About 30 staff who are assigned to projects funded by the EU's Objective One programme have been given notice of possible redundancy. The equivalent of another 3.8 full-time posts could also be lost in the rest of the 120-strong organisation.
But the umbrella body said jobs could be generated if funding is received from Convergence, the successor to Objective One. "We are waiting to hear about bids under the Convergence programme," said Lindsey Williams, director of communications. "If we get them, some staff will be eligible to apply for new programmes."
WCVA is planning operational savings but says no services will be cut.
Roy Norris, national manager of the Institute of Fundraising Cymru, said many Welsh voluntary organisations would be shedding jobs when Objective One funding ended in June.