Institute chairman Trevor Hewitt is adamant that the Londonderry men will survive, despite their financial troubles.
He is confident the club will not follow neighbours Derry City and be forced into administration.
“The committee will not let that happen, even if we have to go into our own pockets, which we’ve done before and have done in recent times,” said Mr Hewitt.
“The playing budget is a not the only area we are cutting. There are cuts all over, including water, electric and heating.
“We need an average of 300-500 supporters at the Riverside each Saturday, but we’re not getting that despite providing a base for Irish League football in the North West. Institute FC will never go to the wall — this is a precautionary measure.”
The chairman was also full of praise for manager John Gregg, after he, his back-room team and the players agreed to take a wage cut.
“We have been talking things over with John (Gregg) for a number of weeks now and I have to give him a lot of credit, as at no stage has he ever been over budget in all his time as manager,” added Hewitt.
“John has continued to work hard and get the best out of the players, despite everything which has been going on behind the scenes for the last few weeks.”
Despite agreeing to take a percentage reduction in their wages, the manager fears some of his players like David Ogilby, Kevin Ramsey, Mark Scoltock and Shaun Holmes may have to leave Drumahoe to balance the books.
“I’d like to keep all my players but I have to find money here and there,” said Gregg.
“It’s all to do with the financial climate everywhere.”