The SAT is an awful indicator of intelligence and academic ability. All it indicates is how well you can take the SAT, which is often very closely correlated with how wealthy you are - the wealthier you are, the more likely you are to be well prepared.
While the College Board claims to be providing charitable services by offering fee waivers and thus gets its status as a non-profit, let's face it - the waivers only mean anything because their test's existence makes the waivers necessary. And the waivers, while they may help low-SES students take the test, don't pay for the preparation that high-SES students often purchase.
Further, performance on the SAT is strongly correlated to race. Race has nothing to do with either intelligence or academic ability.
Much of the same can be said about the ACT.