Kidderminster Harriers racked up a £120,000 loss last season despite selling a player for £250,000.
Joe Lolley's move to Huddersfield was wiped out by dismissing managers Steve Burr and Andy Thorn, while they paid £10,000 to agents for the free agent striker Freddie Ladapo, who was released last month.
The club had also generated £125,000 from a FA Cup run that culminated in a match at Sunderland's Stadium of Light but the losses, covered by benefactors Ernie and Kath Lane, mean the club is facing up to a budget cut next season of up to a third.