diff --git a/resources/sql/autopatches/20141010.fundmailkey.sql b/resources/sql/autopatches/20141010.fundmailkey.sql
new file mode 100644
--- /dev/null
+++ b/resources/sql/autopatches/20141010.fundmailkey.sql
@@ -0,0 +1,2 @@
+ALTER TABLE {$NAMESPACE}_fund.fund_initiative
+  ADD mailKey BINARY(20) NOT NULL;
diff --git a/src/__phutil_library_map__.php b/src/__phutil_library_map__.php
--- a/src/__phutil_library_map__.php
+++ b/src/__phutil_library_map__.php
@@ -688,6 +688,7 @@
     'FundInitiativePHIDType' => 'applications/fund/phid/FundInitiativePHIDType.php',
     'FundInitiativeQuery' => 'applications/fund/query/FundInitiativeQuery.php',
     'FundInitiativeRemarkupRule' => 'applications/fund/remarkup/FundInitiativeRemarkupRule.php',
+    'FundInitiativeReplyHandler' => 'applications/fund/mail/FundInitiativeReplyHandler.php',
     'FundInitiativeSearchEngine' => 'applications/fund/query/FundInitiativeSearchEngine.php',
     'FundInitiativeTransaction' => 'applications/fund/storage/FundInitiativeTransaction.php',
     'FundInitiativeTransactionQuery' => 'applications/fund/query/FundInitiativeTransactionQuery.php',
@@ -3579,6 +3580,7 @@
     'FundInitiativePHIDType' => 'PhabricatorPHIDType',
     'FundInitiativeQuery' => 'PhabricatorCursorPagedPolicyAwareQuery',
     'FundInitiativeRemarkupRule' => 'PhabricatorObjectRemarkupRule',
+    'FundInitiativeReplyHandler' => 'PhabricatorMailReplyHandler',
     'FundInitiativeSearchEngine' => 'PhabricatorApplicationSearchEngine',
     'FundInitiativeTransaction' => 'PhabricatorApplicationTransaction',
     'FundInitiativeTransactionQuery' => 'PhabricatorApplicationTransactionQuery',
diff --git a/src/applications/fund/editor/FundInitiativeEditor.php b/src/applications/fund/editor/FundInitiativeEditor.php
--- a/src/applications/fund/editor/FundInitiativeEditor.php
+++ b/src/applications/fund/editor/FundInitiativeEditor.php
@@ -231,5 +231,52 @@
     return $errors;
   }
 
+  protected function shouldSendMail(
+    PhabricatorLiskDAO $object,
+    array $xactions) {
+    return true;
+  }
+
+  public function getMailTagsMap() {
+    return array(
+      FundInitiativeTransaction::MAILTAG_BACKER =>
+        pht('Someone backs an initiative.'),
+      FundInitiativeTransaction::MAILTAG_STATUS =>
+        pht("An initiative's status changes."),
+      FundInitiativeTransaction::MAILTAG_OTHER =>
+        pht('Other initiative activity not listed above occurs.'),
+    );
+  }
+
+  protected function buildMailTemplate(PhabricatorLiskDAO $object) {
+    $monogram = $object->getMonogram();
+    $name = $object->getName();
+
+    return id(new PhabricatorMetaMTAMail())
+      ->setSubject("{$monogram}: {$name}")
+      ->addHeader('Thread-Topic', $monogram);
+  }
+
+
+  protected function getMailTo(PhabricatorLiskDAO $object) {
+    return array($object->getOwnerPHID());
+  }
+
+  protected function getMailSubjectPrefix() {
+    return 'Fund';
+  }
+
+  protected function buildReplyHandler(PhabricatorLiskDAO $object) {
+    return id(new FundInitiativeReplyHandler())
+      ->setMailReceiver($object);
+  }
+
+  protected function shouldPublishFeedStory(
+    PhabricatorLiskDAO $object,
+    array $xactions) {
+    return true;
+  }
+
+
 
