TY 2018 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2018

Open to Public Inspection

For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018

Name of foundation
BERNARD & AUDRE RAPOPORT FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)5400 BOSQUE BLVD NO 302
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
WACO, TX76710

A Employer identification number

74-2479712

B Telephone number (see instructions)

(254) 741-0510

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$49,450,006J Accounting method: Cash Accrual
Other (specify)modified accrual
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	0
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	1,268,244		1,268,244
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		3,513,500
b	Gross sales price for all assets on line 6a 12,745,129
7	Capital gain net income (from Part IV, line 2)...			3,513,500
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......		-591,552	0
12	Total. Add lines 1 through 11........	4,190,192		4,781,744
13	Compensation of officers, directors, trustees, etc.	206,670		41,334	165,336
14	Other employee salaries and wages......	98,750		19,750	79,000
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........		6,357	5,086	1,271
b	Accounting fees (attach schedule).......		44,005	35,204	8,801
c	Other professional fees (attach schedule)....		153,571	153,571	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		164,651	52,296	14,810
19	Depreciation (attach schedule) and depletion...		85	0
20	Occupancy..............	39,127		0	39,127
21	Travel, conferences, and meetings.......	5,311		1,066	4,265
22	Printing and publications..........	105		0	105
23	Other expenses (attach schedule).......		350,548	27,080	209,917
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,069,180		335,387	522,632
25	Contributions, gifts, grants paid.......	2,463,718			2,426,588
26	Total expenses and disbursements. Add lines 24 and 25	3,532,898		335,387	2,949,220
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	657,294
b	Net investment income (if negative, enter -0-)			4,446,357
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2018)

Form 990-PF (2018)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............		3	3
	2	Savings and temporary cash investments.........	388,088	597,233	597,233
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........	14,135	15,213	15,213
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis 770,394
		Less: accumulated depreciation (attach schedule)	919,311	770,394	770,394
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	54,344,459	48,011,570	48,011,577
	14	Land, buildings, and equipment: basis 27,952
		Less: accumulated depreciation (attach schedule) 27,884	145	68	68
	15	Other assets (describe )	70,318	55,518	55,518
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	55,736,456	49,449,999	49,450,006
	17	Accounts payable and accrued expenses..........	2,625	1,750
	18	Grants payable.................	290,500	327,630
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )	18,671,768	16,625,270
	23	Total liabilities (add lines 17 through 22).........	18,964,893	16,954,650
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................	22,700,203	20,907,716
	25	Temporarily restricted...............	14,071,360	11,587,633
	26	Permanently restricted...............
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see instructions).....	36,771,563	32,495,349
	31	Total liabilities and net assets/fund balances (see instructions).	55,736,456	49,449,999

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............

36,771,563

Enter amount from Part I, line 27a .....................

657,294

Other increases not included in line 2 (itemize) bullet

2,246,646

Add lines 1, 2, and 3 ..........................

39,675,503

Decreases not included in line 2 (itemize) bullet

7,180,154

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .

32,495,349

Form 990-PF (2018)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation
1 a	PUBLICLY TRADED SECURITIES SHORT-TERM SALES
b	PUBLICLY TRADED SECURITIES LONG-TERM SALES
c	PUBLICLY TRADED MASTER LIMITED PARTNERSHIP SECURITIES
d	TALLGRASS ENERGY LP
e	LESS: ORD GAIN REPORTED ON 990-T
	SALE OF LAND	P
	BASIS ADJUSTMENT-SALE OF MLP

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	1,314,837	1,409,352	-94,515
b	9,836,293	8,245,185	1,591,108
c	379,730	258,288	121,442
d	364,269	223,090	141,179
e			-75,840
	850,000	205,379	644,621
			1,185,505

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			-94,515
b			1,591,108
c			121,442
d			141,179
e			-75,840
			644,621
			1,185,505

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	3,513,500
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? Yes No

If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.

1 Enter the appropriate amount in each column for each year; see instructions before making any entries.

(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2017	2,939,526	54,498,370	0.053938
2016	2,787,415	52,417,158	0.053178
2015	2,746,979	52,095,322	0.052730
2014	2,887,800	54,807,775	0.052690
2013	2,789,234	52,735,685	0.052891

Total of line 1, column (d) .....................

0.265427

Average distribution ratio for the 5-year base period—divide the total on line 2 by 5.0, or by the number of years the foundation has been in existence if less than 5 years ......

0.053085

Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......

54,168,127

Multiply line 4 by line 3......................

