Weird Punt Play

[Mark Dexter]

Two weeks ago, I was FJ for an intramural flag football game. Team A had the ball 4th and long, and decided to punt. The ball was kicked, but due to the wind, it did not travel very far. The ball bounced off the ground, and then R1 touched the ball (trying to catch it), but he only tipped the ball up into the air. K1 then caught the ball, and ran short of the line-to-gain. Our crew ruled that because K did not reach the line-to-gain in four downs, it was R's ball.

My questions are:
(1) Was this correct - team A/K needs to reach the line-to-gain no matter what?

(2) Would the situation be any different had R caught the ball and then fumbled it?

I'd like to know what the rulings would be under NF and NCAA rules, if possible.

Thanks.