A concert and a competition are the highlights of the two-day event in Washington on Sept. 11-12.
Hancock will be among the judges for the Thelonious Monk International Jazz Competition. The winner will receive a recording contract with Concord Music Group and a scholarship.
Franklin, who sang jazz early in her career at Columbia Records, is being honored with the Institute Founder's Award.
Monk was a jazz pianist and composer and considered one of the most important figures in the genre. The institute was founded in his memory and is dedicated to jazz education.