Model carbon nanoparticles representative of the graphite-like and amorphous domains of active carbon are investigated with density functional theory (DFT) and complete active space self-consistent field (CASSCF) methods. Cyclic carbon clusters containing conjugated carbene groups are found to undergo Jahn- Teller distortion. More importantly, the half-metallicity, that is, the equal or similar stability of various spin states, previously suggested by DFT calculations for both types of nanosized clusters is confirmed by CASSCF calculations. Furthermore, the model carbon clusters are found to possess a multiconfigurational electronic structure dominated by high-spin configurations. When compared to CASSCF results, the single-reference DFT predicts proper electronic structures, characterized by antiferromagnetically coupled electron pairs, at the expense of spin contamination as a reflection of the multiconfigurational character. In fact, spin contamination, which is normally viewed as an error, does not corrupt the energetics of the half-metallic systems and therefore does not preclude the applicability of DFT to such systems.