Federal Charter Act of 1988

Federal Charter Act of 1988 - Authorizes the Attorney General to grant Federal charters to private organizations that meet certain requirements. Requires the Attorney General to: (1) maintain a current list of all organizations granted Federal charters; (2) oversee the activities of such organizations to ensure they are complying with their charters; and (3) terminate the Federal charter of any organization that is not in compliance with its charter or with auditing and reporting requirements or that no longer has any members.

Sets forth conditions for granting charters, including requirements that: (1) the organization is operated primarily to conduct activities which are national in scope; and (2) the Attorney General has found that the organization is organized and operated as a nonpartisan, nonprofit, and nondiscriminatory organization, solely for charitable or other specified purposes, and maintains tax-exempt status.

Sets forth Federal charter requirements, including: (1) the organization must maintain its State(s) of incorporation and comply with the laws of such State(s); (2) the constitution, bylaws, and articles of incorporation of the organization may not be substantially altered without the Attorney General's approval; (3) no income or assets of the organization may inure to the benefit of any member, officer, or director of the corporation, except for reasonable compensation or reimbursement for actual expenses; (4) the organization may not support or participate in any political activity or attempt to influence legislation; and (5) the organization may not claim or imply that it is acting on behalf of, or with the approval of, the Government. Holds the organization liable for the acts of its officers and agents, acting within the scope of their authority. Requires the organization to keep correct and complete books and specified information, to maintain its tax-exempt status, and to keep its primary purpose as of the time the Federal charter is granted.

Requires that the report of each independent audit of a federally chartered organization be submitted to the Attorney General (currently, the Congress), and that the Attorney General make available to the public all such reports.