Business Notes FUND RAISING

At high noon on Aug. 24, thousands of spectators are expected to line the banks of the Chicago River to witness a colorful moment in the annals of water sports. At the sound of an air horn, the waters will surge with the sleek forms of 30,000 highly competitive rubber ducks.

The humble bathtub companions have suddenly become a hit on the charity fund-raising circuit. Participants in the derbies typically donate $5 to adopt a duck, which has a number printed on its bottom. The rubber duckies are dumped en masse into the water; as they float downriver across the finish line, a special duck trap scoops up the winners.

The races are the brainchild of Eric Schechter, 30, a former Arizona real estate broker. He launched his first race in 1988, raising $150,000 for a Scottsdale drug-abuse prevention program. That success prompted him to found Great American Duck Races, which expects to handle 103 such events this year and post revenues of $1 million.