We present a comprehensive
analysis of magnetic coupling in a group
of three popular chromium-based molecular rings, the homometallic
Cr8 ring and the heterometallic Cr7Ni and Cr7Zn molecules. We show conclusively that the broken symmetry
approach within density functional theory (DFT), based on suitable
conventional or range-separated hybrid functionals, provides a quantitatively
reliable tool to extract magnetic exchange coupling parameters in
all rings considered, which opens a window for additional applications
in molecular magnetism. We further show that a nonempirical model
spin Hamiltonian, based on the parameters extracted from DFT, leads
to excellent agreement with experimental susceptibility data and energy
spectra. Moreover, based on an optimally tuned range-separated hybrid
functional approach, we find that gas-phase gaps of the studied molecular
rings are much larger than previously calculated and discuss the implications
of the revised electronic structure to potential applications in molecular
spintronics.