2,875,515

Enter 1% of net investment income (1% of Part I, line 27b)...........

44,464

Add lines 5 and 6........................

2,919,979

Enter qualifying distributions from Part XII, line 4,.............

2,949,220

If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.

Form 990-PF (2018)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	44,464
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	44,464
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	44,464
6	Credits/Payments:

a	2018 estimated tax payments and 2017 overpayment credited to 2018	6a	30,238
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	18,665
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	48,903
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	4,439
11	Enter the amount of line 10 to be: Credited to 2019 estimated tax4,439	Refunded	11	0

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions

for definition).................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

Yes

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Yes

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.

If "Yes," complete Part XIV .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2018)

Page 5

Part VII-A

Statements Regarding Activities (continued)

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

RAPOPORTFDN.ORG

The books are in care of bullet

THE ORGANIZATION Telephone no. bullet

(254) 741-0510

Located at bullet

5400 BOSQUE BLVD SUITE 302WACOTX ZIP+4 bullet

76710

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ........ bullet

16 At any time during calendar year 2018, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?......................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?...............YesNo

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).......YesNo

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check here........ bullet

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2018?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2018, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2018?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?......................YesNo

If "Yes," did it have excess business holdings in 2018 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2018.)..................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2018?

Form 990-PF (2018)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?.............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?.....YesNo

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?..........YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .................YesNo

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
DR RONALD RAPOPORT	CHAIRMAN, TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	CHAIRMAN, TRUSTEE 3.50	11,000
MRS PATRICIA RAPOPORT	TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	TRUSTEE 3.50	11,000
AMBASSADOR LYNDON OLSON JR	TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	TRUSTEE 3.50	11,000
MR WILLIAM A NESBITT	SEC., TREAS., TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	SEC., TREAS., TRUSTEE 3.50	11,000
DR JOEL SCHWARTZ	TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	TRUSTEE 3.50	11,000
DR JAMES CHESNEY	TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	TRUSTEE 3.50	11,000
DR RICK BATTISTONI	TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	TRUSTEE 3.50	11,000
MS EMILY RAPOPORT	TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	TRUSTEE 3.50	11,000
MR TOM STANTON	EXECUTIVE DIRECTOR 40.00	206,670
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	EXECUTIVE DIRECTOR 40.00	206,670
MR MARK HOBBS	TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	TRUSTEE 3.50	11,000
MRSREBECCA A RAPOPORT-BAKER	TRUSTEE 3.50	11,000
5400 BOSQUE BLVD SUITE 302 WACO,TX76710	TRUSTEE 3.50	11,000

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (2018)

Page 7

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
UBS FINANCIAL SERVICES INC	INVESTMENT ADVICE	212,283
100 CRESCENT CT SUITE 400 DALLAS,TX75201	INVESTMENT ADVICE	212,283

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1	DISTRIBUTIONS WERE MADE TO ORGANIZATIONS QUALIFYING UNDER IRC SEC. 501(C)(3) TO FURTHER THEIR PURPOSES OF EDUCATION AND RESEARCH	0
2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2018)

Page 8

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

52,786,368

Average of monthly cash balances.......................

571,573

Fair market value of all other assets (see instructions)................

1,635,081

Total (add lines 1a, b, and c).........................

54,993,022

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

54,993,022

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

instructions) .............................

824,895

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

54,168,127

Minimum investment return. Enter 5% of line 5..................

2,708,406

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

2,708,406

Tax on investment income for 2018 from Part VI, line 5......

44,464

Income tax for 2018. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

44,464

Distributable amount before adjustments. Subtract line 2c from line 1............

2,663,942

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

2,663,942

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

2,663,942

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

2,949,220

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

2,949,220

Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b. See instructions.................

44,464

Adjusted qualifying distributions. Subtract line 5 from line 4..............

