The award, which is voted on by the Professional Basketball Writers Association, is given to a player or coach who shows "outstanding service and dedication to the community."
Billups has hosted a charity golf tournament in Detroit in each of the last three summers, and also is involved in work in Minneapolis and his hometown of Denver.
"It's a great award," Billups said in a statement. "The thing about doing stuff like that, doing charity work and having a big heart, you never do it for the accolades. You do it for the kids. You try and teach kids a better way than the alternative, which is being in a neighborhood doing bad things, and getting bad results. It's good to be recognized for it, but at the same time, that's not why you do it."