Any thoughts on the dependency of the serial monitor? This is what took my suspicious away from it being a power issue.
Anyway, another observation I noticed is that the onboard LED for pin 13 blinks twice when when I open up the serial monitor. Does this signify anything?
*As an update to this, if I open and then close the serial monitor, the program still works as expected. But if I unplug the usb or power down the supplies and then try to power up and use the program I need to reopen the serial monitor before the program will work again. I'm expecting that the board needs to be reset in some fashion or have some sort of connection triggered by the opening of the serial monitor.
Another observation when testing the blink program is that the program takes ~10 seconds to function properly. Either the light will stay on for longer than the delay time or it will flutter before falling into the prescribed flashing pattern.