While cookies are cooling, add coconut to a 1-quart resealable plastic bag. Add 2 to 3 drops of desired food color and shake to blend the color. It may be necessary to add 1 to 2 teaspoons water to help disperse the color evenly or additional food color until desired color is reached.
To make the frosting, in the bowl of a stand mixer fitted with the paddle attachment, cream together the butter and vanilla. Slowly beat in the powdered sugar. Once smooth and creamy, add in heavy cream, 1 tablespoon at a time until the desired spreading consistency is achieved.
Once cookies have cooled completely, frost and top with jelly beans and 1 teaspoon of coconut. Allow frosting to set, then store in an air-tight container.