Coleraine have been fined £5,000 after the IFA decided that the club had brought the game into disrepute.
An investigation followed complaints from other clubs who believe Coleraine have escaped lightly after running up debts of more than £1.3million.
A Premier League Committee proposal of a 12-point deduction failed after what the IFA said was a perceived conflict of interest in the committee.
The IFA also issued a severe warning to the club over its future conduct.
The club went bankrupt but was taken over by the Friends of Coleraine group and allowed to maintain Premier status.
The Irish FA had earlier cleared them of any wrongdoing but the Premier League wanted the issue probed again.
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