Michael Phelps made an announcement on TODAY of the Michael Phelps Swimming Foundation. Phelps announced he will place in the foundation’s funds part of his $1 million bonus received for matching Mark Spitz’s 7 gold medals (before Phelps went on to earn 8).

The purpose of the Phelps Foundation reportedly will be to foster the growth of swimming.

The bonus was reportedly given by Speedo. Phelps made the announcement Tuesday to Matt Lauer on the Today Show and included a road tour of 8 cities to promote swimming.

Phelps’s coach Bob Bowman has just bought a pool. The two are expected to make announcements of their plans with that facility in the coming weeks.