What if the terms of external funding require a mechanism by which a funder would be asked periodically to approve specific program or research activities and/or specific uses of portions of funds. Would these terms render this funding a gift or a sponsor

This funding would likely be considered as a sponsored award, because of the lingering control of the funder over specific activities for which the funds would be used and/or the budgets for those activities. If at the outset of the funding there are no specific plans, this factor does not render such funding a gift if the funder retains future control that approximates that of a sponsor.