I was ultimately able to resolve the solution by setting the column type in the flat file connection to be of type "database date [DT_DBDATE]"
Apparently the differences between these date formats are as follow:
DT_DATE A date structure that consists of year, month, day, and hour.
DT_DBDATE A date structure that consists of year, month, and day.
DT_DBTIMESTAMP A timestamp structure that consists of year, month, hour, minute, second, and fraction
By changing the column type to DT_DBDATE the issue was resolved - I attached a Data Viewer and the CYCLE_DATE value was now simply "12/20/2010" without a time component, which apparently resolved the issue.