In fact, what you are seeing is very common and is not a fungus at all. At one time, slime mold was considered part of the fungi kingdom, however it is actually single cell organisms that form together and reproduce.
While slime molds are definitely unattractive, they are not harmful. Slime molds often appear in the spring due to the fact that they get their moisture from the air and feed on the nutrients from whatever it is growing on, which is commonly your mulch beds. There are hundreds of varieties of slime molds and their appearance can vary depending on location. However, most Canopy Lawn Care customers report seeing it in shades of yellow to orange – resembling dog vomit.
You do not have to get rid of slime mold, as it is not harmful to your plants or lawn. However, if you would like to remove it due to its unsightly appearance, the best thing to do is scoop it up with a shovel. Spraying it with water can actually help it spread and chemicals could do damage to the area around the organism. Slime molds will eventually dry up on their own and raking the area of the slime mold can help circulate air flow to accelerate the drying process.