Knowing the factors which can improve performance is very crucial in every organization including Waqf institutions as charitable institutions. Waqf institutions have significant roles in a country to mobilize and distribute public funds. Examining its performance could be useful to assess Waqf’s perpetual existence. In the context of business organizations, financial ratios which rely on the bottom line can be the tools to examine the performance. Financial ratios somehow reflect the financial health and vulnerability of the organizations. Besides that, the organizations frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Several financial ratios might be applicable to evaluate non-profit organizations although those ratios do not seem sufficient. Financial ratios alone cannot serve as measures of success in non-profits organizations, these organizations have to be assessed in more complex ways, generally dealing with efficiency and effectiveness.