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      <CYMinus4YrEndwmtFundGrp />
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>RECONCILIATION OF REVENUES PER AFS WITH REVENUES PER RETURN</FormAndLineReferenceDesc>
        <ExplanationTxt>SCHEDULE D, PART XI, LINE 1 AFS OPERATING REVENUES $130,318,885 NONOPERATING CONTRIBUTIONS $ 22,000,000 INVESTMENT INCOME $ 5,591,910 GAIN/LOSS ON DISPOSAL $( 58,320) ------------- TOTAL $157,852,475 SCHEDULE D, PART XI, LINE 4B ROUNDING $4 SCHEDULE D, PART XII, LINE 1 AFS OPERATING EXPENSES $119,075,661 NON OPERATING TO UGA FOUNDATION $ 4,500,000 INTEREST, FINANCING $ 4,144,451 ------------ TOTAL $127,720,112 SCHEDULE D, PART XII, LINE 4B ROUNDING $4</ExplanationTxt>
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    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="IRS990ScheduleI">
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          <CityNm>Athens</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30602</ZIPCd>
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        <PurposeOfGrantTxt>Support for Various Scholarships</PurposeOfGrantTxt>
      </RecipientTable>
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      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>Men's Basketball Scholarships</GrantTypeTxt>
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        <CashGrantAmt>534216</CashGrantAmt>
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      <GrantsOtherAsstToIndivInUSGrp>
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      <GrantsOtherAsstToIndivInUSGrp>
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        <CashGrantAmt>160584</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>Men's Swimming Scholarships</GrantTypeTxt>
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        <FormAndLineReferenceDesc>PROCEDURES FOR MONITORING USE OF GRANTS</FormAndLineReferenceDesc>
        <ExplanationTxt>SCHEDULE I, PART I, LINE 2 FOLLOWING NCAA RULES AND REGULATIONS, INDIVIDUAL COACHES DETERMINE HOW MUCH SCHOLARSHIP THEY WISH TO AWARD TO A STUDENT. THE INFORMATION IS FORWARDED TO THE ASSISTANT ATHLETIC DIRECTOR FOR ACADEMICS AND ELIGIBILITY, WHO IN TURN ISSUES SCHOLARSHIP PAPERS (SIGNING PAPERS) TO THE STUDENT. THE STUDENT SIGNS TO ACCEPT THE AWARD. REPORTS ARE CREATED AND SENT TO THE UNIVERSITY OF GEORGIA FINANCIAL AID OFFICE TO HAVE THE SCHOLARSHIP PUT ON THE STUDENT'S AWARD LETTER. INFORMATION IS ALSO SENT TO THE BURSAR'S OFFICE WITH SPECIFICS OF WHICH STUDENT GETS WHAT AMOUNT OF MONEY DEFERRED BY ATHLETICS. THE BURSAR'S OFFICE BILLS THE UNIVERSITY OF GEORGIA ATHLETIC ASSOCIATION, INC. FOR THE DEFERMENTS (FOR TUITION, ROOM AND MEALS ON CAMPUS). THE UNIVERSITY OF GEORGIA ATHLETIC ASSOCIATION, INC. ALSO ISSUES CHECKS DIRECTLY TO STUDENTS IF THEY LIVE OFF CAMPUS AND RECEIVE SCHOLARSHIPS FOR ROOM AND MEALS. BOOK SCHOLARSHIPS ARE PROVIDED BY HAVING THE ATHLETIC COUNSELOR GIVE A CHARGE SLIP TO THE STUDENT WHICH LISTS THE BOOKS THEY ARE ALLOWED TO PURCHASE AT THE UNIVERSITY OF GEORGIA BOOKSTORE. THE UNIVERSITY OF GEORGIA ATHLETIC ASSOCIATION, INC. RECEIVES A MONTHLY BILL FROM THE UNIVERSITY OF GEORGIA BOOKSTORE TO PAY FOR THESE CHARGES. THE COUNSELORS ONLY ISSUE BOOK FORMS TO STUDENTS WHOSE NAMES APPEAR ON THE SCHOLARSHIP BOOK LIST PROVIDED BY THE ASSISTANT ATHLETIC DIRECTOR EACH SEMESTER.</ExplanationTxt>
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        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>52026</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>22829</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>512500</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>447862</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>SAMUEL D PITTMAN</PersonNm>
        <TitleTxt>ASSISTANT FOOTBALL COACH</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>320797</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>737246</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>40683</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>24486</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>14773</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>737246</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>400739</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>SCOTT STRICKLIN</PersonNm>
        <TitleTxt>HEAD BASEBALL COACH</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>295159</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>276500</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>12982</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>24486</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>19173</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>276500</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>351800</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>WILLIAM G MCGARITY</PersonNm>
