Prepare cake mix as directed on package, adding vanilla to batter.
Bake as directed on package for cupcakes. Cool cupcakes on wire rack. Frost cupcakes.
Place coconut in large resealable plastic bag. Squeeze food color into coconut (use 5 to 6 drops desired food color to 1 cup coconut). Shake until color is evenly distributed.
Sprinkle frosted cupcakes with tinted coconut. Decorate with jelly beans.