The charity, set up under the Labour government in 2006 with funding of £117m, is consulting staff on plans to make 33 posts redundant and retain 32.
Jayne Colquhoun, corporate affairs director at v, said she could not disclose how much funding the charity would receive in future from the OCS.
But the charity issued a statement saying it would receive "a small amount of funding" from the department over the next four years.
The funding it received from the previous government to implement the recommendations of the Russell Commission on youth volunteering expires in March.
Colquhoun said the restructure affected staff at all levels. Under the new structure, she said, there would be a greater emphasis on operating online.
She said v would no longer act as a grant-maker to other voluntary organisations, but it might bid for funding from the OCS budgets for volunteering infrastructure and match funding for volunteering projects, worth £42.5m and £10m respectively.
Colquhoun said there was no timescale for the redundancies. "It will take as long as it takes," she said.
Terry Ryall, chief executive of v, said in a statement: "It is extremely regrettable that because of reductions in public funding some posts will cease to exist. We have delivered against all that the government asked us to do and more."
The statement said v had invested 94 per cent of its government funding in community organisations. It said the charity hoped to "be supported through funding from a variety of sources" in future.