Rapoport was also a founding father of the Gamma Deuteron Chapter of the Alpha Epsilon Pi fraternity in 1939 at the University of Texas at Austin, where he is an esteemed alumnus.

In 1951, Harold Goodman, Audre's uncle, was impressed with Rapoport's success and introduced him to the idea of running American Income.

In March 1958, The company's home offices were moved from Indianapolis, Indiana, to Waco, Texas, where Rapoport lived until his death.

With $46 million of his own money, he established the Bernard and Audre Rapoport Foundation in 1987, benefiting childcare, education, the Waco community, and other enterprises.

[5] Rapoport was appointed to a six-year term on the board of regents of The University of Texas System by Governor Ann Richards in 1991,[6] serving as chairman from 1993 until 1997.

Rapoport was named by Fortune magazine as one of America's "40 most generous philanthropists," unstinting in his support for education, social justice, and liberal political causes.

[7] Rapoport was appointed by former president Bill Clinton as a member of the Advisory Committee for Trade Policy and Negotiations (ACTPN).

He was a member of the Library of Congress Trust Fund Board, National Hispanic University Trustee Emeritus, Horatio Alger Association of Distinguished Americans, Economic Policy Institute, National Jobs For All Coalition, and the Joint Center for Political and Economic Studies.