2,904,756

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2018)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2017	(c) 2017	(d) 2018
1 Distributable amount for 2018 from Part XI, line 7					2,663,942
2 Undistributed income, if any, as of the end of 2018:
a Enter amount for 2017 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2018:
a From 2013......	322,460
b From 2014......	299,724
c From 2015......	333,355
d From 2016......	185,545
e From 2017......	472,964
fTotal of lines 3a through e........		1,614,048
4Qualifying distributions for 2018 from Part
XII, line 4: $ 2,949,220
a Applied to 2017, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2018 distributable amount.....					2,663,942
e Remaining amount distributed out of corpus		285,278
5 Excess distributions carryover applied to 2018.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		1,899,326
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2017. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2018. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2019 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2013 not applied on line 5 or line 7 (see instructions) ...		322,460
9Excess distributions carryover to 2019. Subtract lines 7 and 8 from line 6a ......		1,576,866
10 Analysis of line 9:
a Excess from 2014....	299,724
b Excess from 2015....	333,355
c Excess from 2016....	185,545
d Excess from 2017....	472,964
e Excess from 2018....	285,278

Form 990-PF (2018)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2018, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2018	(b) 2017	(c) 2016	(d) 2015	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

DR RONALD RAPOPORT

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

TOM STANTON
5400 BOSQUE BLVD SUITE 302
WACO,TX76710
(254) 741-0510

bThe form in which applications should be submitted and information and materials they should include:

WRITTEN APPLICATION WITH IRS DETERMINATION LETTER

cAny submission deadlines:

NONE

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

MUST BE A 501(C)(3) ORGANIZATION. NO OTHER RESTRICTIONS APPLY.

