Caroline A. Forgason graduated with a BA from University of Texas at Austin Plan II with honors in 1978. She continued her education at Columbia University School of Business where she earned her MBA in 1985. For 12 years, Forgason ranched in the Davis Mountains on the Caldwell Ranch.
Forgason has served as a board member for several organizations, including the Nature Conservancy of Texas from 1990-2000 and recently rejoined in 2013; the Peregrine Fund for 20 years; and the Lewa USA Wildlife Conservation on Lewa Downs in Kenya for 10 years. Forgason currently resides in San Antonio, Texas.