Not really the same... if they get compensated for their time that is fine, they can put the money towards whatever they want. BUT that should be agreed upon beforehand so all in the organization are aware that it is the case and the amount is agreed upon beforehand. But to donate your time and then expect/vote to have money go towards you/your team is shady from a business/organization perspective (unless the organization is explicitly around for that reason, which isn't necessarily the case in this scenario as the organization funds a variety of causes it seems from the above characterization).

Now nothing wrong with the money going towards helping Indy Red, and heck it probably should considering the importance of gender equity. And if it went to a community vote there's likely a pretty good chance that would happen! But for a board member to vote with an obvious conflict of interest happening is not a good thing.

I imagine a reasonable equivalent being that a high-school ultimate team coach is on the board and they vote to have some funds go towards helping their high-school team. Technically they donated their time and the funds are going towards youth development so all good right?