Springsteen joked at the Friday gala that he was not deserving to be named the academy's 2013 MusiCares Person of the Year, USA Today reported.
"Whatever philanthropy I've ever done usually involved playing the guitar," he said. "I was going to play the guitar anyway."
MusiCares is an arm of the Recording Academy that provides critical assistance to musicians during times of need.
"We are bad with our money," Springsteen said of musicians. "We love too many and the wrong people. We are the wrong people."
The evening at the Los Angeles Convention Center began with an auction to raise money for MusicCares, followed by the all-star lineup performing Springsteen songs.
Mumford & Sons performed "I'm on Fire," Elton John did a dramatic reading of "Streets of Philadelphia" and Kenny Chesney performed an acoustic version of "One Step Up."
The evening ended with Springsteen himself performing a few songs, including "We Take Care of Our Own," "Thunder Road" and "Born to Run."