Kidderminster Harriers chairman Rod Brown says although the "dire" financial situation at the National League club has improved they are "not out of the woods".
Cash-strapped Harriers have had to make severe cutbacks ahead of the new season but Brown is upbeat about the future.
"We're in a situation where we're a lot more comfortable financially," Brown told BBC Hereford and Worcester.
"However we're not out of the woods yet and haven't kicked a ball in earnest."
Rae's departure, along with two other board members, came after a restructuring at Aggborough as the club had difficulty paying players and were forced to sell their best players on their way to their worst Conference finish in 17 years.
|Harriers first five games in the the National League 2015-16|
|8 August: Grimsby Town (H)|
|11 August: Dover Athletic (A)|
|15 August: Guiseley (A)|
|18 August: Wrexham (H)|
|22 August: Gateshead (A)|
When asked how he would rate Harriers' financial state then and now on a scale of one to 10, Brown said when he arrived it was bleak.
"When I came in it wouldn't have been much above one - it was in a dire situation," he said.
"What we've managed to do is take it to a five, the activity that's gone in the close season - to do with trying to create a foundation - we've had a great success, our commercial department has had its best return for 10 years.
"It's been a very, very challenging time but everyone's come together and we've turned a lot of negatives into positives."
Brown, who hopes to get the club on an even keel financially by the end of the season, knows staying in the National League is a minimum requirement but is full of praise for the way boss Gary Whild has managed to get a competitive squad together on a budget slashed by 50%.
"We had to be very radical as far as the budget's concerned. There is an area of flexibility within that but it's small margins," he said.
"I never had any doubt, whatever financial tools Gary was given he would come up with the goods - he's been very shrewd with some signings.
"We're not looking to be a top-six side - I'd take fifth from bottom now - but we want to try and entertain."