The Statement of Financial Condition, or Balance Sheet, provides a snapshot in time of the financial position of a nonprofit organization. The report is created based on the accounting equation of “assets = liabilities + net assets.” A supplement to the Board of Directors Orientation Toolkit. 

Part of the Board of Directors Orientation Toolkit: A fiduciary duty is a legal duty to act solely in another party's interests, for example on behalf of members. Officers or directors, whether inexperienced or seasoned, have accepted the duty to advance and protect the interests of the members, mission and organization. Being silent or absent at board meetings is not acceptable.

From the Board of Directors Orientation Toolkit, an overview of fiduciary duties so association leaders and executives can ensure that they satisfy those obligations.