The Mills Trophy Race is held each year on the second weekend following Memorial Day. The race is open to the following classes: PHRF, JAM, Double-Handed, Multi-Hull and Classics. The three courses offered, depending on class and boat rating, all begin near the Toledo Harbor Light and end at a finish line off of South Bass Island (Put-in-Bay).​​

In accordance with the deed of gift for the Mills Trophy that the race be a test of navigational skill, starts begin in the late afternoon and sailing continues through the evening and night.​

Upon finishing, the boats proceed to the reserved public docks in downtown Put-in-Bay. Regardless of the time of arrival, the gathering at the docks is festive occasion for all with both the winners and the not so fortunate trading tales of their night on the lake.​