BALTIMORE — Michael Phelps is starting his own charity and the swimmer who won a record eight gold medals at the Beijing Olympics made the first donation by committing the $1 million bonus he earned for his golden haul.

The Michael Phelps Foundation will launch an eight-city U.S. tour in collaboration with Speedo, Phelps' swimsuit sponsor that paid him the bonus, to visit children and share his Olympic experiences.

The tour will feature an education program called "Dream, Plan, Reach" to give children a game plan to lead healthy, active lives.

"My goals reach beyond the pool, to helping others realize their dreams, and continuing to grow the sport I love so much," Phelps said in a statement. "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."

Speedo announced last week that it will donate an extra $200,000 to Phelps' foundation in honor of his eighth gold medal.