Multiclavula mucida
See Multiclavula mucida at
Fungi Growing on Wood
This tiny coral fungus (1-1.5 cm) is always associated with algae.  
Multiclavula mucida can be found growing from deciduous and
coniferous logs that have no bark.  Also found growing fron algae
covered, damp soil.
Multiclavula mucida (Pers.) R.H. Petersen, Am. Midl. Nat. 77: 212 (1967)