Assume that you schedule a data refresh in Microsoft SQL Server 2012 or 2014 PowerPivot for SharePoint 2013 and configure a Secure Store Target Application ID according to the article Error when you save a PowerPivot refresh schedule job. When you define a Secure Store ID with a user in the group who is added as a Secure Store Service administrator and the user is not added individually, you receive the following error message:
The provided Secure Store target application is either incorrectly configured or does not exist
This issue was first fixed in the following cumulative update of SQL Server.
Note After you apply this hotfix, the user or the group no longer has to be added as a Secure Store Administrator as that is mentioned previously. The user also does not have to be a Target Application Administrator of the Secure Store Target Application ID. The user only has to be a member of the Secure Store ID.
Each new cumulative update for SQL Server contains all the hotfixes and all the security fixes that were included with the previous cumulative update. Check out the latest cumulative updates for SQL Server:
To work around this issue, add the user to the administrator group so that the Secure Store Service has the "Manage Target Application" permission.
Microsoft has confirmed that this is a problem in the Microsoft products that are listed in the "Applies to" section.