The Law on Financial Operations of Non-Profit Organisations imposes an obligation to prepare financial statements that provide the financial information necessary to make sound economic decisions. Associations, as non-profit organizations, must compile a balance sheet, an income and expenditure statement, and financial statement notes. The paper analyzes the financial reports of three associations for the promotion of culture through vertical and horizontal analysis, analysis through financial indicators, and comparative analysis. The associations that are analyzed are the Center for Culture and Lifelong Learning „Zlatna vrata“, the Association for the Promotion of Cultures "Kulturtreger" and "Seasplash" - the Association for the Promotion of Music Culture, Arts and Freedom of Expression. The main purpose of this paper is to present the specifics of the process of analysis of financial statements of non-profit organizations, including an analysis of the operations of these associations on specific data from financial statements. The analysis showed that all associations are financially stable and have no liquidity problems. Donations are the main source of income, including income from the sale of goods and provision of services, while in the structure of expenditures, the largest are expenditures for employees. While the Center for Culture and Lifelong Learning „Zlatna vrata“ has the largest assets and liabilities, the Association for the Promotion of Cultures "Kulturtreger" records a continuous and largest decline in total assets, but also total liabilities in the observed period.