Which of the following is true about the role of OMB?

The Office of Management and Budget (OMB) plays a critical role in the federal budget process, which is why the statement about its oversight of this process is accurate. The OMB is part of the Executive Office of the President and is responsible for formulating the federal budget, assisting in its implementation, and ensuring that agencies stick to the budgetary guidelines set forth by the White House. This includes a wide range of tasks, such as evaluating agency requests for funding, setting budget priorities, and establishing policies that ensure fiscal discipline across government operations. Through its oversight and coordination of the budget-making process, the OMB helps to ensure that federal funds are allocated effectively to achieve the government's policy objectives and maintain accountability.

The other options misrepresent the functions of the OMB. Regulations for non-profits are typically issued by other federal agencies, while state budget appropriations and local government audits fall under the purview of state and local authorities rather than federal oversight by the OMB.