econjack, thank you for the quick response.
I have placed the RunningAverage library in the libraries folder like this:
C:\Program Files (x86)\Arduino\libraries\RunningAverage
There are a bunch of other libraries located here as well and those all seem to work correctly.
When that didn't work I tried placing it in another folder instead:
C:\Users\jhanlon\Documents\Arduino\libraries (this libraries folder is empty)
Is there something else I'm missing?