What is the booklet about?

The booklet highlights each college of the university, discussing the academic aspect, and talks about the areas in which the university excels. It will be sent out to other colleges and universities.

This isn't very helpful, but nearly anything with the weights and styles (italics, small caps) you need will work with Mercury. Maybe start with some sans faces you like and we can offer suggestions from there.

Since your budget allowed for Mercury, perhaps you could go for:

IF friendly, TRY Whitney
IF modern, TRY Gotham
IF corporate, TRY Unit

As it highlight each school within the university I'd just question if the university hopes friendly, modern or corporate. Once you can tell us which one of those we might be able to narrow it down.

Garth, I second Tiffany's recommendations. Gotham and Whitney were both published by Hoefler & Frere-Jones, the minds behind Mercury. You can't do too much better. (Unless your budget has been blown on Mercury. ;-)

Unit is also a great and very useful typeface from the rockstar duo of Erik Spiekermann on vocals and bass, and Christian Schwartz on lead guitar.

And if you stick around for a few hours some type designers will stop by and suggest their own work.

No I will not! ;-)