Bhaumik has instituted an annual International Award through the UCLA Neuropsychiatry Institute to acknowledge the best scientific evidence demonstrating the effect of mind in healing. He has been involved in numerous community activities through his association with the Los Angeles Bombay Sister City Association; the Los Angeles St. Petersburg Sister City association; the Long Beach Calcutta sister City Association and others. He has donated to various charitable organizations including the Thalians of Los Angeles. He also established the Bhaumik Educational Foundation, based in Kolkata, which provides full scholarships to needy but brilliant students who wish to apply themselves to studies in science and technology. In 2016 he also made an $11 million gift to UCLA to establish an Institute of Theoretical Physics. He has also established AAAS Mani L. Bhaumik Award for Public Engagement with Science awarded to international contributors.