Form 990-PF (2018)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
ALLIANCE FOR JUSTICE 11 DUPONT CIRCLE NW 2ND FLOOR WASHINGTON,DC20036	NONE	501(C)(3)	SUPPORT FOR ADVOCACY AND MOBILIZATION OF THE TEXAS NONPROFIT COMMUNITY	125,000
BOYS & GIRLS CLUB OF CENTRAL TEXAS 304 W AVENUE B KILLEEN,TX76544	NONE	501(C)(3)	GENERAL OPERATING SUPPORT OF THE BOYS & GIRLS CLUB OF FALLS COUNTY	25,000
HEART OF TEXAS MHMR 110 S 12TH STREET WACO,TX767030890	NONE	501(C)(3)	SALARY, BENEFITS AND PROGRAMMATIC NEEDS OF THE BHLT PROGRAM MANAGER	40,500
JERUSALEM FOUNDATION 420 LEXINGTON AVE SUITE 1645 NEW YORK,NY10170	NONE	501(C)(3)	SUPPORT OF CONSTRUCTIONS COSTS FOR THE JERUSALEM CINEMATHEQUE AKA JERUSALEM FILM CENTER	202,216
LA VEGA ISD 3100 BELLMEAD DR WACO,TX76705	NONE	501(C)(3)	SUPPORT FOR THE PIRATEPOWER MATH PROGRAM	120,000
OLDE TOWNE MEDICAL 5249 OLDE TOWNE RD STE D WILLIAMSBURG,VA23188	NONE	501(C)(3)	PURCHASE NEW EQUIPMENT FOR NEWLY RENOVATED CLINIC	28,900
OPEN DOOR PRESCHOOL 3804 CHERRYWOOD ROAD AUSTIN,TX78722	NONE	501(C)(3)	SCHOLARSHIPS (PROJECT HELPING HANDS)	25,000
PLANNED PARENTHOOD OF CENTRAL TEXAS PO BOX 1518 WACO,TX76703	NONE	501(C)(3)	GENERAL SUPPORT	150,000
PROSPER WACO 4901 BOSQUE BLVD STE 290 WACO,TX76710	NONE	501(C)(3)	FUNDING'S SUPPORT FOR ORGANIZATIONAL BACKBONE ($100,000) PILOT PROGRAM PROJECT LINK ($255,000)	152,172
TALITHA KOUM INSTITUTE 1311 CLAY AVENUE WACO,TX76706	NONE	501(C)(3)	FUNDING SUPPORT OF THE K-READY KIDS PILOT PROJECT	24,000
TEXAS EDUCATION GRANTMAKERS ADVOCACY 4315 GUADALUPE STE 300 AUSTIN,TX78751	NONE	501(C)(3)	GRANT FUNDS TO BE USED AS FOLLOWS: $10,000 TOWARD THE EARLY CHILDHOOD EDUCATION AND PRE-K WORK GROUP, $10,000 TOWARD THE GUIDED PATHWAYS TO COLLEGE AND CAREER WORK GROUP, AND $10,000 TOWARD THE TEACHER PREPARATION AND SUPPORT WORK GROUP.	30,000
TEXAS OBSERVER 307 WEST 7TH ST AUSTIN,TX78701	NONE	501(C)(3)	GENERAL SUPPORT AND FUNDRAISING TRAVEL COSTS FOR EDITOR AND PUBLISHER.	250,000
TEXAS RAMP PROJECT PO BOX 832065 RICHARDSON,TX750832065	NONE	501(C)(3)	FUNDING SUPPORT FOR PURCHASE OF MATERIAL AND CONSTRUCTION OF WHEELCHAIR RAMPS FOR MCLENNAN CO.	15,000
TEXAS STATE TECHNICAL COLLEGE 3800 CAMPUS DR WACO,TX76705	NONE	501(C)(3)	EMERGANCY GRANT SCHOLARSHIP PROGRAM	48,500
UNITED WAY OF WACO - MCLENNAN COUNTY 1516 AUSTIN AVE WACO,TX76701	NONE	501(C)(3)	TO GRANT FUNDS TO BE USED TOWARD THE SALARY SUPPORT OF THE NEW EXECUTIVE DIRECTOR, AND THE NEWLY CREATED POSITION OF CAMPAIGN COORDINATOR	50,000
UNIVERSITY OF TEXAS AUSTIN 1 UNIVERSITY STATION D6000 AUSTIN,TX78712	NONE	501(C)(3)	RAPOPORT SCHOLARS PROGRAM	404,431
WACO COMMUNITY DEVELOPMENT CORPORATION 1624 COLCORD AVE WACO,TX76707	NONE	501(C)(3)	GENERAL OPERATIONAL SUPPORT	40,000
WACO FOUNDATION - MAC PROGRAM 1227 N VALLEY MILLS DR SUITE 235 WACO,TX76710	NONE	501(C)(3)	SCHOLARSHIPS	40,000
WACO ISD PO BOX 27 WACO,TX76703	NONE	501(C)(3)	SALARY SUPPORT FOR AN ASSISTANT SUPERINTENDENT FOCUSING ON COMMUNITY ABND FAMILY OUTREAH	100,000
BOYS & GIRLS CLUB OF WACO 2700 N 21ST ST WO,TX76708	NONE	501(C)(3)	PURCHASE OF A 15 PASSENGER VAN AND INSURANCE COVERAGE FOR 1 YEAR	30,043
CASA OF MCLENNAN COUNTY 1001 WASHINGTON AVE WACO,TX76701	NONE	501(C)(3)	SALARY SUPPORT OF A CASA SUPERVISOR AND THE PURCHASE AND INSTALLATION OF NEW SECURITY AND TECHNOLOGYFOR THE NEW CASA FACILITY.	46,034
CEN-TEX HISPANIC CHAMBER OF COMMERCE 915 LA SALLE AVE WACO,TX76706	NONE	501(C)(3)	TRANSITIONAL COSTS TIED TO THE ORGANIZATIONAL RE-LAUNCH.	100,000
MEALS ON WHEELS 501 W WACO DR WACO,TX76707	NONE	501(C)(3)	TECHNOLOGY UPGRADES AND REDUCE THE NUMBER OF ELDERLY INDIVIDUALS ON THE WAIT LIST REQUESTING MEALS	84,496
UNITED JEWISH APPEAL 25 BROADWAY STE 1700 NEW YORK,NY10004	NONE	501(C)(3)	GENERAL ORGANIZATIONAL SUPPORT FOR THE HAND IN HAND SCHOOL	202,216
TRANSFORMATION WACO 1001 WASHINGTON AVE WACO,TX76701	NONE	501(C)(3)	VISION SERVICES PROJECT AND BERNARD AND AUDRE RAPOPORT VISION CENTER AT THE GREATER WACO ADVANCED HEALTHCARE ACADEMY	90,000
CITY OF VALLEY MILLS 401 5TH STREET VALLEY MILLS,TX76689	NONE	501(C)(3)	PURCHASE AND INSTALLATION OF A K-9 KENNEL IN THE CITY OWNED K-9 UNIT	3,080
Total ................................. 3a				2,426,588

bApproved for future payment

Total ................................. 3b				0

Form 990-PF (2018)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities....			14	1,268,244
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory ............			18	3,513,500
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aORDINARY GAIN ON MLP-REPORTED ON 990-T	523000	75,840
bDISTRIBUTIONS FROM MLP INVESTMENTS	523000	-603,805
cINVESTMENT FEES RELATED TO MLP INVESTMENTS	523000	-58,712
dACCOUNTING FEES RELATED TO MLP	523000	-4,875
e
12 Subtotal. Add columns (b), (d), and (e)..		-591,552		4,781,744	0

13Total. Add line 12, columns (b), (d), and (e)..................

