Is this a fungus of some kind?

Donna J
by Donna J
Yesterday I cut my lawn and cleaned up around the plants. This morning I noticed this cornmeal looking thing around the potted plant. Up close it looks just like yellow cornmeal. Its about 6" long and 2" wide and sits on the rim of the pot. My husband want to wash it down with the hose but, I am afraid that might spread the subject. Any ideas?
This photo was taken this afternoon. I am beginning to see some holes with reddish stuff inside. It looks like it is going into another stage.
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