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53-1070: Contributions from the Transamerica Life Insurance Company and its affiliates fund the Transamerica Institute, a nonprofit, private foundation. The Transamerica Center for Retirement Studies is an operating division of Transamerica Institute. In October 1904, A.P. Giannini founded the Bank of Italy in San Francisco . In October 1928, Giannini created a holding company that he named the Transamerica Corporation, which owned Bank of America, Bank of Italy, Bancitaly Corporation, National Bankitaly Company, California Joint Stock Land Bank, and Banca d'America e d'Italia  [ it ] , which gave it assets in excess of $ 1.5   billion (equivalent to $ 27   billion in 2023). The Transamerica Corporation original headquarters

106-430: A charitable foundation ) is a type of nonprofit organization or charitable trust that usually provides funding and support to other charitable organizations through grants, while also potentially participating directly in charitable activities. Foundations encompass public charitable foundations, like community foundations , and private foundations , which are often endowed by an individual or family. Nevertheless,

159-469: A 10 year, $ 2 billion agreement with Tata Consultancy Services , an Indian technology company, to digitize their policies under a single platform. However, this project was abandoned in 2023. Transamerica primarily offers insurance , retirement, and investment services. Types of life and health insurance policies offered include term life, whole life, universal life, variable universal life, accidental death, and final expense. Transamerica companies also offer

212-836: A Republican, but with the collapse of the Republican Party in the Great Depression, he concerned himself with Democratic state politics. In the 1934 California gubernatorial election Giannini worked hard to block left-wing novelist Upton Sinclair from winning the primary for the Democratic nomination. He failed, and with support from the White House, he endorsed and helped finance the Republican candidate, incumbent Frank Merriam , who did defeat Sinclair. Upon Giannini's death in 1949, his son Mario Giannini (1894–1952) assumed leadership of

265-447: A condition of the merger, Monnette was paid for handing Giannini the "Foundation Story" rights to the bank, a decision that Monnette later came to regret. Prior to Monnette's creation of the Bank of America Los Angeles network, most banks were limited to a single city or region . Monnette was the first to create a system of centralized processing, bookkeeping and cash delivery. By diversifying

318-458: A declaration of intention including a purpose and endow assets for such purpose. This document can be in the form of a notarized deed or a will. To obtain legal personality, the foundation must enroll in the legal register of each prefettura (local authority) or some cases the regional authority. There are several nuances in requirements according to each foundation's purpose and area of activity. Non-profit foundations are termed as stichting in

371-528: A distinct patrimony independent of its founder . In Finland, foundations ( Finnish : säätiö , Swedish : stiftelse ) are regulated by the Finnish Patent and Registration Office and have the four following characteristics: Foundations are considered legal persons in Finland. The Foundations Act in 2015 dramatically updated the laws regarding foundations. There are not many foundations in comparison to

424-432: A diversity of forms and may follow varying regulations depending on the jurisdiction where they are created. Foundations are often set up for charitable purposes , family patrimony and collective purposes which can include education or research. In some jurisdictions, a foundation may acquire its legal personality when it is entered in a public registry, while in other countries a foundation may acquire legal personality by

477-865: A general discussion on foundations was brought forth to the Jersey government concerning this possibility. It was adopted by the states of Jersey on 22 October 2008 through the Foundations (Jersey) Law 200. In the United States, many philanthropic and charitable organizations (such as the Bill & Melinda Gates Foundation ) are considered to be foundations. However, the Internal Revenue Code distinguishes between private foundations (usually endowed by an individual, family, or corporation) and public charities ( community foundations or other nonprofit groups that raise money from

530-644: A handshake to those interested in rebuilding. Years later, he would recount that every loan was repaid. As a reward to the garbage man whose wagon transported the bank's assets, Giannini gave the man's son his first job when he turned 14. Branch banking was introduced by Giannini shortly after 1909 legislation that allowed branch banking in California. Its first branch outside San Francisco was established in 1909 in San Jose. By 1916, Giannini had expanded and opened several other branches. Giannini believed in branch banking as

