The Philadelphia Orchestra backed Rice on piano and Franklin on vocals at the Mann Music Center fundraiser, ABC News reported.
The Philadelphia Inquirer said Rice and Franklin performed separately and collaborated on "I Say a Little Prayer" and "My Country 'Tis of Thee."
"Music is critical for young minds because not only does it make you a well-rounded person, but it really does develop different cognitive pathways, different ways of thinking and learning," Rice told "Good Morning America."
"This is about making a social contribution. And it is purely from the artistic point of view that we come together," ABC News quoted Franklin as saying in reference to her background as a Democrat and Rice's as a Republican.