Error: The field 'Constituent' expects a valid ID. The field 'Designation' expects a valid ID. 'Constituent' is required. 'Designation' is required -when importing an Auction Item Batch

When attempting to import an Auction Item Batch we receive the following error message and are unable to work around it: 

The field 'Constituent' expects a valid ID. You may wish to review your settings on the Options tab of your import process. The field 'Designation' expects a valid ID. You may wish to review your settings on the Options tab of your import process. 'Constituent' is required. 'Designation' is required.
Download and install the latest patch which contains all fixes from previous patches. If you are running an older version, download and install the latest version and then the patch.

Environment

 Blackbaud CRM
 4.0
 4.0
 Service Pack 3

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