583-468: A holding company for his various interests, including Occidental Life Insurance Company . At one time, Transamerica was the controlling shareholder in Bank of America. They were separated by legislation enacted by the U.S. Congress in 1956, with the passage of the Bank Holding Company Act , which prohibited bank holding companies' involvement in industrial activities. Giannini had long been

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636-518: A media company owned by Kirk Kerkorian which in turn also owned Metro-Goldwyn-Mayer . Transamerica was eventually reduced to three main product divisions: insurance, investments, and retirement planning. In July 1999, Transamerica CEO Frank C. Herringer announced that Aegon , the Netherlands -based insurer, would acquire the company. Transamerica Occidental merged into Transamerica Life Insurance Company on October 1, 2008. In 2018, Transamerica entered

689-637: A produce broker, commission merchant and produce dealer for farms in the Santa Clara Valley . He was successful in that business. He married Clorinda Cuneo (1866–1949), daughter of a North Beach, San Francisco real estate magnate, in 1892 and eventually sold his interest to his employees and retired at the age of 31 to administer his father-in-law's estate. He later became a director of the Columbus Savings & Loan, in which his father-in-law owned an interest. Giannini observed an opportunity to service

742-474: A specific purpose. When the purpose is for the public benefit, a foundation may enjoy favorable tax treatment. A foundation may have diverse purposes, including but not limited to public benefit, humanitarian or cultural purposes, religious, collective, familiar, or the simple passive administration of funds. Normally, the supervision of a foundation is done by the county government where the foundation has its domicile, however, large foundations must be registered by

795-409: A third child, took over operation of the produce business. In 1880, Virginia married Lorenzo Scatena (1859–1930) who began L. Scatena & Co. (which A.P. Giannini would eventually take over). Giannini attended Heald College but realized he could do better in business than at school. In 1885, he dropped out and took a full-time position as a produce broker for L. Scatena & Co. Giannini worked as

848-798: A variety of mutual funds and annuities. Transamerica's retirement division offers defined benefit pension plans and defined contribution retirement plans , including 401(k) and 403(b) , 457 , profit sharing, money purchase, cash balance, Taft-Hartley, multiple employer plans, pooled employer plans, retirement plan exchanges, nonqualified deferred compensation, and rollover individual retirement accounts . Other services include plan-level record keeping and administrative services, participant communications and education services, fiduciary risk mitigation services, open investment architecture, and compliance guidance and regulatory support. In December 2020, Transamerica announced it would no longer sell variable annuities with benefit riders and fixed index annuities and

901-474: A way to stabilize banks during difficult times as well as expand the capital base. He bought banks throughout California and eventually Bank of Italy had hundreds of branches throughout the state. Bank of America, Los Angeles had been established in 1923 by Orra E. Monnette . Giannini began investing in the Bank of America, Los Angeles because conservative business leaders in Los Angeles were less receptive to

954-486: Is also exiting the standalone long-term care market. Transamerica has a long history of supporting third-party research and thought leadership, including Massachusetts Institute of Technology AgeLab. Previous work includes American Heart Association, Stanford's Center on Longevity, Georgetown's AgingWell Hub, and Alzheimer's Association. Transamerica has sponsored Zach Johnson his entire PGA TOUR career. The 2023 US Ryder Cup team captain and 12-time PGA TOUR winner, including

1007-503: Is dominated by private entities). Foundations may only be operational after being recognized by the Prime Minister of Portugal . Foundations must designate and pursue at least one of twenty-five public benefit goals defined by law. They must also have enough assets to pursue those goals. They may not benefit the founders or any other restricted group, but the general public. Portuguese foundations may voluntarily associate themselves via

1060-507: Is no commonly accepted legal definition across Europe for a foundation. There was a proposal for a European Foundation Statute , a legal form that would create a legal definition recognised across all EU Member States . However, this proposal was withdrawn in 2015 following its failure to pass through COREPER 1 . The term "foundation", in general, is used to describe a distinct legal entity. Foundations as legal structures ( legal entities ) and/or legal persons ( legal personality ) may have

