Steve Folsom was born in Dallas, Texas in 1959 to Margaret and Robert Folsom. He graduated from Jesuit Preparatory School in 1977 and received a Bachelor of Business Administration from Southern Methodist University in 1981. Steve currently holds the position of President of Folsom Companies, Inc., where he has been employed since 1981. He is married to the former Sharon St. Germain from Boston, Massachusetts. The Folsom family lives in Dallas with their three children, Hunter, Annabelle, and Chase.

Debbie Folsom Jarma, sister of Steve Folsom, has lived in Prosper since 1989 with husband, Don. Holly, Casey and Julie Jarma, their children, graduated from Prosper High School.

Steve's many professional and personal affiliations, past and present, demonstrating his strong commitment to his community are, The Alzheimer's Association, Chase's Place, Children's Medical Center, Hockaday, Methodist Health Systems, Clayton Dabney Foundation for Kids with Cancer, Cystic Fibrosis Foundation, North Dallas YMCA and Easter Seals of Greater Dallas.

The Folsom Family is one of the original land developers in the Town of Prosper and once owned the tract of land that the school resides on.