The foundation was created to help restore music education programs in public schools across the United States and its goal is to get $100 million worth of new musical instruments into the hands of students.
It has already provided $40 million in instruments, affecting the lives of more than 1 million children.
Tim Gunn of "Project Runway" also emceed a live auction, which raised more than $200,000, by selling off items like Gibson guitars signed by Tom Petty, Metallica, Neil Young, Paul McCartney and Keith Richards.
"I don't think I'd have been president if I didn't have the gift of school music when I was a boy," said former President Bill Clinton, who was honored at the event. "We cannot let music disappear from our schools. You don't know if there's a Quincy Jones in school today if there is no piano, no saxophone."