4,190,192

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2018)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below (see instr.)? Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2018)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2018 AccountingFeesSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING/PROFESSIONAL FEES	44,005	35,204		8,801

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2018 DepreciationSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense
DESK/CREDENZA	1996-02-08	2,000		200DB	7.000000000000	0
DESK	1996-02-08	2,900		200DB	7.000000000000	0
TABLE	1996-02-08	400		200DB	7.000000000000	0
FILE CABINET	1996-06-05	319		200DB	7.000000000000	0
SETTEE	1996-10-22	375		200DB	7.000000000000	0
TABLE	1996-10-22	115		200DB	7.000000000000	0
WALL CABINETS	1998-03-10	5,024		200DB	7.000000000000	0
DESK CHAIRS/FILING CABINET	1998-05-13	686		200DB	5.000000000000	0
BOARD ROOM TABLE/CHAIRS	2000-12-11	1,000	1,000	200DB	7.000000000000	0
GESTETNER COPIER	2006-06-27	7,262	7,262	200DB	5.000000000000	0
SHARP CEILING PROJECTOR & SCREEN	2007-08-13	4,293	4,293	200DB	5.000000000000	0
DELL COMPUTER - OPTIPLEX 755	2008-07-30	933	467	200DB	5.000000000000	0
DELL LAPTOP	2010-01-14	876	438	200DB	5.000000000000	0
ICE MAKER	2012-12-05	1,769	725	200DB	7.000000000000	85

- TIN:

