According to a statement released on Wednesday, only £5,000 had been donated after a fundraising campaign was launched a few weeks ago to raise the £30,000 needed by the club.
The directors appealed for support for the fundraising to continue, asking fans to attend the three home league games that are left in the current season.
"Our club was only able to get through the month of March and meet its major obligations (salaries and VAT) because directors, once again, donated sizeable amounts to the club," the statement said.
They said to keep Glenavon FC financially viable, they have made significant reductions, including the budget for manager's wages.
But they warned that further reductions would have an impact on the "quality of the playing squad" and would "seriously compromise" them as a competitive Premiership club.
Only 57 people had signed up to last year's 'Mourneview Needs You' initiative, which allows supporters to contribute whatever they could afford.
"It is the responsibility of everyone with the best interests of Glenavon at heart to make sure we do not reach a position where we consider we are unable to continue operating as a Premiership club," the directors added.
"This is our club, our future. We all have to do everything we can to make sure it is a successful one."
Glenavon are currently sitting in ninth place in the Danske Bank Premiership table after they defeated Dungannon Swifts 3-2 at Stangmore Park on Tuesday.