openWYSIWYG Editor not retaining text formatting

I have installed a Wysiwyg editor, openWYSIWYG 1.4.7, and it seems to be working fine - initially. When I go into edit pages, I see the editor buttons, and am able to format (bold, add images, and whatnot). But when I "Save" the changes, it says that the "Page has been updated." but it does not reflect my changes. Then, if I go back into re-edit the page, it clears all the formatting and puts all the text in one long line.

This doesn't occur when I disable the openWYSIWYG 1.4.7 editor, it will retain changes. But if I use the openWYSIWYG 1.4.7 editor, it won't retain any formatting, and, in fact, clears the formatting upon saving.

Any help is greatly appreciated!

http://franchisesherpas.com/website

_{Edited by silverwing - moved to post-installation forum}