Caroline was educated at Carleton College in Minnesota and then worked in the insurance business in Wausau, Wisconsin for twelve years. Eventually, she returned to Manhattan and served many years as Assistant Dean of Students at Kansas State University. She remained a resident of Manhattan after she retired and until her death at age 78.
Caroline believed firmly in women’s rights and desired to benefit her hometown. The Manhattan Fund – Caroline F. Peine Charitable Foundation clearly achieves both. She planned for many years that the Manhattan Fund would improve the quality of life in the City of Manhattan, KS, the community of Keats and benefit the Konza Prairie. She created a trust and designated a five-person committee to make grant decisions. This committee was charged to be sensitive to the social, cultural, recreational, and historic needs of the community, but directed that the committee would always have at least two women serving on it.