How to change sheet format; Solidworks won't let me update it

Our company got a new logo so my boss edited our sheet format file in the Vault. When you make new drawings the sheet format is referenced correctly, but with old drawings if you try to edit the sheet format location within the sheet properties window, the preview window shows the proper new sheet format but once you hit okay nothing happens. When you go back to the sheet properties window and browse to the sheet format location, it is reset to the default "solidworks" template even though in reality our previous design in the vault is being referenced. I tried restarting Solidworks, the Vault, and my computer, I also tried the same steps with the new sheet format checked in and out of the Vault but it makes no difference. Any ideas?

SolidworksDrawings And Detailing