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On the 28th July I got 201 rep:

Therefore, shouldn't I have the Mortarboard badge?

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If you don't get a definitive answer soon, try looking at your reputation audit and look at the very last line to see the count of days you received 200 reputation. It should read (at least) 1. Maybe even recalc? It might be possible that an upvoted post was deleted and somehow got out of sync. – Jeff Mercado Aug 1 '11 at 11:31
We're looking at this, I see why you haven't gotten it (+2 from accepts don't count)...but I'm not sure if this is intentional. I'll get back to you on this, and explain/fix today. – Nick Craver Aug 1 '11 at 12:51
Nice find @Nick if by design we'll have to edit that part in the faq: "Reputation source can be any vote type, upvotes, accepted answers, bounties...any net increase from votes (not association) totaling >= 200." – Shadow Wizard Aug 1 '11 at 13:03
up vote 13 down vote accepted

We've decided to leave the badge as-is for the moment (it's been this way for as long as it's existed, as far as I can tell).

In short: +2 rep from accepts don't count, so you can't game the system up to 200+ rep by saving up your accept votes just for the badge.

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in that case can the faq be updated:… It states specifically that accepts are included. – jzd Aug 2 '11 at 11:19
@jzd - refresh, the community has already done that (you guys never cease to amaze) :) – Nick Craver Aug 2 '11 at 11:25

Bounties don't count toward the 200 rep requirement. And without the two bounties you received you are well under 200.

It would appear bounties do count:

List of all badges with full descriptions

Therefore: it looks like you meet the full requirements. Normally I would say wait a little longer before you worry, but it has been a couple days which should have given the process enough time to run. The last person to earn the badge was from rep on July 30th.

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So shouldnt I have the badge? – Curt Aug 1 '11 at 11:22
@Curt, yes I believe you should. – jzd Aug 1 '11 at 11:24

You should have it for the reputation you gained on July 28. As reported in this answer, part of the FAQ:

Reputation source can be any vote type, upvotes, accepted answers, bounties...any net increase from votes (not association) totaling >= 200.

Looking at a previous revision of that answer, you can notice that the text used before was the following, which means that bounties were not counted, but they are counted now.

Exceeding the cap is defined as earning ≥200 reputation in one day from a combination of upvotes and accepts, but not bounties

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