Michael Phelps will use the the $1 million bonus he earned from Speedo for tying Mark Spitz’s record of seven gold medals to start his own foundation.

The Michael Phelps Foundation will work will various charitable programs to promote water safety and encourage youth swimming.

“I feel it’s only appropriate that I continue the momentum that Speedo helped to create by committing my bonus to the establishment of the Michael Phelps Foundation, which I hope will help me inspire others to achieve their dreams, and give back to the sport that has given me so much.”

“This is a way for me to really help to grow the sport,” the eight-time Olympic gold medalist told Today host Matt Lauer on Tuesday.

The foundation’s first initiative will be an eight-city tour across the United States, in collaboration with Speedo, to launch an educational program called “Dream, Plan, Reach.”

“It’s something that I think is important and something that will be fun,” he continued, “because this sport has done so much for me, and for me to be able to welcome other kids and share the experiences that I‘ve had for the past 15 years of my life.”