A online fundraising campaign had generated about £87,000 but the target had been to reach £200,000 by last Wednesday, and it would only have staved off administration until the end of October.
Caley Thistle said donations would be used to fund the club’s expenses in the administration period and would not be spent on professional fees.
Team manager Duncan Ferguson has also been working for free to help save money.
Tim Cooper, president of UK insolvency trade association R3, said the aim of administration would be to save the club.
He told BBC Scotland News: “For the fan base of Caley Thistle it can look very daunting and demotivating.
“They can be rest assured if the club goes through this process everything will be done by any administrators appointed to work very hard through that process to save the club.”
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