A new Hypocrella species with white pulvinate stromata collected in Puerto Rico and Costa Rica is described as H. zhongdongii sp. nov. Morphological and molecular evidence confirms that the new species of Hypocrella is the teleomorph of Aschersonia incrassata. It most closely resembles H. andropogonis; both A. incrassata and A. andropogonis are common yellow-spored species. The relationships of H. zhongdongii with other species in the genus are elucidated through phylogenetic analyses of three different genetic loci (LSU, RPB2, and mtSSU). Our analysis also sheds light on current subgeneric concepts in Aschersonia, in which the presence or absence of conidiomatal paraphyses is a major character to separate the genus into two subgenera. The present phylogenetic tree suggests that paraphyses have been lost or gained multiple times during evolutionary history, and do not define monophyletic groups.