Bennett says his endorsement money will be directed to "help rebuild minority communities through s.t.e.a.m (science, technology, engineering, the arts, and math) programs, as well as initiatives that directly affect women of color."
He added that 50% of his jersey sales will go towards programs and initiatives that support inner-city garden projects.
"I'm asking all professional athletes to join me by donating a portion of your endorsements this year to a cause of your choice. We can make a difference. It's up to us to help plant seeds of hope and help fuel the future. Power to the People," Bennett signed off.
The full text from Bennett's Instagram post reads:
"I was inspired by Chance the Rapper to 'think bigger' when he pledged one million dollars to Chicago kids and their school system. So I'll be joining him by investing in the future of our youth.
"The system is failing our kids, and it will be up to the community and our leaders to help keep the hope alive by focusing on improving our education system and the future of our kids. Any company that decides to invest in me, just know that you'll be investing in opportunities and providing inspiration for these families — many who feel unnoticed or go unmentioned.
"I have decided to donate all of my endorsement money in 2017 to help rebuild minority communities through s.t.e.a.m programs, as well as initiatives that directly affect women of color in hopes that we can create more opportunities for our youth and build a bright future.
"In addition, 50% of the proceeds from my jersey sales this year will go to programs and initiatives to support inner-city garden projects, as it's not only about providing opportunities and art, but to help provide the right nutrition and access to healthy living to all.
"I'm asking all professional athletes to join me by donating a portion of your endorsements this year to a cause of your choice. We can make a difference. It's up to us to help plant seeds of hope and help fuel the future.
Power to the People,
Bennett already carries out community work with his charity "The Bennett Foundation," which was set up to help fight childhood obesity. The Foundation says it has spent more than $240,000 on educational programs.
See Michael and his brother Martellus through the years:
Michael and Martellus Bennett through the years
Michael and Martellus Bennett through the years
HOUSTON - FEBRUARY 5: New England Patriots tight end Martellus Bennett (88) poses for a selfie with his brother Michael Bennett who plays for the Seattle Seahawks while on the field for pre game warm ups. The Atlanta Falcons play the New England Patriots in Super Bowl LI at NRG Stadium in Houston on Feb. 5, 2017. (Photo by Barry Chin/The Boston Globe via Getty Images)
Texas A&M head coach Dennis Franchione and Martellus Bennett (right) celebrate the 12-7 Aggie win over the Longhorns in Austin, Texas, Friday, November 24, 2006. The Aggies defeated the Longhorns 12-7. (Photo by Ron Jenkins/Fort Worth Star-Telegram/MCT via Getty Images)
SEATTLE - 2009: Michael Bennett of the Seattle Seahawks poses for his 2009 NFL headshot at photo day in Seattle, Washington. (Photo by NFL Photos)
IRVING, TX - 2008: Martellus Bennett of the Dallas Cowboys poses for his 2008 NFL headshot at photo day in Irving, Texas. (Photo by Getty Images)
SEATTLE, WA - DECEMBER 02: Defensive end Michael Bennett #72 of the Seattle Seahawks runs for a touchdown after recovering a fumble against the New Orleans Saints in the first quarter during a game at CenturyLink Field on December 2, 2013 in Seattle, Washington. (Photo by Otto Greule Jr/Getty Images)
Martellus Bennett of the Chicago Bears stretches for a reception attempt in the second quarter against the Minnesota Vikings at Soldier Field in Chicago, Illinois, Sunday, September 15, 2013. Bennett collided with a cameraman on the way down and was assisted off the field. The Bears defeated the Vikings, 31-30. (John J. Kim/Chicago Tribune/MCT via Getty Images)
JERSEY CITY, NJ - JANUARY 27: Michael Bennett of the Seattle Seahawks addresses the media during Super Bowl XLVIII media availability at the Westin Hotel January 27, 2014 in Jersey City, New Jersey. The Denver Broncos and Seattle Seahawks will meet in Super Bowl XLVIII at Metlife Stadium on February 2, 2014. (Photo by Elsa/Getty Images)
CHARLOTTE, NC - SEPTEMBER 20: Martellus Bennett #85 of the New York Giants during play against the Carolina Panthers at Bank of America Stadium on September 20, 2012 in Charlotte, North Carolina. The Giants won 36-7. (Photo by Grant Halverson/Getty Images)
GLENDALE, AZ - FEBRUARY 01: Tom Brady #12 of the New England Patriots is congratulated by Michael Bennett #72 of the Seattle Seahawks after Super Bowl XLIX at University of Phoenix Stadium on February 1, 2015 in Glendale, Arizona. The Patriots defeated the Seahawks 28-24. (Photo by Tom Pennington/Getty Images)
EAST RUTHERFORD, NJ - SEPTEMBER 22: Tight End Martellus Bennett #83 celebrates one of two Touchdowns against the New York Jets at MetLife Stadium on September 22, 2014 in East Rutherford, New Jersey. (Photo by Al Pereira/New York Jets/Getty Images)
SAN DIEGO, CA - AUGUST 29: Michael Bennett #72 of the Seattle Seahawks dirong warmups for the game with the San Diego Chargers during preseason at Qualcomm Stadium on August 29, 2015 in San Diego, California. (Photo by Stephen Dunn/Getty Images)
BOSTON, MA - JUNE 17: Martellus Bennett stands in front of his animated portrait during the Hey AJ Imagination Lounge Pop Up on June 17, 2016 in Boston, Massachusetts. (Photo by Natasha Moustache/Getty Images for Martellus Bennett- Imagination Agency Pop Up Book Launch)
02 October 2016: New England Patriots tight end Martellus Bennett (88) celebrates a big first down. The Buffalo Bills defeated the New England Patriots 16-0 in a regular season NFL game at Gillette Stadium in Foxborough, Massachusetts. (Photo by Fred Kfoury III/Icon Sportswire via Getty Images)
ORLANDO, FL - JANUARY 29: Seattle Seahawks defensive end Michael Bennett (72) celebrates during the 2017 Pro Bowl on January 29, 2017, at Camping World Stadium in Orlando, Florida.(Photo by Daniel Kucin Jr./Icon Sportswire via Getty Images)
FOXBORO, MA - JANUARY 22: Martellus Bennett #88 of the New England Patriots celebrates with cheerleaders after defeating the Pittsburgh Steelers 36-17 to win the AFC Championship Game at Gillette Stadium on January 22, 2017 in Foxboro, Massachusetts. (Photo by Maddie Meyer/Getty Images)
BOSTON, MA - FEBRUARY 07: Rob Gronkowski and Martellus Bennett of the New England Patriots celebrate during the Super Bowl victory parade on February 7, 2017 in Boston, Massachusetts. The Patriots defeated the Atlanta Falcons 34-28 in overtime in Super Bowl 51. (Photo by Billie Weiss/Getty Images)