This is Tremella aurantia parasitizes the mycelium of Stereum hirsutum which in turn is a is a plant pathogen on dead limbs and trunks of both hardwoods and conifers
Growing at sea level, Nisqually National Wildlife Reserve, near Olympia, Thurston County, Washington, USA
Thanks to Flickr member AK_CCM for ID help
Snow Fungus on a wet log
Growing on a small piece of dead wood after rain. 4200 feet.
Tremella is a genus of fungi in the family Tremellaceae. All Tremella species are parasites of other fungi and most produce anamorphic yeast states. Basidiocarps (fruit bodies), when produced, are gelatinous and are colloquially classed among the "jelly fungi". Over 100 species of Tremella are currently recognized worldwide. Two species, Tremella fuciformis and Tremella aurantialba, are commercially cultivated for food.