I would do ALOT of reading on sponges. First I would attempt to identify it, which may be hard, but try to narrow it down. Where did you acquire it from? Some sponges can release a toxin if stressed or die in your tank and kill off your fish. While the majority of reef sponges you see in the LFS will be safe, but some are not.
If it floated and came in contact with the air...then I would be worried. The majority of sponges will perish if made contact with the air. There are a few species that can be exposed to air, but the majority can not.....that why they emphasize to keep them completly submerged during transfer.