1113-458: Is taxed like any other legal entity. There is no central register for German foundations. Only charitable foundations are subject to supervision by state authorities. Family foundations are not supervised after establishment. All forms of foundations can be dissolved, however, if they pursue anti-constitutional aims. Foundations are supervised by local authorities within each state ( Bundesland ) because each state has exclusive legislative power over

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1166-536: The California Gold Rush of 1849. Luigi continued in gold during the 1860s and returned to Italy in 1869 to marry Virginia, bringing her to the US and settling in San Jose. Luigi Giannini purchased a 40-acre (16 ha) farm at Alviso in 1872 and grew fruits and vegetables for sale. Four years later, Luigi Giannini was fatally shot by an employee over a pay dispute. His widow Virginia, with two children and pregnant with

1219-520: The bonds that financed the construction of the Golden Gate Bridge . During World War II , he bankrolled industrialist Henry Kaiser and his enterprises supporting the war effort. After the war, he visited Italy and arranged for loans to help rebuild the war-torn Fiat factories. Giannini also provided capital to William Hewlett and David Packard to help form Hewlett-Packard . Giannini founded another company, Transamerica Corporation , as

1272-712: The 2007 Masters and 2015 Open Championship, Johnson grew up in the Cedar Rapids community, home to many Transamerica employees. Transamerica is also a longtime sponsor of Azahara Munoz, 2009 LPGA Rookie of the Year. Transamerica funds two foundations : the Aegon Transamerica Foundation and the Transamerica Institute. It created the Aegon Transamerica Foundation in 1994 to provide financial grants to community non-profit organizations. Transamerica employees also volunteer services to these organizations. The foundation received

1325-497: The Bank of Italy in the Jackson Square neighborhood of San Francisco on October 17, 1904. The bank was based in a converted saloon as an institution for the "little fellow". It was a new bank for the hardworking immigrants other banks would not serve. Deposits on the first day totaled $ 8,780. Within a year, deposits soared above $ 700,000 ($ 20.4 million in 2020 dollars). The 1906 San Francisco earthquake and fires leveled much of

1378-568: The Bank of Italy than San Franciscans had been. Bank of America, L.A. represented a growth path for Giannini, and Monnette, president and chairman of the board, was receptive to Giannini's investments. Upon finalizing the merger, Giannini and Monnette concurred that the Bank of America name idealized the broader mission of the new bank. By 1929, the bank had over 400 banking offices in California. The new institution continued under Giannini's chairmanship until his retirement in 1945; Monnette retained his board seat and officer's position. Furthermore, as

1431-863: The Corporate Citizenship Award in 2013 for creating the first urban farm in Iowa . Transamerica Institute is a nonprofit, private foundation dedicated to identifying, researching, and educating the public about health and wellness, employment, financial literacy, longevity, and retirement. Transamerica Center for Retirement Studies (TCRS), an operating division of Transamerica Institute, focuses on trends, issues, and opportunities related to saving and planning for retirement and achieving financial security in retirement. Amadeo Giannini Amadeo Pietro Giannini ( Italian pronunciation: [amaˈdɛːo ˈpjɛːtro dʒanˈniːni] ), also known as Amadeo Peter Giannini or A. P. Giannini (May 6, 1870 – June 3, 1949)

1484-607: The Netherlands which are regulated by Dutch law . A foundation ( Fundação ) in Portugal is regulated by Law 150/2015, with the exception of religious foundations, which are regulated by the Religious Freedom Law. Foundations may be private, wholly public (created and managed exclusively by public bodies), or public but with private management (created by public entities and optionally also private entities, but whose management

1537-700: The Portuguese Foundation Centre ( CPF – Centro Português de Fundações ), that was founded in 1993 by the Eng. António de Almeida Foundation, the Calouste Gulbenkian Foundation and the Oriente Foundation. Foundations in Spain are organizations founded with the purpose of not seeking profit and serving the general needs of the public. Such foundations may be founded by private individuals or by

