"Dog Vomit Fungus"
It's not actually a fungus, it's a slime mold called Fuligo Septica. The slime mold is usually found growing in mulched areas near homes and office buildings, but can appear in forested areas as well.
This colorful growth occurs when the mold is beginning its fruiting stage. It can appear seemily overnight causing some people to question what it is and how it got there. Therefore, you can see how this mold got its common name........
It must be Fluffy from across the street.......
The size of this species can be very small (say a Jack Russell terrier who ran in circles too much) to very large (that Saint Bernard ate my burrito).
Haha, you learn something new everyday :)