Analysis of the financial statements is important tool in any organization management. One of the main problems faced by the organizations is a lack of business transparency. The aim of the study was to analyze financial statements of three associations through three consecutive periods of time, to make a comparison of the results obtained. These organizations operate within the same county and perform similar activities. Analysis of the financial statements provides answers to questions regarding the assessment of the current financial situation, its business planning, selecting potential partners, assessments on enlargement or reduction of activities and comparison with similar organizations. Previous to a business decision we want to know what kind of risk we are taking by entering into a business relationship. The results of horizontal, vertical and indicators analysis show that all three associations are serious candidates for mutual partnership. They have not had serious problems in settling arrears, they work in accordance with laws and they are developing volunteering in their communities. Financial assets are accounted for most of the total assets of all three organizations. Sunce Association in the year 2013 had increased investment in fixed assets, while the Kastela Association has the lowest financial assets out of all three associations. In Sunce Association own resources are the largest item for all three observed years. Sunce Association own resources have significantly increased in the year 2014 compared to previous years, which indicates a revenue surplus that is available in the following period. Donation income is the most prominent in all three organizations, through all the observed periods. Expenses for employees and material costs represent the costs of all organizations. Liquidity and efficiency of Sunce Association are the best indicators in relation to other observed associations. In order to complete analysis of the entire business it is necessary to consider the whole picture of work of every association, and the contribution it accomplishes to a community. Yet the associations are not established for the pursuit of financial profit, but social gain.