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Cosby is the President of Simmons College of Kentucky, Louisville's only Historically Black College and University.
Stewart Hall was built 100 years ago.
The event coincides with the 55th anniversary of the assassination of Martin Luther King Jr.
Dr. Kevin Cosby said the goal will help the stability of the school and will set it up for generations to come.
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Here's the breakdown of organizations that will benefit from the funds.
According to a news release from the college, Abrams will teach a conducting class in the school's music department.
In addition to programs for youth and senior citizens, the Family Life Center is home to a new Urban Express Mini Mart.