Jelly fungi are identifiable by the jelly-like consistency of their fruiting bodies. Many jelly fungi will shrivel and dry up if there is an extended period with no rain, but when exposed to water they will return to their original form. They have the ability to absorb up to 60 times their weight in water, allowing them to transform from tiny dried up bumps to bulbous gelatinous shapes in no time.
Although it is difficult to positively identify exactly what species of jelly fungus this is, my guess would be that it’s Exidia glandulosa, also known by the common names of black witches’ butter, black jelly roll, or warty jelly fungus. E. glandulosa is a common wood rotting fungus throughout North America.