Pretty much sums it up. I contacted Balfour and gave them all the identifying information from the ring. The year, school, major, inscription as well as photos of the engravings. They were able to match it to the original owner who was able to confirm his identity, and off into the mail it went!
To those saying you couldn't do it, why keep a class ring that isn't your own? Probably only worth ~$1000, and much more meaningful to the individual who lost it.
What a great ending to this story. Not only is it back with the owner, but he is flying back to Cornell University shortly to talk with current students about jobs and industry and he'll have his class ring with him! Talk about perfect timing.