Sago is actually just a common name. Cycas revoluta is the scientific name for your plant.

Your caudex should not be under the soil. Only enough to stabilize the cycad should be submerged. Start giving your cycad some sun!

That is what I was thinking too. You can dunk the whole plant under water and it will dry out in a couple of hours in the sun. If the soil is real wet a day after you water the plant,it needs to drain better. If the plant itself is wet, a little sun would do it.
"Sago" is a common name for a starchy food substance made from certain plants. This porridge was made by people during times of famine who lived in Japan and other lower islands. This came from grinding up the stems of the Cycas revoluta plant. Or known now as the Sago palm. Look up sago porridge and see how that word is officially spelled. I've also seen them called Sega palms on the internet as well. It just goes to show how much people know about the subject they write about.

Thank you both for all the information. I do so appreciate it! And I would LOVE to give it some sun. That's what I've wanted to do all day. No sun today...total cloud cover all day. Tomorrow should be better and I will definitely give it sun. I've put it under an incandescent light that throws off a little bit of heat so I'm hoping this will help and not hurt. I just don't want it to rot before I can get it dried out. Although... it has been under the incandescent all day (about 12 hrs) and the caudex is still quite wet. The way my condo is situated, the sun will reach my windows around 2 tomorrow. Keep your fingers crossed for this little guy. I sure want to save it. With so little root system though, it may not make it. Also the fronds (there are only two) have turned more yellow and the end of one of them has started turning brown. Any other suggestions would be so appreciated. OK..to summarize: I was given this Sago about 5 or 6 days ago, to try to save. It is small, only two fronds...both turning very yellow now and one showing brown on the end. It was repotted yesterday in 1/3 regular, soilless potting mix, 1/3 perlite, and 1/3 coarse sand. After repotting, it was watered...contained fertilizer. It has good drainage but there is very little root system. And now I'm trying to get the caudex to dry out. And, as I said, I want SO much to save this plant. With what I've said, do you think it is futile? Maybe it is too far gone already. :-(

Linda

Probably best NOT to water or certainly NOT to fertilize a newly planted cycad, particularly one with hardly any roots, for a week or so after replanting... cut the leaves off (not doing the plant any good now anyway). A wet caudex is usually not a problem unless it's really cold, too... in winter, caudeces of these plants stay wet for many months in a row, without any problems. Sun is sort of important for these... don't thrive well in dark conditions.. need a LOT of light.

Update....The two 'fronds' continue to yellow. Very little real green left on them now. lzrddr said to cut them off. But that will leave it with nothing but the caudex with a small amount of roots. So....To cut or not to cut, that is the question. I keep wondering if it is simply too far gone. :-(

Could a couple more people weigh in about cutting off the two yellowing fronds, please. Right now they are about the same...mostly yellow with little green left. I wasn't sure about the suggestion to cut them off because they are the only fronds on the plant. Thank You

There have already been people who disagree with what I suggest, so I was going to back off, but since nobody has said anything, I'll tell you what I would do. There is a point that only the owner of the plant can figure, that you are trying to grow it out and trying to save the plant's life. The leaves are turning brown because the stem and roots don't have enough energy to keep the leaves green. If there isn't any green left in the leaves, it is time to cut them off. Once you do that you want to back off on watering because you don't have any leaves to respirate to expel the excess moisture. If it was me, since I have brought 100s of cycads like this back to life, I would put the plant in pure sand and do what I could to get new roots on the plant. The more organic material you have in the soil, the more of a chance for the weak stem to rot. You don't need to do this, but keep this in mind. At this point, you may want to give it a slight amount of root forming liquid fertilizer every couple of weeks in hope to speed up the process. Hopefully you will get some more roots on it and it push a couple of new leaves in the next few months. It isn't going to be a fast fix.

Thank you plantsman56. When you say sand, do you mean coarse sand? The one that is like tiny pebbles?
What is a root forming liquid fertilizer? My usual liquid fertilizer is Dyna-Gro - Foliage - Pro. The plants seem to respond very well to it. And yes, I really do want to save it. It belonged to my late mother and then to my daughter. Probably silly that I add an emotional element to saving this plant....but, it is what it is for me. :-)

Clean builder's sand is great. A fertilizer with a higher middle number and a lower first number works well. The high middle number promotes roots and flowers.

Thank you for the additional information!