I noticed Oak leaves on the ground. Did this conk/rhizomorph come from an Oak? If it did there are 3 pathenogenic possibilties (the following fungus I.D. is NOT the only possibilty, there are many "non-injurious" fungal conks that grow symbiotically with trees, however even their presence indicates some level of decay).
1) Armillaria - when the bark is removed from the location of the conk there will be white/cream colored mycellia on the vascular tissue, known as "white rot". The rhizomorph root structure (conk) is very dark inside and out. There should also be mushrooms growing in scattered locations throughout the root zone of the tree.
2) Ganoderma applanatum - The fungus of this disease also causes "white rot". It most often invades through wounds however the fungal conks appear at ground level. The conk will be dark on the top but much lighter underneath. The disease progression can create columns of decay 10 to 15 ft. up the trunk. This disease can be spread through root grafting.
3) Ganoderma lucidum - This fungus is very closely related to "applanatum" however the fungal conk is an annual occurence that can grow to 14". It is red/brown in color (much like your picture). This disease can be wound related OR stress related, and can enter the tree in numerous fashions. "Lucidium" is much faster moving than "applanatum" and can cause very rapid decline.
The bottom line to any of these is there is no chemical control, level decay should be determined as the tree can become a hazard. Since root grafting can move some of these funguses removal if diagnosis is confirmed should be done quickly. Hope this helps.