Toledo Mud Hens Baseball Club, Inc., is a not-for-profit organization that is a separate legal entity and can be sued in its own right.
The Toledo Mud Hens are probably the most famous team in all of minor league baseball. They have been named the Toledo Mud Hens since 1896 when the team played at Bay View Park. The surrounding marshland was frequented by these strange birds.
Famous people such as Casey Stengel, Jamie Farr, and Bob Costas, have helped bring the team nationwide fame. Players who have contributed to the team’s fame include Moses Fleetwood Walker, Addie Joss, Tony Clark, Kirby Puckett, Travis Fryman, and Kirk Gibson.
An Ohio Historical Marker in Toledo, Ohio, reads as follows:
Required
a. What form would the Mud Hens statement take?
b. Why does Lucas County, Ohio, include financial and descriptive information relating to the Mud Hens in its financial report?
c. Based on the statement of activities, did the Mud Hens have a good year in 2008? Comment.
d. Based on the statement of net assets, does it appear that the Mud Hens were in a good financial condition at December 31, 2008. Comment.