This bright orange hypomyces (a type of fungus) commonly grows on old polypores. It is impossible to know for sure what the polpore was, although if asked to venture a wild guess, I might say it looked and felt as if the asco was fruiting on the 'Cheese Polypore' or Tyromyces chioneus.

05/13/10 I just leaned from John Plischke that the orange parasite on Tyromyces shioneus is called Hypocrea pallida, the main attacker of this polypore.