Probably most of us have noticed this fungus at some time because of its bright orange color. It appears there are a couple of kinds of fungi that look like this, mostly differentiated by what kind of rotting wood they grow on. Since I don't know what kind of host this particular fungus is on, I will not try to identify it beyond offering the two possibilities: It's a member of either the Tremella or Dacromyces genera. Here's a link to a site written by a more knowledgeable blogger than myself, that identifies a very similar orange blob as Dacromyces palmatus. I highly recommend the aforementioned blog, "Island Nature," for anyone interested in our local flora and fauna. It's very well written, interesting and informative. Just lightly browsing through it this morning has taught me a lot, including the name of a mystery fungus earlier featured here. Good photos, too!