        <TitleTxt>ATHLETIC DIRECTOR</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>568283</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>62500</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>8686</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>37816</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>17709</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>62500</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>632494</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>LIBBY V MORRIS</PersonNm>
        <TitleTxt>FORMER VICE CHAIRMAN</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>228513</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>315</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>33296</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>14818</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>276942</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>M JONI TAYLOR</PersonNm>
        <TitleTxt>HEAD WOMEN'S BASKETBALL COACH</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>281805</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>325000</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>35397</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>24486</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>16821</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>325000</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>358509</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>MARK FOX</PersonNm>
        <TitleTxt>HEAD MEN'S BASKETBALL COACH</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>273389</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>2000000</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>42113</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>24486</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>24943</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>2000000</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>364931</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>Tracy Q Rocker</PersonNm>
        <TitleTxt>Assistant Football Coach</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>329781</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>210000</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>32593</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>24486</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>6306</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>210000</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>393166</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JAMES R COLEY</PersonNm>
        <TitleTxt>Assistant Football Coach</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>299593</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>157500</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>32418</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>24486</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>20231</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>157500</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>376728</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE J, PART I, LINE 1A</FormAndLineReferenceDesc>
        <ExplanationTxt>FIRST CLASS AND CHARTER TRAVEL - OFFICERS AND KEY EMPLOYEES FLY FIRST CLASS ONLY THROUGH FREE UPGRADES. THE UNIVERSITY OF GEORGIA ATHLETIC ASSOCIATION, INC. OWNS A PRIVATE PLANE AVAILABLE TO THIS GROUP TO USE FOR BUSINESS PURPOSES. IF THE PLANE IS AT LEAST FILLED 50% WITH OCCUPANTS TRAVELING FOR A BONA FIDE BUSINESS PURPOSE, THESE INDIVIDUALS ARE ALLOWED TO FILL OPEN SEATS. TRAVEL FOR COMPANIONS - OFFICERS AND KEY EMPLOYEES MAY BRING ASSOCIATES OR FAMILY MEMBERS ON A CHARTERED FLIGHT OR THE PRIVATE PLANE IF SEATS ARE AVAILABLE AND THE PLANE IS USED AT LEAST 50% FOR BUSINESS PURPOSES. IN THIS CASE, COMPANIONS MAY FILL OPEN SEATS. IF THE PLANE IS NOT USED AT LEAST 50% FOR BUSINESS PURPOSES, THEN THE VALUE OF THE FLIGHT FOR THE COMPANIONS IS CALCULATED AND REPORTED AS TAXABLE COMPENSATION OF THE EMPLOYEE'S W-2. HEALTH AND SOCIAL CLUB DUES OR INITIATION FEES - OFFICERS AND KEY EMPLOYEES PAY FOR SOCIAL CLUB MONTHLY DUES. THE UNIVERSITY OF GEORGIA ATHLETIC ASSOCIATION INC. REIMBURSES THEM 50% OF THE MONTHLY COST WITHOUT SUBSTANTIATION. THE REIMBURSEMENT IS TAXABLE COMPENSATION REPORTED ON FORM W-2.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>METHODS USED TO ESTABLISH COMPENSATION OF THE CEO/EXECUTIVE DIRECTOR</FormAndLineReferenceDesc>
        <ExplanationTxt>SCHEDULE J, PART I, LINE 3 THE CHAIRMAN OF THE UNIVERSITY OF GEORGIA ATHLETIC ASSOCIATION, INC. IS PAID DIRECTLY BY THE UNIVERSITY OF GEORGIA FOR HIS ROLE AS THE PRESIDENT OF THE UNIVERSITY OF GEORGIA. THE UNIVERSITY SYSTEM OF GEORGIA BOARD OF REGENTS ESTABLISHES THE PRESIDENT'S ANNUAL COMPENSATION THROUGH THE USE OF A WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEY OR STUDY, AND THE APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SEVERANCE PAYMENTS</FormAndLineReferenceDesc>
        <ExplanationTxt>SCHEDULE J, PART I, LINE 4A Mark Richt, a Former Head Football Coach and former Key Employee, was paid a severance payment of $1,679,796 per his employment contract with the University of Georgia Athletic Association, Inc.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN</FormAndLineReferenceDesc>
