First I thought it was Peniophora incarnata and when I checked the spores, big surprise! They were globose and ornamented. It took me two washes of KOH to be able to hardly see the asterosettes which were not too abundant. Gloeocystidia is huge: 336 um x 14.8 um.
The fruitbody was several decimeters in extent, on a wet deciduous tree at edge of pond. Spore print was orange! Hardwood. Pond. Park.

Echinodontium ballouii wasn't seen for 100 years until Larry Millman found it in an Atlantic White Cedar swamp. Larry took me to the site, (which I can't say where it is) and we found about a dozen of these again 4 years after the first visit.