THE main provider of chaplains to Victorian state schools under a controversial federal government program is at risk of collapse, according to its most recent financial accounts.

Accounts filed by the organisation, Access Ministries, show it last year burned through $2.5 million in cash as it racked up a loss for the third year running.

However, chief executive Evonne Paddison said the organisation had this year staunched the outflow of cash and was now solvent.

Access Ministries received more than $21 million in federal grants under the school chaplaincy program between 2007 and 2011.

The Council for Christian Education, which trades as Access Ministries, also provides religious education and claims on its website to be ''sharing God's love with over 200,000 young Victorians'' every day.