Rhodotus palmatus
See Ron Meyers' excellent page on this
species at MushroomExpert.Com
INDIANA MUSHROOMS
Cap is one inch wide.  This specimen was found in the basin
of a former city reservoir.  The area is near a natural spring
that frequently floods the surrounding lowland woods. (See
note at MushroomExpert.Com below.)
2007 update photographs:
These photographs show some interesting characteristics of
this fungus:  it's gelatinous consistency and the blackening of
the cap and gills under moist conditions.
The cap of Rhodotus palmatus does not always exhibit it's
defining reticulated (netted) cap.  Note pink droplet on stem.
The cap of this beautiful specimen measured 8cm wide.
2008 update photographs:
Found in June.  Cap 4cm wide.