Associate custom attributes to Group

How can we associate more attributes/variables to group? For example, as of now we can associate three attributes to a group

  1. Group ID
  2. Group Name
  3. Group Type

We want to associate few more attributes to the groups. Just to give one example, let’s say we want to add details description about the group and want to create Group Description attribute for all the groups. Is there out of the box configuration we can change to add new fields? Or what would be the recommended approach for this requirement.

FYI… Group Description is just one of the example. We need to add few more attributes/fields to group.