
As far as I can tell from the limited fungi references I have available, this is the White-egg Bird’s Nest Fungus. It’s easy to see where it gets its common name, even though the eggs are slightly deflated here. The spores develop inside the spheroid egg shaped structures. Apparently the action of raindrops falling into the nest aids in dispersal of the spores by splashing them out onto the surrounding area.

The entire nest is less than two tenths of an inch across. You can get a good idea of its size by comparing it to the moss and cedar needle nearby.