Open with Neal (Matt Bomer
) trying to get back on Peter's good side with sports tickets and coffee. Peter (Tim DeKay
) wants them to focus on work. Evan Leary (Graham Phillips
), a prep school kid, meets with Peter and Neal, telling them his financial aid is being yanked. He thinks somebody is embezzling money from the fund. The money began disappearing the year Andy Woods (whose daughter attends the school) took over the fund.
Peter briefs the team about Woods (Dylan Baker
), who has been suspected of laundering money for the Cartels. Woods recently lost a ton of money in a divorce but kept custody of daughter Chloe (Elizabeth Gillies
). Peter is going to approach the school as a wealthy parent, with Neal playing his assistant.
While Peter meets with the Headmaster, Neal is mistaken for a sub. He goes along with it when he sees Chloe is in the class.
Peter meets with Woods. The two bond as men who have had to work for everything they have. Peter complains his son is a handful. Woods says Manhattan Prep will help get him into shape.
Neal convinces the actual sub there has been a mistake and sends him away. He begins by reading some Byron. Chloe seems smitten. Evan, who is in the class, notices.
Parents at the school are asked to donate above and beyond tuition. Peter asks Woods about the endowment. Woods says the fund has taken the expected hit with the down economy. Peter wants to see the numbers if he's going to get on board. Woods has looked into the fact Peter never checked into his hotel with bags. He covers by saying he's having an affair.
Peter pops into Neal's class and starts asking questions related to Neal changing the gameplan. Peter and Neal part ways after school.
Mozzie (Willie Garson
) and Neal are worried. If Keller's bogus confession isn't allowed to stand, they will be in trouble. Neal's short-term plan is to remain an asset. Neal tells Mozzie about Evan having a thing for Chloe and her having a thing for Neal. They want to direct her feelings towards Evan.
Peter's theory is investments are where Woods is being shady. He thinks he might be underreporting. They think Headmaster Slater must be in on it.
Peter tells Elizabeth (Tiffani Thiessen
) he's bothered by having to sign off on Keller's testimony. They are the only two who know Neal was involved. Peter is conflicted. Elizabeth thinks "the right man is behind bars."
Neal watches Slater place an envelope into his pocket as a leaves his office. He tails him and sees him place it into a textbook and into a locker. Peter pulls a fire alarm, allowing Neal time to break in to the locker (which belongs to Chloe) and look at the envelope.
It turns out Slater is showing Woods quarterly reports through Chloe (so as not to create a paper trail), giving Woods the information he needs to be able to siphon the correct amount of money from the endowment.
Chloe asks Neal if he does home tutoring. They arrange something for the following afternoon. Neal gets Evan invited.
Peter arranges to also be there at Woods' place during the tutoring session, provided he brings his girl on the side (to be played by Diana). The plan is for Peter to accidentally open a door in the apartment, getting Woods to shut off his alarm temporarily.
Evan drops by Neal's place for a pre-tutoring session with him and Mozzie. They fix his clothes and give him a pep-talk about how to 'get the girl.'
Woods instructs Neal he is to remain in a particular room for the entire hour-long session.
At the prescribed time, Neal ducks out of the study session. Peter and Diana (Marsha Thomason
) pretend to get into a fight. Peter opens an exterior door at the same time Neal goes into Woods' office to copy a file. While he's working on copying the file, Chloe walks in to talk to him. She 'butt-dials' Woods, who is able to listen to her chat-up Neal. Woods storms into the room, demanding what is going on. At the last minute, Evan provides a cover that somewhat diffuses the situation. Chloe seems to have finally noticed Evan.
The Bureau was able to get good information off of Woods' drive. Peter and Neal reference Keller's testimony. Peter makes it sounds like he hasn't made a situation.
Woods looks into Evan and figures out the had been looking into the school's finances. Out of fear, Evan tells him he has "powerful friends" looking at him. He tells Neal this. Neal realizes Peter's cover has been blown.
As Peter is about to give a large check to the school, Woods interrupts, charging this is a trap. Woods grabs him and leads him to the shop class. Even after Woods finds out Peter is FBI, he is still prepared to torture him to find out what he knows. Mozzie happens to be in the school working on something to help Evan with Chloe. Neal asks him for help creating a distraction. Neal runs into Chloe and pretends to be entering his phone number into her cell phone. Instead he dials Woods and lets him hear him tell Chloe to meet Evan in his office.
Woods stops the interrogation and heads to Neal's office. Mozzie fashions a smoke bomb of sorts and hands it to Neal, who uses it to help Peter get free of Woods' bodyguard.
Woods is arrested outside the school by Peter and Diana. Neal tells Chloe this could be an opportunity for her to start over. It looks as if something could be starting between Evan and Chloe.
Peter tells Neal he thinks there's a chance "this partnership can work," but hasn't decided about commuting his sentence.