Congrats!!!

Welcome to the "Club"! Just don't swing it at someone's head! LOL!
A few words of advice from someone who's been there, done that, got the t-shirt, and lived to tell about it.
1. Remember the money you and your board members are "in charge of" is NOT yours. It is EVERY MEMBER's money. You and the board were ELECTED to represent the majority of membership on how best to manage the budget and the daily activities of the HOA on their behalf. It's VERY difficult, but you have to learn to OPENLY communicate ALL decisions about expenditures as much as possible. It will be "tempting" to treat the money much like your home budget. GET OVER IT! You have to treat the money as a big "kitty" in a game of Poker. Whoevers got the biggest "Bluff" or are worthy of a "Royal Flush" wins the pot!
2. Keep the attitude that this is NOT a "Thankless job" but a "THANKFULL Job". I remember all the free dinners and lunches that weren't poisoned! The respect and responsibility is astonishing. Your going to be looked at for EVERYTHING!!! Keep your head up high and your attitude positive and the rest will follow.
3. Make this position part of your lifestyle. Don't go into it grudgingly like you got stuck with the position. You now have the power to be more pro-active in your neighborhood and your property. Not many people are willing to take that initiative. Spread it around that participation is key for the HOA's survival. Y
4. Your going to face the number 1 issue of HOA's head-on. That's NON-Participation of the membership. Don't be disapointed to see only 1/10th of the members show up to a meeting. You do something right, no one will attend. You do something wrong, everybody attends.
5. Learn as much as you can about every aspect of your HOA. That may range from Pool care to Building Construction. You do NOT have to be an expert in everything. Just be able to find the right contractors that are. If you can't do the job yourself, don't even try it. Just concentrate getting approval for the money to pay for the contractor.
You came to the PERFECT spot for advice. This is one of the best HOA websites out there. We may bicker at eachother once and awhile but you get the answers you need. Everyone on here has a purpose to help not to harm. Review the other posts form more direction. There are some good one's on here.
Good luck! I was president of a 107 Patio Home community. I've been on both sides of the fence. I was the "dictator" and then "victim" of my HOA. My advice is based on being not only a recovering president/boardmember but as a person who was once physically attacked by a board member. So I can see both sides of the coin.