Wednesday, September 3, 2008
Even with their legal limitations, private foundations appear to still be a popular choice for those who want to dedicate significant wealth to charity. The Washington Post reports that Michael Phelps will use his $1 million bonus from Warmco, Speedo's U.S. parent company, to start a foundation promoting water safety and youth swimming. Warmco had promised to pay Phelps the bonus if he tied or broke Mark Spitz's seven gold medal in a single Olympics record. For anyone who was in a cave for the past month, Phelps won eight gold medals in Beijing. According to the article, Speedo International and the Warmco Foundation will also donate an additional $200,000 to the newly created Michael Phelps Foundation.