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OMB Circular Mo. A-133 http://wwwl.whitehouse.g...ci rculars/a133 /a133.htm1 (iii) Demonstrate compliance with laws, regulations, and other compliance requirements; (2) Transactions are executed in compliance with: (i) Laws, regulations, and the provisions of contracts or grant agreements that could have a direct and material effect on a Federal program; and (ii) Any other laws and regulations that aze identified in the compliance supplement; and (3) Funds, property, and other assets are safeguazded against loss from unauthorized use or disposition. Loan means a Federal loan or loan guazantee received or administered by anon-Federal entity. Local govemment means any unit of local government within a State, including a county, borough, municipality, city, town, township, parish, local public authority, special district, school district, intrastate district, council of governments, and any other instrumentality of local government. Major program means a Federal program detemvned by the auditor to be a major program in accordance with §_.520 or a program identified as a major program by a Federal agency orpass-through entity in accordance with § .215(c). Management decision means the evaluation by the Federal awarding agency orpass-through entity of the audit findings and corrective action plan and the issuance of a written decision as to what corrective action is necessary. Non-Federal entity means a State, local govemment, or non-profit organization. Non-profit organization means: (1) any corporation, trust, association, cooperative, or other organization that: (i) Is operated primarily for scientific, educational, service, charitable, or similaz purposes in the public interest; (ii) Is not organized primarily for profit; and (iii) Uses its net proceeds to maintain, improve, or expand its operations; and (2) The term non-profit organization includes non-profit institutions of higher education and hospitals. OMB means the Executive Office of the President, Office of Management and Budget. Oversight agency for audit means the Federal awarding agency that provides the predominant amount of direct funding to a recipient not assigned a cognizant agency for audit. When there is no direct funding, the Federal agency with the predominant indirect funding shall assume the oversight responsibilities. The duties of the oversight agency for audit are described in §_.400(b). Pass-through entity means anon-Federal entity that provides a Federal awazd to a subrecipient to carry 6 of 32 10/20/97 11:15:32