This report examines 64 Universal Service Funds, how they are currently meeting their objectives and what mobile’s role is in delivering universal service and access. It concludes that most funds are not achieving their stated goal of widening access to telecommunication services and that alternative market-based solutions are more effective. The study estimates that more than one-third of the 64 funds surveyed have yet to spend any of the contributions they have collected and that more than 11 billion USD remains undisbursed—money that could otherwise be used to extend rural coverage or lower the cost of mobile ownership.