Commentary: When Nonprofits Go After Profits

The College Board wants to get rich. For years, the prestigious nonprofit organization has watched companies such as Kaplan Inc. and Princeton Review rake in the big bucks by tutoring students for the board's own tests, notably the SAT. So this fall, the century-old board, based in New York, is launching a dot-com to woo outside investors and teach more kids how to ace its tests, too. What's more, as a for-profit subsidiary, the 70%-owned Web site can dole out stock options and make its shareholders rich without harming the parent's tax-free status. It even hopes to go public next summer.

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