As seems to be a trend for me, the post title says the basics of what you need to know -- I'm hosting my very first KAL.
It's for the Mitered Drawstring Project Bag.
It runs until December 31st, so there's plenty of time to get involved, and, participants can get 20% off of the purchase price of the pattern!
You do have to be a Ravelry member to participate in the KAL, but if you're not on Ravelry, it's free to sign up (all you need is an e-mail address), and it's an incredibly useful resource.
Details are in the KAL Thread on Ravelry, and I look forward to seeing your finished bags!