A Strange Organism from Cusuco NP, Honduras

This organism was found in Cusuco National Park, Honduras.  It has stuck in my mind for years as being one of the most bizarre and striking things I’ve ever come across.  I don’t even know if it’s a moss, fungi, or algae.  It was growing next to this stream towards off a transect not far from Buenos Aires, a town located within the park boundaries and only a few miles from where this was found.