The $1.4 million award he received as a Nobel Peace Prize winner will be donated by him, U. S. President Barack Obama said on Thursday.

According to the statement the president will donate $250,000 to Fisher House, a non-profit that helps provide housing for families of patients receiving medical care at major military and VA medical centers. $200,000 will go to the Clinton-Bush Haiti Fund, which is helping raise funds for long-term relief efforts in Haiti following the Jan. 12 earthquake.

He is donating $125,000 each to a variety of college scholarship funds -- College Summit, the Posse Foundation, the United Negro College Fund, the Hispanic Scholarship Fund, the Appalachian Leadership and Education Foundation, and the American Indian College Fund.

The Central Asia Institute will be donated $100,000 by Obama.

The president further said in a statement released by the White House," These organizations do extraordinary work in the United States and abroad helping students, veterans and countless others in need. I'm proud to support their work."

For what, the Nobel Committee called his "extraordinary efforts to strengthen international diplomacy," Obama was awarded the Nobel Peace Prize in 2009. (With Inputs from Agencies)