Applied Engineering and Technology Center Investment Act of 1998

Applied Engineering and Technology Center Investment Act of 1998 - Authorizes the Director of the National Science Foundation to make grants to organizations that provide postsecondary education in applied engineering and technology for equipment and capital improvements needed to ensure that such education is provided using state-of-the-art instructional equipment and facilities. Permits amounts made available through such grants to be used in support of applied engineering and technology programs for specified purposes, including: (1) the purchase, rental, or lease of scientific laboratory equipment, including computer hardware and software, for educational purposes, including instructional and research purposes; (2) construction, maintenance, and renovation in classroom, library, laboratory, and other instructional facilities; (3) acquisition of library books, periodicals, microfilm, databases, software, and other educational materials; (4) funds and administrative management, and acquisition of equipment for use in strengthening funds management; (5) joint use of facilities, such as laboratories and libraries; and (6) establishing community outreach programs which will encourage elementary and secondary students to develop the academic skills and the interest to pursue postsecondary applied engineering and technology education.

Prohibits an organization from receiving any grant unless that organization submits an application to the Director at such time, in such manner, and containing or accompanied by such information as the Director may require. States that each grant application shall: (1) provide that the payments will be used for the purposes set forth under this Act; and (2) provide for making an annual report to the Director and for conducting (subject to a stated exception), at least once every two years, a financial and compliance audit of the organization regarding any funds obtained by it under this Act which covers the period since the most recent audit. Requires the Director to: (1) approve any application which meets the above requirements; and (2) not disapprove any application submitted under this Act, or any modification thereof, without first affording the applicant reasonable notice and opportunity for a hearing.

Requires any grant application to describe measurable goals for the organization's financial management and applied engineering and technology academic programs and include a plan of how the applicant intends to achieve those goals.