New York ? Michael Phelps will put his $1 million bonus to good use, announcing plans to start a foundation promoting water safety and youth swimming.

Joe Gromek, president and CEO of Warnaco, Speedo’s U.S. parent company, presented a check to Phelps on NBC’s “Today” show Tuesday.

The company, which has sponsored Phelps since he was 16, promised him a $1 million bonus if he tied or broke Mark Spitz’s record for most gold medals at a single Olympics.