Bubblegum Lichen aka Ichmadophila ericetorum with a small clump of British Soldier Lichen aka Cladonia cristatella in the background.
Lichens are supposed to be algae growing with fungi in a symbiotic relationship. Some scientists think that the algae gets more out of the relationship than the fungi. It is more a slave/master relationship. The algae is the greenish material on which these fruiting bodies are growing.
The American Elm is blooming. In this specie the flowers appear before the leaves. Here is one blooming bud.
I keep track of American Elm growing in my area because Morel are sometimes found growing in large numbers under these trees.