        <ExplanationTxt>SCHEDULE J, PART I, LINE 4B The compensation reported in Schedule J, Part II, Column C includes deferred compensation of $204,014 paid by the University of Georgia as part of a 457(F) deferred compensation plan for UGA President Jere Morehead.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
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        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>DVLPMNT AUTH OF GOVT OF ATHENS-CLARKE CTY GEORGIA</BusinessNameLine1Txt>
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        <BondIssuerEIN>582613761</BondIssuerEIN>
        <CUSIPNum>047059AT7</CUSIPNum>
        <BondIssuedDt>2005-08-25</BondIssuedDt>
        <IssuePriceAmt>30000000</IssuePriceAmt>
        <PurposeDesc>BSKTBLL STADIUM/GYMNASTICS FCLTY</PurposeDesc>
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        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>DVLPMNT AUTH OF GOVT OF ATHENS-CLARKE CTY GEORGIA</BusinessNameLine1Txt>
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        <BondIssuerEIN>582613761</BondIssuerEIN>
        <CUSIPNum>047059GT1</CUSIPNum>
        <BondIssuedDt>2016-10-12</BondIssuedDt>
        <IssuePriceAmt>61039473</IssuePriceAmt>
        <PurposeDesc>SEE PART VI</PurposeDesc>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>DVLPMNT AUTH OF GOVT OF ATHENS-CLARKE CTY GEORGIA</BusinessNameLine1Txt>
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        <BondIssuerEIN>582613761</BondIssuerEIN>
        <CUSIPNum>047059CE8</CUSIPNum>
        <BondIssuedDt>2011-04-21</BondIssuedDt>
        <IssuePriceAmt>67556766</IssuePriceAmt>
        <PurposeDesc>SEE PART VI</PurposeDesc>
        <DefeasedInd>true</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
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        <BondReferenceCd>A</BondReferenceCd>
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        <CreditEnhancementAmt>4863</CreditEnhancementAmt>
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        <CapitalExpendituresAmt>30152939</CapitalExpendituresAmt>
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        <BondReferenceCd>B</BondReferenceCd>
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        <CapitalExpendituresAmt>32586692</CapitalExpendituresAmt>
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      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
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        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
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      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>true</Form8038TFiledInd>
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        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>false</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>true</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
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          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
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        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
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          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
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        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>false</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>true</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
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          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
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        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GICProviderName>
          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
        </GICProviderName>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
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      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>DESCRIPTION OF PURPOSE</FormAndLineReferenceDesc>
        <ExplanationTxt>SCHEDULE K, PART I, COLUMN F, BOND B 1) TO REFINANCE ALL REMAINING BONDS (ORIGINAL ISSUE 8/28/03) WITH LOWER RATE BONDS. 2) TO REFINANCE A PORTION OF HIGHER RATE BONDS (ORIGINAL ISSUE 4/21/11) WITH LOWER RATE BONDS. SCHEDULE K, PART I, COLUMN F, BOND C 1) TO REFINANCE HIGHER RATE BONDS (ORIGINAL ISSUE 9/27/01) WITH LOWER RATE BONDS. 2) CAPITAL IMPROVEMENTS TO REED PLAZA, STEGEMAN COLISEUM CONCOURSE EXPANSION, AND BUTTS-MEHRE ADDITION. REBATE COMPUTATION DATE SCHEDULE K, PART IV, LINE 2C, BOND B THE REBATE COMPUTATION WAS PERFORMED ON: 10/12/2016 SCHEDULE K, PART IV, LINE 2C, BOND C THE REBATE COMPUTATION WAS PERFORMED ON: 4/1/2017</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>TAX EXEMPT BOND POLICIES</FormAndLineReferenceDesc>
        <ExplanationTxt>SCHEDULE K, PART V TAX EXEMPT BOND POLICIES ARE IN PLACE. ARBITRAGE AND REBATE CALCULATIONS ARE PERFORMED BY A HIRED FIRM.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>VOLUNTEERS</FormAndLineReferenceDesc>
