D.R.
I was on my HOA board for 4 years and unfortunately it takes a lot more money than you think to maintain your common grounds and pond, etc. HOA's are 100% volunteer so if you care about your neighborhood, and you want fun social events that people will go to, then I suggest you get involved. The problem is everyone is busy and no one wants to help, they just want to complain when they don't like how things are going. It was so frustrating that I finally had to step down from my HOA board.
I am sure you have at least one annual meeting if not meetings once a month or so. I would suggest going to one of them and hear what goes on. Or call the president or someone on the board and have a civil conversation. In my experience, most of the problems come from people not being informed of what is happening and why it is happening. You might feel better about things if you get some questions answered.
And maybe the board is a bunch of incompetant fools who are mismanaging your HOA's money, but if they are the only people willing to do it, then you either need to recruit some of your neighbors and get yourselves on the board, or just put up with it.
I hope that didn't come across too harsh, I just have personal experience! Good luck!