 }
diff --git a/src/applications/fund/mail/FundInitiativeReplyHandler.php b/src/applications/fund/mail/FundInitiativeReplyHandler.php
new file mode 100644
--- /dev/null
+++ b/src/applications/fund/mail/FundInitiativeReplyHandler.php
@@ -0,0 +1,38 @@
+<?php
+
+final class FundInitiativeReplyHandler extends PhabricatorMailReplyHandler {
+
+  public function validateMailReceiver($mail_receiver) {
+    if (!($mail_receiver instanceof FundInitiative)) {
+      throw new Exception('Mail receiver is not a FundInitiative!');
+    }
+  }
+
+  public function getPrivateReplyHandlerEmailAddress(
+    PhabricatorObjectHandle $handle) {
+    return $this->getDefaultPrivateReplyHandlerEmailAddress($handle, 'I');
+  }
+
+  public function getPublicReplyHandlerEmailAddress() {
+    return $this->getDefaultPublicReplyHandlerEmailAddress('I');
+  }
+
+  public function getReplyHandlerDomain() {
+    return PhabricatorEnv::getEnvConfig('metamta.reply-handler-domain');
+  }
+
+  public function getReplyHandlerInstructions() {
+    if ($this->supportsReplies()) {
+      // TODO: Implement.
+      return null;
+    } else {
+      return null;
+    }
+  }
+
+  protected function receiveEmail(PhabricatorMetaMTAReceivedMail $mail) {
+    // TODO: Implement.
+    return null;
+  }
+
+}
diff --git a/src/applications/fund/storage/FundInitiative.php b/src/applications/fund/storage/FundInitiative.php
--- a/src/applications/fund/storage/FundInitiative.php
+++ b/src/applications/fund/storage/FundInitiative.php
@@ -20,6 +20,7 @@
   protected $editPolicy;
   protected $status;
   protected $totalAsCurrency;
+  protected $mailKey;
 
   private $projectPHIDs = self::ATTACHABLE;
 
@@ -59,6 +60,7 @@
         'status' => 'text32',
         'merchantPHID' => 'phid?',
         'totalAsCurrency' => 'text64',
+        'mailKey' => 'bytes20',
       ),
       self::CONFIG_APPLICATION_SERIALIZERS => array(
         'totalAsCurrency' => new PhortuneCurrencySerializer(),
@@ -95,6 +97,13 @@
     return ($this->getStatus() == self::STATUS_CLOSED);
   }
 
+  public function save() {
+    if (!$this->mailKey) {
+      $this->mailKey = Filesystem::readRandomCharacters(20);
+    }
+    return parent::save();
+  }
+
 
 /* -(  PhabricatorPolicyInterface  )----------------------------------------- */
 
diff --git a/src/applications/fund/storage/FundInitiativeTransaction.php b/src/applications/fund/storage/FundInitiativeTransaction.php
--- a/src/applications/fund/storage/FundInitiativeTransaction.php
+++ b/src/applications/fund/storage/FundInitiativeTransaction.php
@@ -11,6 +11,10 @@
   const TYPE_REFUND = 'fund:refund';
   const TYPE_MERCHANT = 'fund:merchant';
 
+  const MAILTAG_BACKER = 'fund.backer';
+  const MAILTAG_STATUS = 'fund.status';
+  const MAILTAG_OTHER  = 'fund.other';
+
   const PROPERTY_AMOUNT = 'fund.amount';
   const PROPERTY_BACKER = 'fund.backer';
 
@@ -172,15 +176,50 @@
         }
         break;
       case FundInitiativeTransaction::TYPE_BACKER:
+        $amount = $this->getMetadataValue(self::PROPERTY_AMOUNT);
+        $amount = PhortuneCurrency::newFromString($amount);
+        return pht(
+          '%s backed %s with %s.',
+          $this->renderHandleLink($author_phid),
+          $this->renderHandleLink($object_phid),
+          $amount->formatForDisplay());
+      case FundInitiativeTransaction::TYPE_REFUND:
+        $amount = $this->getMetadataValue(self::PROPERTY_AMOUNT);
+        $amount = PhortuneCurrency::newFromString($amount);
+
+        $backer_phid = $this->getMetadataValue(self::PROPERTY_BACKER);
+
         return pht(
-          '%s backed %s.',
+          '%s refunded %s to %s for %s.',
           $this->renderHandleLink($author_phid),
+          $amount->formatForDisplay(),
+          $this->renderHandleLink($backer_phid),
           $this->renderHandleLink($object_phid));
     }
 
     return parent::getTitleForFeed($story);
   }
 
+  public function getMailTags() {
+    $tags = parent::getMailTags();
+
+    switch ($this->getTransactionType()) {
+      case self::TYPE_STATUS:
+        $tags[] = self::MAILTAG_STATUS;
+        break;
+      case self::TYPE_BACKER:
+      case self::TYPE_REFUND:
+        $tags[] = self::MAILTAG_BACKER;
+        break;
+      default:
+        $tags[] = self::MAILTAG_OTHER;
+        break;
+    }
+
+    return $tags;
+  }
+
+
   public function shouldHide() {
     $old = $this->getOldValue();
     switch ($this->getTransactionType()) {