The event, held at the House of Blues in Los Angeles, will feature performances from rapper B.o.B, Adam 12 and the Gay Men's Chorus of Los Angeles.
Tickets to the event start at $250. $10,000 VIP tickets will be sold and include a VIP reception and photo with Obama.
The President will also raise money at a smaller dinner event at Fig & Olive. The first $5,000 collected will go to the Obama re-election campaign, and the remaining sum will go to the Democratic National Committee.
Ferguson was seen on Broadway in The 25th Annual Putnam County Spelling Bee and On the Town. He most recently appeared on stage in the Public Theater's The Merchant of Venice and is best known for his work on the ABC comedy series "Modern Family."