Gerrard's 10-year-old cousin Jon Paul Gilhooley was among the 96 people who died in the 1989 disaster.
"I think it’s a nice gesture and also with the connection I’ve got to Hillsborough, with my own family, it’s something I’ve wanted to do for a while. I think the timing’s right and having spoken to the club I’ve decided to do it now," Gerrard told the Liverpool Echo.
The donation coincides with tonight's Merseyside derby and the 33-year-old said it was a gesture which acknowledged Everton's continued support for the campaign.
"Their show of support has been there since the tragedy happened. But alongside the gesture I am making, I and every other Liverpool fan can only thank the Evertonians for their support."