@niles, I do see B0 00 information in the MIDI monitor and there is also a (orange) signal in the activity meter.
After typing this, the modulation is working on some of the MIDI instruments. For example, I have a Wurlitzer Hard sound I'm using that the modulation wheel is working fine. However, the modulation wheel will not work with some of the organ sounds I'm choosing. This is probably a stupid question, but are there certain sounds files that will allow you to use the modulation wheel? Thanks.