The Department of Education said the money will pay for equipment and coaching. In 2012, 27 high schools and middle schools have added table tennis to their activities list.
Sarandon is the co-owner of a Manhattan table tennis club called SPIN.
The actress told The Wall Street Journal that the sport relieves stress and is great for kids who are unfocused and need exercise.
Deputy Schools Chancellor Kathleen Grimm thanked Sarandon for her strong support.
The president of the American Youth Table Tennis Organization, Ben Nisbet, says table tennis is a fantastic sport for young people because anyone can play.
The Associated Press contributed to this report.