnetonka.

The 24th annual ALARC Ice Dive gets underway at 8:30 a.m. Wednesday at Bayview Event Center in Excelsior.

First-time jumpers are known as Guppies. Ten-time divers are Sharks and anyone who dives for the 20th time is an Orca.

Money raised by the event will be donated to the Wounded Warrior program “Ride to Recovery,” a rehabilitation program for wounded veterans that features cycling.

A hole measuring 36 feet by 8 feet will be cut into the ice by chain saw. The 2013 event attracted 775 divers.