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Thank you, Muckpuk. It could be a slime mold but presently I'm still leaning towards fungus. I've done a little more research and agree with Wilson that it is likely a Calocera sp.
I think (but I could be wrong ) that this is a slime mould. Check my spottingshttp://www.projectnoah.org/spottings/165...http://www.projectnoah.org/spottings/272... (check the comments from Mark Ridgeway)
I like it, it looks amazing
Lat: 30.58, Long: 104.06
Spotted on Sep 9, 2013 Submitted on Sep 25, 2013