Government Funding Transparency Act of 2008 - Amends the Federal Funding Accountability and Transparency Act to require the Office of Management and Budget (OMB) to ensure that the federal awards website includes for each federal award of assistance or expenditures of $25,000 or more the names and total compensation of the five most highly compensated officers of the receiving entity if: (1) the entity in the preceding fiscal year received 80% or more of its annual gross revenues and $25 million or more in annual gross revenues from federal awards; and (2) the public does not have access to information about the compensation of the entity's senior executives through reports filed under the Securities Exchange Act of 1934 or the Internal Revenue Code.
Requires the Director of OMB to promulgate regulations to carry out this Act that include a definition of "total compensation" that is consistent with regulations of the Securities and Exchange Commission (SEC) concerning executive compensation.