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Not-for-Profit College Board Getting Rich as Fees Hit Students

When Gaston Caperton was recruited to run the College Board, owner of the SAT entrance exam, he said he didn’t want to just run “a testing company.”

Founded by Harvard and 11 other universities in 1900 to create a standardized test to admit students based on merit rather than family connections, the College Board by 1999 was facing cash-flow problems.