        <ExplanationTxt>FORM 990, PART I, LINE 6 THE University of Georgia Athletic Association, Inc. HAS VOLUNTEER COACHES FOR SOME OF ITS TEAMS AND VOLUNTEER WORKERS IN VARIOUS DEPARTMENTS. NINE BOARD MEMBERS ALSO SERVE AS VOLUNTEERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>DESCRIPTION OF OTHER PROGRAM SERVICES</FormAndLineReferenceDesc>
        <ExplanationTxt>FORM 990, PART III, LINE 4D OTHER COLLEGE ATHLETIC SPORTS, ALONG WITH THEIR ASSOCIATED REVENUE STREAMS FROM CONTRIBUTIONS, SEC/NCAA DISTRIBUTIONS, MEDIA, LICENSING AND STUDENT FEES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>DESCRIBE THE PROCESS USED BY MANAGEMENT &amp;/OR GOVERNING BODY TO</FormAndLineReferenceDesc>
        <ExplanationTxt>REVIEW 990 FORM 990, PART VI, LINE 11B FORM 990 IS PROVIDED TO BOARD MEMBERS PRIOR TO THE FILING DEADLINE WITH SUFFICIENT LEAD-TIME TO ALLOW THE BOARD MEMBERS TO REVIEW IT. THE UNIVERSITY OF GEORGIA'S CONTROLLER REVIEWS IT AND ALSO PROVIDES THE REQUIRED INFORMATION FOR THE COMPLETION OF THE FORM 990 TO THE TAX MANAGER WITH AN INDEPENDENT ACCOUNTING FIRM, WHICH FINISHES THE 990. THE EXECUTIVE DIRECTOR WITH THE INDEPENDENT ACCOUNTING FIRM ALSO ATTENDS THE FINANCE COMMITTEE MEETING TO REVIEW THE 990 AND ANSWER QUESTIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>DESCRIPTION OF PROCESS TO MONITOR TRANSACTIONS FOR CONFLICTS OF</FormAndLineReferenceDesc>
        <ExplanationTxt>INTEREST FORM 990, PART VI, LINE 12C PRIMARY MONITORING OF CONFLICT OF INTEREST IS DONE THROUGH THE COMPLETION OF A FORM BY BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES OF THE UNIVERSITY OF GEORGIA ATHLETIC ASSOCIATION, INC. REQUESTING DISCLOSURE OF ALL RELATED ENTITIES AND TRANSACTIONS. ANY CONFLICTS NOTED ARE DISCUSSED AND APPROPRIATE ACTION TAKEN. IF A CONFLICT IS CONFIRMED, A PLAN FOR ALLEVIATING OR MANAGING THE CONFLICT IS IMPLEMENTED. INDIVIDUALS WITH POTENTIAL CONFLICTS MAY BE ASKED TO RECUSE AND ABSENT THEMSELVES FROM MEETINGS IN WHICH AN ALLEGED CONFLICT IS DISCUSSED IF SO DOING WOULD BETTER ASSURE THE INTEGRITY OF THE PROCESS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PROCESS FOR DETERMINING COMPENSATION</FormAndLineReferenceDesc>
        <ExplanationTxt>FORM 990, PART VI, LINES 15A &amp; 15B THE ATHLETIC DIRECTOR'S SALARY IS RECOMMENDED BY THE PRESIDENT OF THE UNIVERSITY OF GEORGIA. THE SALARY RECOMMENDATION IS THEN REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. SALARIES ARE ROUTINELY COMPARED TO NATIONAL AVERAGES. THE EXECUTIVE ASSOCIATE ATHLETIC DIRECTORS' SALARIES ARE SET BY BENCHMARKING IN THE MARKET (COMPARED IN CONFERENCE AND NATIONALLY). COMPENSATION FOR KEY EMPLOYEES IS DETERMINED BY COMPARING DATA OR BENCHMARKING BOTH IN THE SEC AND NATIONALLY. SALARIES ARE REVIEWED BY THE ATHLETIC DIRECTOR FOR FINAL DETERMINATION. OFFICERS OF THE UNIVERSITY OF GEORGIA ATHLETIC ASSOCIATION, INC. BOARD OF DIRECTORS ARE EMPLOYED BY THE UNIVERSITY OF GEORGIA AND ARE COMPENSATED FOR THE ROLE PERFORMED FOR THE ATHLETIC ASSOCIATION BY THE UNIVERSITY OF GEORGIA. SALARIES HAVE ROUTINELY BEEN COMPARED TO NATIONAL AVERAGES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>AVAIL OF GOV DOCS, CONFLICT OF INTEREST POLICY, &amp; FIN STMT TO GEN</FormAndLineReferenceDesc>
        <ExplanationTxt>PUBLIC FORM 990, PART VI, LINE 19 UNIVERSITY OF GEORGIA ATHLETIC ASSOCIATION'S WEB SITE ADVISES INTERESTED PARTIES THAT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990 PART IX LINE 24 - OTHER EXPENSES</FormAndLineReferenceDesc>
        <ExplanationTxt>DESCRIPTION:ALL OTHER EXPENSES TOTAL EXPENSES:12813883 PROGRAM SERVICES:11498071 MANAGEMENT AND GENERAL:1099969 FUNDRAISING:215843</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>University of Georgia</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>456 East Broad Street</AddressLine1Txt>
          <CityNm>Athens</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30602</ZIPCd>
        </USAddress>
        <EIN>586001998</EIN>
        <PrimaryActivitiesTxt>University</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>GOV'T</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>N/A</PublicCharityStatusTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
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      <ReceiptOfIntAnntsRntsRyltsInd>false</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>true</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>false</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>false</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>false</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>true</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>false</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>false</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>true</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>true</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>true</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>false</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>true</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>false</TransferFromOtherOrgInd>
    </IRS990ScheduleR>
  </ReturnData>
</Return>