Fungus

Beside a felled tree in the park lies this mass. I don't know anything about fungi, but, according to the encyclopaedia, I think it might be classed as 'saprotroph', which is an organism that obtains its energy by feeding on dead or decaying tissue!
I find it strangely fascinating!! Somehow, I feel that there's a blipper out there who will enlighten me as to the life cycle of a fungus?!!!