Which of the following represent common characteristics for the accounting and financial reporting of loan funds in colleges and universities that engage solely in business-type activities?

a. Often, loan funds are major activities that require professional management.

b. For internal purposes, loan funds are commonly accounted for within a separate fund.

c. For GAAP reporting purposes, loan funds are reported as part of restricted assets, not as a separate fund.

d. All of the above are characteristics of loan funds.

e. Items b and c only.