CEO position, transportation stipend available

Just got a list email about what sounds like a pretty cool, if not super-glamorous, job, "with a preference to graduate students and recent graduates." 20 hours a week for up to six months. Need to know English and French, and have relevant work experience. The catch? You guessed it: the pay is nothing whatsoever. Not a job in fashion or journalism. At a respected institution.

Surely, one might imagine, a position with so many prerequisites, something beyond entry-level, where the candidates sought are already out of college and may have advanced degrees, wouldn't have too many takers? "Due to the large volume of applications we receive, we are only able to contact those candidates selected for an interview."

Is there - and this is a serious question - any incentive for any employer to offer pay in exchange for work? Or is that being phased out?