This cache commemorates a cache Réd and I "Found" (really just a painful reminder of an embarrassing event).
The posted coordinate is the halfway point between this nearby cache and the true hiding spot.
Addendum
Since placing this cache, I have learned that quite a few cachers actually understand that we live on an oblate spheroid and that determining distances and bearings from coordinate points is not 5th grade math level stuff.
Learning about navigating on our oblate sphere is not the point of this puzzle. The important part of this puzzle is to figure out which of the nearby caches I have found that caused Réd and me some regrets. Once you have found the cache, simple 5th grade level arithmetic is all you need (and understanding "borrowing" when performing subtraction).
For those who are interested in what the heck a oblate spheroid is and how it relates to navigating, I suggest you check Wikipedia or the USGS website. If you're going for this cache, I hope you already know how to use a topo map & compass, and carry them with you.
http://www.usgs.gov/faq/?q=faq-tags/map-coordinate-systems
If you don't have access to a 5th grader, you can check your answer here:
Congratulation!
to Kelsoboom on his FTF and for being brave enough to go after it without a coordinate checker! (or a 5th grader)