The event is put on by the Southern Indiana Racing Association (SIRA). Admission is free.
Rotary Club member Mike Petersen, who was placed in charge of organizing the race, said SIRA officials have told him they plan to bring up to 80 carts to Brazil, which will be used in 10 races of either 20 or 25 laps.
Petersen said the races will range from amateur levels, featuring kids as young as 6- and 7-years old, to professional ranks, where drivers could potentially reach speeds in excess of 90 mph.
Calling the event "a prelude to the big celebration," Peterson said while the obvious goal is to turn a profit, he doesn't anticipate a major collection of funds, and his hope is simply for people to enjoy themselves.
"The race is really just something we do for people to have fun," Petersen said.
"To tell you the truth, I'll be thrilled if we make $500."
During the race, the Rotary Club will be selling raffle tickets for their grand prize Fourth of July drawing, which will pay the winner $10,000 cash. The raffle will be presented at 11 p.m., July 4.
Rotary Club President Susan Thomas echoed Petersen's declaration of the race providing a good time for all local patrons who choose to attend.
"This is a really good family fun event," Thomas said.
"It gives people who may not get a chance to see races in Indy a chance to experience that sort of environment right here in Brazil."
Refreshments for the event will be provided by Clay County Search and Rescue.
Petersen stressed the need for all patrons to bring lawn chairs to the event, as the venue does not provide bleachers.
Practices begin at 10 a.m., Saturday, with races running from 3-5 p.m. Official SIRA Go-Kart races will run Sunday, from 11 a.m.-5 p.m.