TY 2018 InvestmentsOtherSchedule2

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
INVESCO QQQ TRUST	FMV	0	2,418,180
ISHARES RUSSELL MIDCAP ETF	FMV	0	3,369,242
ISHARES RUSSELL 2000 ETF	FMV	0	3,960,494
SPDR S&P 500 ETF TRUST	FMV	0	3,856,765
SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST	FMV	0	1,610,013
ISHARES CORE U.S. AGGREGATE BOND ETF	FMV	0	3,232,184
ISHARES FLOATING RATE BOND ETF	FMV	0	658,810
VANGUARD LONG-TERM BOND ETF	FMV	0	625,697
VANGUARD TOTAL BOND MARKET ETF	FMV	0	3,216,877
VANGUARD MORTGAGE-BACKED SECURITIES ETF	FMV	0	1,944,777
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF	FMV	0	3,137,162
ISHARES MSCI EAFE SMALL-CAP ETF	FMV	0	978,517
ISHARES MSCI CHINA ETF	FMV	0	348,608
ISHARES CORE MSCI EAFE ETF	FMV	0	1,413,170
ISHARES CORE MSCI EMERGING MARKETS ETF	FMV	0	890,239
VANGUARD FTSE DEVELOPED MARKETS ETF	FMV	0	1,415,328
VANGUARD FTSE EMERGING MARKETS ETF	FMV	0	898,169
VANGUARD FTSE EUROPE ETF	FMV	0	1,049,414
CHENIERE ENERGY, INC.	FMV	0	473,520
CLEARWAY ENERGY, INC. CLASS C	FMV	0	138,000
EQM MIDSTREAM PARTNERS LP	FMV	0	173,000
ENERGY TRANSFER, L.P.	FMV	0	754,648
ENTERPRISE PRODUCTS PARTNERS L.P.	FMV	0	979,592
EQUITRANS MIDSTREAM CORP.	FMV	0	100,100
KINDER MORGAN INC CLASS P	FMV	0	153,800
MAGELLAN MIDSTREAM PARTNERS, L.P.	FMV	0	670,512
NEXTERA ENERGY PARTNERS LP	FMV	0	645,750
ONEOK, INC.	FMV	0	809,250
PEMBINA PIPELINE CORPORATION	FMV	0	133,515
PLAINS GP HOLDINGS LP CLASS A	FMV	0	201,000
SEMPRA ENERGY	FMV	0	324,570
TARGA RESOURCES CORP.	FMV	0	230,528
TRANSCANADA CORPORATION	FMV	0	214,200
WILLIAMS COMPANIES, INC.	FMV	0	482,322
ADT CORPORATION 6.25% 15-OCT-2021	FMV	0	36,495
AES CORPORATION 5.5% 15-APR-2025	FMV	0	36,723
AMC NETWORKS INC. 4.75% 01-AUG-2025	FMV	0	36,300
AECOM 5.875% 15-OCT-2024	FMV	0	40,385
ALLY FINANCIAL INC. 8.0% 15-MAR-2020	FMV	0	72,450
ALLY FINANCIAL INC. 4.625% 19-MAY-2022	FMV	0	29,513
AMERICAN AXLE & MANUFACTURING, INC. 6.625% 15-OCT-2022	FMV	0	27,720
AMERICAN AXLE & MANUFACTURING, INC. 6.25% 15-MAR-2026	FMV	0	34,105
AMERIGAS PARTNERS, L.P. 5.875% 20-AUG-2026	FMV	0	39,238
ANTERO RESOURCES FINANCE CORP. 5.375% 01-NOV-2021	FMV	0	35,705
ANTERO RESOURCES CORP. 5.625% 01-JUN-2023	FMV	0	36,100
ARAMARK SERVICES, INC. 5.125% 15-JAN-2024	FMV	0	36,630
ASBURY AUTOMOTIVE GROUP, INC. 6.0% 15-DEC-2024	FMV	0	21,065
BALL CORPORATION 4.375% 15-DEC-2020	FMV	0	36,135
BERRY GLOBAL, INC. 5.125% 15-JUL-2023	FMV	0	36,595
BLUE CUBE SPINCO LLC 10.0% 15-OCT-2025	FMV	0	37,290
BOYD GAMING CORPORATION 6.875% 15-MAY-2023	FMV	0	36,360
CCO HOLDINGS LLC 5.125% 15-FEB-2023	FMV	0	17,550
CCO HOLDINGS LLC 5.75% 01-SEP-2023	FMV	0	36,815
CCO HOLDINGS LLC 5.75% 15-JAN-2024	FMV	0	36,630
OUTFRONT MEDIA CAPITAL LLC 5.625% 15-FEB-2024	FMV	0	37,430
CDW LLC 5.5% 01-DEC-2024	FMV	0	36,538
CF INDUSTRIES, INC. 3.45% 01-JUN-2023	FMV	0	37,200
CSC HOLDINGS, LLC 6.75% 15-NOV-2021	FMV	0	36,900
CSC HOLDINGS, LLC 5.25% 01-JUN-2024	FMV	0	37,566
CENTENE CORPORATION 4.75% 15-MAY-2022	FMV	0	36,538
CENTURYLINK, INC. 7.5% 01-APR-2024	FMV	0	35,705
CHEMOURS CO. 6.625% 15-MAY-2023	FMV	0	22,220
CHESAPEAKE ENERGY CORPORATION 8.0% 15-JAN-2025	FMV	0	33,535
CHESAPEAKE ENERGY CORPORATION 8.0% 15-JUN-2027	FMV	0	32,760
CLEAR CHANNEL WORLDWIDE HOLDINGS, INC. 6.5% 15-NOV-2022	FMV	0	37,000
CONCHO RESOURCES INC. 4.375% 15-JAN-2025	FMV	0	36,545
CNX RESOURCES CORPORATION 5.875% 15-APR-2022	FMV	0	36,480
CROWN AMERICAS LLC 4.5% 15-JAN-2023	FMV	0	36,121
DAVITA INC. 5.75% 15-AUG-2022	FMV	0	35,820
DAVITA INC. 5.125% 15-JUL-2024	FMV	0	35,625
DIAMOND OFFSHORE DRILLING, INC. 7.875% 15-AUG-2025	FMV	0	34,030
DIAMONDBACK ENERGY, INC. 5.375% 31-MAY-2025	FMV	0	37,050
