Richt said after the Bulldogs' 37-14 victory over Louisville in the Belk Bowl on Tuesday night that he planned to return to the sideline for the 2015 season, which would be his 15th at Georgia.
He guided the Bulldogs to a 10-3 record this past season -- his ninth 10-win season at Georgia.
"I look forward to working alongside Mark in the future and in helping him move our program forward in all areas," McGarity wrote in the email to athletic department donors, which was obtained by ESPN.com. "We will be working on a contract extension with Mark over the coming days. I know Mark is focused on completing his coaching staff and recruiting."
Richt has three years left on a contract that pays him $3.2 million annually and runs through the 2017 season. He is the seventh-highest-paid coach in the SEC. The school would owe Richt $800,000 per year if he was dismissed before the end of the contract.
The 54-year-old Richt has been among the winningest coaches in college football since 2001. His .739 winning percentage (136-48 record) ranks fourth among active FBS coaches who have coached at least 100 games in FBS conferences, trailing only Ohio State's Urban Meyer (.844), Oklahoma's Bob Stoops (.792) and Alabama's Nick Saban (.746).
Richt is one of only five coaches in NCAA Division I history to win 115 games or more in his first 13 seasons, and he has guided the Bulldogs to two SEC championships, five appearances in the SEC championship game and 14 consecutive bowl games.
McGarity said the UGA athletic department is also working on upgrading the football team's locker room at Sanford Stadium and the future construction of an indoor practice facility.
"Our support staff is also focused on a number of construction projects, including the indoor practice facility and future enhancements to football areas in Sanford Stadium," McGarity wrote. "We will keep you updated on progress in these areas as they develop."
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Nick Chubb rushed for 266 yards and two touchdowns in No. 13 Georgia's 37-14 win over No. 21 Louisville.