Strong electron correlation effects are one of the major challenges in modern quantum chemistry. Polynuclear transition metal clusters are peculiar examples of systems featuring such forms of electron correlation. Multireference strategies, often based on but not limited to the concept of complete active space, are adopted to accurately account for strong electron correlation and to resolve their complex electronic structures. However, transition metal clusters already containing four magnetic centers with multiple unpaired electrons make conventional active space based strategies prohibitively expensive, due to their unfavorable scaling with the size of the active space. In this work, forefront techniques, such as density matrix renormalization group (DMRG), full configuration interaction quantum Monte Carlo (FCIQMC), and multiconfiguration pair-density functional theory (MCPDFT), are employed to overcome the computational limitation of conventional multireference approaches and to accurately investigate the magnetic interactions taking place in a [Co(II)3Er(III)(OR)4] (chemical formula [Co(II)3Er(III)(hmp)4(μ2-OAc)2(OH)3(H2O)], hmp = 2-(hydroxymethyl)-pyridine) model cubane water oxidation catalyst. Complete active spaces with up to 56 electrons in 56 orbitals have been constructed for the seven energetically lowest different spin states. Relative energies, local spin, and spin-spin correlation values are reported and provide crucial insights on the spin interactions for this model system, pivotal in the rationalization of the catalytic activity of this system in the water-splitting reaction. A ferromagnetic ground state is found with a very small, ∼50 cm-1, highest-to-lowest spin gap. Moreover, for the energetically lowest states, S = 3-6, the three Co(II) sites exhibit parallel aligned spins, and for the lower states, S = 0-2, two Co(II) sites retain strong parallel spin alignment.