1590-767: The UK, the word "foundation" is sometimes used in the title of a charity, as in the British Heart Foundation and the Fairtrade Foundation . Despite this, the term is not generally used in English law , and (unlike in civil law systems) the term has no precise meaning. Instead, the concept of charitable trust is in use (for example, the Wellcome Trust ). The States of Jersey are considering introducing civil law type foundations into its law. A consultation paper presenting

1643-525: The bank before passing away in 1952. Giannini's daughter, Claire Giannini Hoffman (1905–1997), took her father's seat on the bank's board of directors, where she remained until resigning in 1985. Giannini is buried at Holy Cross Cemetery in Colma, California . His son Mario had two daughters, Virginia Hammerness and Anne Giannini McWilliams. Virginia spoke publicly about the bank in 2009. Foundation (nonprofit) A foundation (also referred to as

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1696-532: The charity's structure, funding sources, and mode of operation. Charities receive notification of their designation from the Canada Revenue Agency (CRA) upon registration. A charity with only one director or trustee is automatically designated as a private foundation. To be designated as a charitable organization or public foundation, more than half of the directors, trustees, or officials must be at arm's length. The CRA applies specific criteria to determine

1749-399: The city. In the face of widespread devastation, Giannini set up a temporary bank, collecting deposits, making loans, and proclaiming that San Francisco would rise from the ashes. Immediately after the earthquake, but before the approaching fire burned the city, he moved the vault's money to his home outside the fire zone in then-rural San Mateo , 18 miles (29 km) away. A garbage wagon

1802-512: The company completed construction of the Transamerica Pyramid skyscraper in San Francisco which served as its headquarters for many years. Although the company currently retains no offices in the building, the pyramid is still depicted in the company's logo and marketing materials. In the 1980s, Transamerica began to divest and focused exclusively on financial services. In 1981, Transamerica sold United Artists to Tracinda Corporation ,

1855-654: The county administrative board (CAB), which must also supervise the administration of the foundation. The main legal instruments governing foundations in Sweden are the Foundation Act (1994:1220) and the Regulation for Foundations (1995:1280). A foundation needs to be registered with the company register. Under Canadian law , registered charities may be designated as charitable organizations , public foundations, or private foundations. The designation depends on factors such as

1908-543: The designation, including the charity's purposes, activities, income allocation, and relationships with officials and donors. The law does not prescribe any particular form for a foundation in Ireland. Most commonly, foundations are companies limited by guarantees or trusts. A foundation can obtain a charity registration number from the Revenue Commissioners for obtaining tax relief as far as they can be considered under

1961-518: The first modern trans-national institutions. Amadeo Pietro Giannini was born in San Jose, California , to Italian immigrant parents. He was the first son of Luigi Giannini (1840–1877) and Virginia (née Demartini) Giannini (1854–1920). Luigi Giannini immigrated to the United States from Favale di Malvaro near Genoa , Liguria in the Kingdom of Sardinia (later part of Italy) to prospect in response to

2014-469: The foundation or have reverted the initial assets. The private foundations or civil code foundations are under the section about non commercial entities of the first book of the Civil Code of Law of 1942. Article 16 CC establishes that the foundation's statutes must contain its name, purpose, assets, domicile, administrative organs and regulations, and how the grants will be distributed. The founder must write

2067-428: The general public). While they offer donors more control over their charitable giving, private foundations have more restrictions and fewer tax benefits than public charities. At an international level there are a series of networks and associations of foundations, among them Council on Foundations , EFC ( European Foundation Centre ), WINGS (Worldwide Initiatives for Grantmaker Support). Those organization also have

2120-552: The increasing immigrant population that were without a bank. At loggerheads with the other directors who did not share his sentiment, he quit the board in frustration and started his own bank. He was one of the original Board of Directors of the Italian Board of Relief, now known as Italian Community Services, founded in 1916. It is a non-profit organization focused on serving the Italian and Italian-American community. Giannini founded

2173-583: The law on charity, however, charitable status does not exist in Ireland. The definition usually applied is that from the Pemsel Case of English jurisprudence (1891) and the Irish Income Tax Act 1967. Trusts have no legal personality and companies acquire their legal status through the Company law and the required documents of incorporation. Foundations are not required to register with any public authority. In

