Excel 2010 :: Deleting Conditional Formatting On Either Close Or Open

I have a problem where Excel 2010 is deleting one of my conditional formatting conditions. I do not know if it is deleting it on open or close. I just know that I enter the conditional formatting, save the workbook, close the workbook, reopen the workbook, and it is gone.

The other conditional formatting conditions (simple "Cell is Blank") are left intact.

Setup:

Cell with conditional formatting is on sheet "MyRecord" at "$E$7". A corresponding boolean value on separate sheet "Data" and must be referred to by using "OFFSET" with a record locator value (workbook level named range "RecordLocator") that leads to corresponding data row, so looks like following:

Code:
=IF(OFFSET(Data!$D$5,RecordLocator,0),TRUE,FALSE)

When I configure this, it works great until I save and close the workbook. When I reopen the workbook, this particular conditional formatting is gone with all other conditional formatting left intact.

I've tried using the actual range address in place of range name "RecordLocator", changes nothing.

I can't figure out why Excel deletes this particular conditional format.