DISH DBS CORPORATION 5.875% 15-JUL-2022	FMV	0	23,000
DELL EMC, INC. 3.375% 01-JUN-2023	FMV	0	36,440
ENSCO ROWAN PLC 5.75% 01-OCT-2044	FMV	0	32,974
EQUINIX, INC. 5.75% 01-JAN-2025	FMV	0	36,270
FREEPORT-MCMORAN, INC. 3.55% 01-MAR-2022	FMV	0	35,011
GENERAL MOTORS COMPANY 6.25% 02-OCT-2043	FMV	0	26,246
GOODYEAR TIRE & RUBBER COMPANY 4.875% 15-MAR-2027	FMV	0	37,733
GRAPHIC PACKAGING INTERNATIONAL, INC. 4.75% 15-APR-2021	FMV	0	36,908
HCA, INC. 5.875% 15-MAR-2022	FMV	0	24,600
HCA, INC. 5.875% 01-MAY-2023	FMV	0	36,450
ISTAR INC. 5.0% 01-JUL-2019	FMV	0	20,934
ISTAR INC. 6.5% 01-JUL-2021	FMV	0	36,630
ICAHN ENTERPRISES FINANCE CORP. 6.0% 01-AUG-2020	FMV	0	36,954
INTERNATIONAL LEASE FINANCE CORPORATION 8.25% 15-DEC-2020	FMV	0	36,577
IRON MOUNTAIN INCORPORATED 5.75% 15-AUG-2024	FMV	0	37,050
KENNEDY-WILSON, INC. 5.875% 01-APR-2024	FMV	0	37,400
LKQ CORPORATION 4.75% 15-MAY-2023	FMV	0	37,600
LAMAR MEDIA CORP. 5.0% 01-MAY-2023	FMV	0	37,810
LENNAR CORPORATION 4.5% 15-JUN-2019	FMV	0	36,908
LENNAR CORPORATION 4.75% 30-MAY-2025	FMV	0	37,500
JEFFERIES FINANCIAL GROUP INC. 5.5% 18-OCT-2023	FMV	0	41,778
LEVEL 3 PARENT, LLC 5.75% 01-DEC-2022	FMV	0	37,335
LEVEL 3 FINANCING, INC. 5.375% 01-MAY-2025	FMV	0	33,750
L BRANDS, INC. 6.625% 01-APR-2021	FMV	0	34,850
MGIC INVESTMENT CORPORATION 5.75% 15-AUG-2023	FMV	0	66,665
MGM RESORTS INTERNATIONAL 6.0% 15-MAR-2023	FMV	0	58,290
MPT OPERATING PARTNERSHIP LP 5.25% 01-AUG-2026	FMV	0	36,758
MURPHY OIL CORPORATION 6.875% 15-AUG-2024	FMV	0	36,800
NRG ENERGY, INC. 7.25% 15-MAY-2026	FMV	0	36,313
CLEARWAY ENERGY LLC 5.375% 15-AUG-2024	FMV	0	36,100
NATIONSTAR CAPITAL CORP. 6.5% 01-JUL-2021	FMV	0	37,050
NETFLIX, INC. 5.5% 15-FEB-2022	FMV	0	37,324
NETFLIX, INC. 5.875% 15-FEB-2025	FMV	0	37,324
OCEANEERING INTERNATIONAL, INC. 4.65% 15-NOV-2024	FMV	0	33,964
OLIN CORPORATION 5.125% 15-SEP-2027	FMV	0	36,800
PRECISION DRILLING CORPORATION 5.25% 15-NOV-2024	FMV	0	35,280
PULTEGROUP, INC. 5.5% 01-MAR-2026	FMV	0	36,575
RADIAN GROUP INC. 7.0% 15-MAR-2021	FMV	0	24,960
RANGE RESOURCES CORPORATION 4.875% 15-MAY-2025	FMV	0	33,620
ROWAN COMPANIES, INC. 4.875% 01-JUN-2022	FMV	0	69,300
ROYAL CARIBBEAN CRUISES LTD. 5.25% 15-NOV-2022	FMV	0	38,865
SBA COMMUNICATIONS CORPORATION 4.875% 15-JUL-2022	FMV	0	11,790
SBA COMMUNICATIONS CORPORATION 4.875% 01-SEP-2024	FMV	0	23,500
SESI LLC 7.125% 15-DEC-2021	FMV	0	29,750
SERVICE CORPORATION INTERNATIONAL 5.375% 15-MAY-2024	FMV	0	37,620
SOUTHWESTERN ENERGY COMPANY 7.75% 01-OCT-2027	FMV	0	35,150
SPRINGLEAF FINANCE CORPORATION 8.25% 15-DEC-2020	FMV	0	35,190
SPRINT COMMUNICATIONS, INC. 11.5% 15-NOV-2021	FMV	0	37,373
SPRINT CORP. 7.125% 15-JUN-2024	FMV	0	35,652
STARWOOD PROPERTY TRUST, INC. 5.0% 15-DEC-2021	FMV	0	36,353
STEEL DYNAMICS, INC. 5.25% 15-APR-2023	FMV	0	36,491
SUMMIT MATERIALS, LLC 6.125% 15-JUL-2023	FMV	0	36,630
T-MOBILE USA, INC. 6.5% 15-JAN-2024	FMV	0	41,923
T-MOBILE USA, INC. 5.375% 15-APR-2027	FMV	0	36,670
TELEFLEX INCORPORATED 4.625% 15-NOV-2027	FMV	0	37,100
TOLL BROTHERS FINANCE CORP. 4.875% 15-MAR-2027	FMV	0	37,105
TRIBUNE MEDIA CO. 5.875% 15-JUL-2022	FMV	0	36,180
UNITED RENTALS (NORTH AMERICA), INC. 5.875% 15-SEP-2026	FMV	0	35,815
VERISIGN, INC. 4.625% 01-MAY-2023	FMV	0	36,445
TRI POINTE HOMES, INC. 5.875% 15-JUN-2024	FMV	0	37,485
ZAYO GROUP LLC 6.0% 01-APR-2023	FMV	0	40,747
ABERDEEN STANDARD PHYSICAL PLATINUM SHARES ETF	FMV	0	254,085
ISHARES SILVER TRUST	FMV	0	585,998
ISHARES GOLD TRUST	FMV	0	612,558
SPDR GOLD TRUST	FMV	0	765,694
VANECK VECTORS GOLD MINERS ETF	FMV	0	432,472
VANECK VECTORS JUNIOR GOLD MINERS ETF	FMV	0	282,285
PRIOR & CURRENT YEAR BOOK VALUES	FMV	48,011,570	0

