The donation was made during a surprise assembly at Michele Clark High School on the city's West Side with more than 75 students and staff.
The money will go toward the New Chance: Arts & Literature Fund, which aims to bring arts education to CPS.
The fund is a partnership between Chance's charity SocialWorks, CPS and Ingenuity, an arts education advocacy organization.
During the event, Chance noted others are coming forward to help fund programs for CPS students.