Kevin Deery was appointed as manager in late May 2015 with former Institute captain Paddy McLaughlin as his new assistant. In the first season under the new management, Institute finished in 6th place in the league but still qualified for the NIFL Premiership promotion/relegation play-off (due to all of the above teams in 2nd–5th place not acquiring a promotion license) in which they lost out 5–4 on aggregate to an injury time winning goal from Ballinamallard United to level the second leg at 3–3. Also knocked out of the league cup at the quarter-final stage in a 2–1 defeat to Warrenpoint Town; as well as a 2–1 Craig Memorial Cup final defeat to rivals Limavady United, the club managed to get success in the Irish Intermediate Cup, defeating league champions Ards 3–1 in the final.