Stereum hirsutum

Scientific name:  Stereum hirsutum (Willdenow:Fries) S. F.
Gray
Derivation of name:  Hirsut- means "hairy" (hirsute) in
reference to the hirsute upper surface of this fungus.
Synonyms:  
Common name(s):  Hairy parchment.
Phylum:   Basidiomycota
Order:   Russulales
Family:   Stereaceae
Occurrence on wood substrate:  Saprobic; overlapping,
laterally fused clusters on dead conifers or hardwoods; July
through November, persistent.  
Dimensions: Shelf-like caps are 0.5 to 2 cm wide and may be
fused.   
Sterile upper surface: Zoned; whitish to pale cinnamon-
brown to grayish; surface densely covered with coarse, stiff
hairs.
Fertile lower surface:  Smooth; yellowish to reddish-tan or
wood-brown.       
Edibility: Inedible.
Comments:  There are a number of closely related Stereum
species. Some species "bleed" when cut, others do not. Tom
Volk's site relates some of the confusion regarding the
application of certain names to certain Stereum species.

More information at TomVolkFungi.net:  


Figure 1. This Stereum hirsutum was growing on a conifer
log in Maine.

Figure 2. A closer look at the specimen in Figure 1. This
specimen was photographed in the rain and is quite wet
giving it a water-logged look.

Figure 3. Note the zonation and the conspicuous coarse
hairs on the upper surface.


Figure 4. The appearance of the lower fertile surface.
There was no evidence of "bleeding" when this fungus was
torn away from the log.