- TIN:

TY 2018 LandEtcSchedule2

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value
DESK/CREDENZA	2,000	2,000	0
DESK	2,900	2,900	0
TABLE	400	400	0
FILE CABINET	319	319	0
SETTEE	375	375	0
TABLE	115	115	0
WALL CABINETS	5,024	5,024	0
DESK CHAIRS/FILING CABINET	686	686	0
BOARD ROOM TABLE/CHAIRS	1,000	1,000	0
GESTETNER COPIER	7,262	7,262	0
SHARP CEILING PROJECTOR & SCREEN	4,293	4,293	0
DELL COMPUTER - OPTIPLEX 755	933	933	0
DELL LAPTOP	876	876	0
ICE MAKER	1,769	1,695	74

- TIN:

TY 2018 LegalFeesSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	6,357	5,086		1,271

- TIN:

TY 2018 OtherAssetsSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
ACCRUED INTEREST REC	70,318	55,518	55,518

- TIN:

TY 2018 OtherDecreasesSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Description	Amount
UNREALIZED G/L REPORTED PER AUDITED F/S	7,180,154

- TIN:

TY 2018 OtherExpensesSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
COMPUTERS/TECH SUPPORT	2,336	0	2,336
INSURANCE	25,400	5,080	20,320
NEWSPAPERS/MAGAZINES/JOURNALS	14,069	0	14,069
OFFICE SUPPLIES	3,811	0	3,811
POSTAGE	805	0	805
PROFESSIONAL DUES	10,322	0	10,322
TELEPHONE	4,665	0	4,665
TRUSTEE FEES	110,000	22,000	88,000
ORDINARY LOSS FROM PTP	113,551	0	0
MEETINGS GENERAL	50,333	0	50,333
CONSULTING	2,000	0	2,000
FURNITURE	13,256	0	13,256

- TIN:

TY 2018 OtherIncomeSchedule2

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Description	Revenue And Expenses Per Books	Adjusted Net Income
ORDINARY GAIN ON MLP-REPORTED ON 990-T	75,840	75,840
DISTRIBUTIONS FROM MLP INVESTMENTS	-603,805	-603,805
INVESTMENT FEES RELATED TO MLP INVESTMENTS	-58,712	-58,712
ACCOUNTING FEES RELATED TO MLP	-4,875	-4,875

- TIN:

TY 2018 OtherIncreasesSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Description	Amount
TRANSFER OF NET INCOME TO/FROM AGENCY PAYABLE	2,133,087
UBI LOSS ON PUBLICLY TRADED PARTNERSHIPS	113,551
TAX DEPRECIATION IN EXCESS OF BOOK	8

- TIN:

TY 2018 OtherLiabilitiesSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Description	Beginning of Year - Book Value	End of Year - Book Value
AGENCY PAYABLE	18,621,506	16,488,419
PROPERTY TAX PAYABLE	41,444	33,103
FEDERAL TAX PAYABLE	8,818	103,748

- TIN:

TY 2018 OtherProfessionalFeesSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT	153,571	153,571		0

- TIN:

TY 2018 TaxesSchedule

Name:

BERNARD & AUDRE RAPOPORT FOUNDATION

EIN:

74-2479712

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
FOREIGN TAXES PAID	4,369	4,369	0
PAYROLL TAXES	18,512	3,702	14,810
FEDERAL TAX	97,545	0	0
PROPERTY TAXES	44,225	44,225	0