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2226-537: The laws governing foundations. In contrast to many other countries, German law allows a tax-sheltered charitable foundation to distribute up to one-third of its profit to the founder and his next of kin, if they are needy, or to maintain the founder's grave. These benefits are subject to taxation. As of 2008 , there are about 15,000 foundations in Germany, about 85% of them charitable foundations. More than 250 charitable German foundations have existed for more than 500 years;

2279-402: The main purpose of the foundation. There is no minimum starting capital, although in practice at least €50,000 is considered necessary. A German foundation can either be charitable or serve a private interest. Charitable foundations enjoy tax exemptions. If they engage in commercial activities, only the commercially active part of the entity is taxed. A family foundation serving private interests

2332-440: The mere action of creation through a required document. Unlike a company, foundations have no shareholders , though they may have a board, an assembly and voting members. A foundation may hold assets in its own name for the purposes set out in its constitutive documents, and its administration and operation are carried out in accordance with its statutes or articles of association rather than fiduciary principles. The foundation has

2385-429: The oldest dates back to 1509. There are also large German corporations owned by foundations, including Bertelsmann , Bosch , Carl Zeiss AG and Lidl . Foundations are the main providers of private scholarships to German students. In Italy, a foundation is a private non-profit and autonomous organization, its assets must be dedicated to a purpose established by the founder. The founder cannot receive any benefits from

2438-432: The public. These foundations have an independent legal personality separate from their founders. Foundations serve the general needs of the public with a patrimony that funds public services and may not be distributed to the founders' benefit. A foundation in Sweden ( Swedish : stiftelse ) is a legal entity without an owner. It is formed by a letter of donation from a founder donating funds or assets to be administered for

2491-476: The purchase of the West Coast-based life insurance company was part of a plan for Transamerica to control every type of financial service. Following the acquisition, Occidental was renamed Transamerica Occidental Life Insurance Company. Over time, the company became a more diversified conglomerate that included the film distributor United Artists , Transamerica Airlines and Budget Rent a Car . In 1972,

2544-486: The rest of Europe. In practice public administration requires at least €1 million necessary. State representatives have a mandatory seat in the board. German regulations allow the creation of any foundation for public or private purposes in keeping with the concept of a gemeinwohlkonforme Allzweckstiftung ("general-purpose foundation compatible with the common good"). A foundation should not have commercial activities as its main purpose, but they arre permitted if they serve

2597-469: The scope of community that the Bank of America served following its merger, the institution was better prepared to ride out minor, local economic issues. Giannini helped nurture the motion picture and wine industries in California. He loaned Walt Disney the funds to produce Snow White , the first full-length, animated motion picture to be made in the US. During the Great Depression , he bought

2650-463: The term "foundation" might also be adopted by organizations not primarily engaged in public grantmaking. Legal entities existing under the status of "foundations" have a wide diversity of structures and purposes. Nevertheless, there are some common structural elements. Some of the above must be, in most jurisdictions, expressed in the document of establishment. Others may be provided by the supervising authority at each particular jurisdiction. There

2703-408: Was an American banker who founded the Bank of Italy, which eventually became Bank of America . Giannini is credited as the inventor of many modern banking practices. Most notably, Giannini was one of the first bankers to offer banking services to middle-class Americans, mainly Italian immigrants, rather than only the upper class . He also pioneered the holding company structure and established one of

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2756-465: Was located at 4 Columbus Avenue in San Francisco. The Bank of Italy later merged with Bank of America, Los Angeles in 1928, which was then renamed Bank of America in 1930. In March 1930, Transamerica acquired Occidental Life Insurance Company, founded in 1906. At the time, Occidental had over $ 25   million in assets and over $ 150   million in life insurance policies in force. Giannini said

2809-423: Was used to haul the money, hidden beneath garbage. The fires had heated the vaults of other big banks, so that the sudden temperature change from opening them risked destroying the contents; many vaults were kept closed for weeks. During this period Giannini was one of the few bankers who could satisfy withdrawal requests and provide loans, operating from a plank across two barrels in the street. Giannini made loans on

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