Faldage,

Technically speaking according to modern grammar books, a gerund qualifies as a gerund only when it functions as a noun in a sentence and not as a modifier. When the present participle functions as an adjective, the grammar books show it to be just that: present participle functioning as an adjective.

Now things were very much different even a hundred years ago. I should let you borrow my great great grandfather's grammar book that is antebellum. Terms were very much different and by far more numerous.