You can take part in a charity auction to win lunch with Warren Buffett. Here's what you need to know.

Dave Weaver/AP

Berkshire Hathaway's Warren Buffett and former Dairy Queen CEO John Gainor eat lunch Monday May 20, 2013 in Omaha, Neb.

• The annual charity auction for a lunch with Warren Buffet kicks off May 26.
• 100% of proceeds will be donated to the Glide Foundation, a San Francisco-based organization that supports the homeless.
• Last year's winning bid was over $4 million.

Bidding for the 20th annual charity auction for a "Power Lunch with Warren Buffett," will kick off May 26. The lunch is presented by eBay and the Glide Foundation and will be held at steakhouse Smith & Wollensky in New York City.

The bidding will be hosted exclusively on eBay's website, with final bids due by May 31 7:30pm Pacific Time.

As in previous years, 100% of the proceeds donated to the Glide Foundation, a San Francisco-based charity which provides local services to the homeless. The foundation is associated with the Memorial United Methodist Church and was founded over fifty years ago by Rev. Cecil Williams and Janice Mirikitani.

The annual lunch, which started in 2000, has raised over $28 million for the non-profit. Buffett's late wife, Susan Thompson Buffett,was a well-known resident and philanthropist in San Francisco.

Per the bidding website, GLIDE is described as "a radically inclusive, just and loving community mobilized to alleviate suffering and break the cycles of poverty and marginalization.

"Glide's mission is to break the cycles of multi-generational dependency, poverty, and low self-worth by providing a spiritual home of unconditional love. Glide strives to create a healthy community by offering effective services that foster holistic healing in an environment of cultural integrity and diversity."

For entrants short of $4 million, eBay for Charity offers a variety of other ways to support the Glide Foundation.