The study aimed at financial reports and financial stability of an organization with a case of vision Africa, kampala and it was guided by the following objectives; To establish how the quality of financial reports assists Vision Africa - Kampala in ensuring financial stability, to assess how financial reports helped Vision Africa - Kampala in earnings management for financial stability and to determine the extent to which financial reports have assisted Vision Africa Kampala in the realization of corporate governance efficiency for financial stability. The study population included staff from Vision Africa in Kampala Business District. Key informants were also drawn from the Ministry of Education and Sports Rubaga Municipality, Area Local leaders, and some of the beneficiaries. A total of 192 respondents shall form the study population. The findings revealed that 10 (7.7%) strongly disagreed regarding the implementation of relevant aspects of the financial reporting manual and work programmes. 7 (5.3%) disagreed to the assertion, 50 (38%) agreed to the assertion and 63 (48.5%) strongly agreed to the assertion. This finding was in line with the arguments of Scott (210). The findings revealed that internal controls being were performed as required but due to lack of support arising out of some elements of administrative team intervention in financial reporting, more emphasis on the effective performance of the internal control system is needed.