SAN DIEGO -- One of San Diego County's biggest spectacles of the year is in danger of being canceled.

The 31st annual U.S. Open Sandcastle Competition is scheduled for the weekend of July 22, but volunteer organizers told 10News they're having trouble raising the $180,000 needed to host the event.

"We're not very close at all right now. It's very daunting this year," said committee chair Debbie Longley.

Organizers said security is the biggest concern. In previous years, a grant paid for the services of San Diego County Sheriff's deputies to patrol the event.

"With the economy the way it is in 2011, that grant money is just not available anymore," said Longley.

Longley expects the committee will have to find an additional $60,000 for security. Additionally, sponsors aren't stepping up to the plate like they have in years before. Volunteers said they're scrambling to find someone to pick up the tab.

The competition is one of the biggest events of the year for Imperial Beach and area businesses.

"Sandcastle weekend is my biggest weekend out of the whole year. It beats Fourth of July, New Year's, beats you name it. It's the 'Black Friday' of Imperial Beach," said Danny Rafo, owner of IB Liquor.

The competition attracts upwards of 400,000 people, more than four times Imperial Beach's population. The surge in visitors means big time sales for many businesses.

"About 20 to 30 times more than a typical weekend," said Rafo.

Organizers said they need to have the money in place by April 1 to make sure they don't have to make any drastic changes to or even cancel the competition.