In this video, I will give a high-level overview of the main reports a nonprofit needs to review and the information each one tells you about your nonprofit's financial state.

At time marker 2:54, I misspoke about how Assets, Liabilities, and Equity interact on the Statement of Financial Position. I said, "Assets MINUS Liabilities EQUALS Net Assets." The correct accounting formula is: Assets = Liabilities + Equity.

The Statement of Financial Position (aka Balance Sheet) should always balance: Total Assets = Liabilities + Net Assets (aka Equity).