The EP will feature six versions of Joseph Arthur's song, "In the Sun," Stipe said.
One of the versions is Stipe's duet with Coldplay singer Chris Martin, which will be featured during ABC's "Grey's Anatomy" Feb. 5.
Other artists featured on the EP are Justin Timberlake, Fountains of Wayne's Adam Schlesing, former Smashing Pumpkins guitarist James Iha and the Black Eyed Peas' will.i.am, who remixed the song.
All the money raised will go to the In The Sun Foundation, which will send it along to Mercy Corps for Gulf Coast residents.
"The news cycle has moved on and I don't want the public to forget about those who were affected by Katrina or to believe that everything is fine now," Stipe said in a news release. "Things are not fine. The storm is still impacting people's lives in very real ways and many have been left desperate.
"I want to remind each of us that as humans, and certainly as Americans, it is our responsibility to help those in need."