Question:  Can you tell me where to find the rules for an HOA regarding investments, such as (mutual funds or any type of investing that may put any of the principal balance at risk? 
                            –  K.M., Boca Raton

Answer:  First step: Check your documents. As for the statutes, they are silent as to how an association may invest association funds. The corporate law places a fiduciary duty on the board, which is generally described as a legal or ethical relationship of trust between two or more parties.  In most instances, the fiduciary takes care of money belonging to someone else, or an entity, and the fiduciary must use the utmost prudent care when handling money or assets belonging to another.  The fiduciary duty requires the board to place the monies in a safe investment. The general guidelines of good business practice also dictate that the monies be readily available and not tied up in non-liquid investments.

I hope this helps. Thanks for asking. 
Fred