The spin ground state of the core ion and structure of the bis(2,4-acetylacetonate)cobalt(II) model complex and its synthetic aqua and ethanol derivatives, Co(acac)(2)L-n, (L = EtOH, H2O), were examined by means of density functional theory (DFT) calculations supported by electron paramagnetic resonance (EPR) measurements. Geometry optimizations were carried out for low-spin (doublet) and high-spin (quartet) states. For the Co(acac)(2) complex two possible conformations, a square-planar and a tetrahedral one, were taken into account. For all structures relative energies were calculated with both "pure" and hybrid functionals. The calculated data were complemented with the results of the EPR investigations carried out at liquid helium temperature, allowing for definite assignment of the high spin state for the Co(acac)(2)-(EtOH)(2) complex. However, because of the unresolved spectral features, only effective g-values could be assessed, whereas the zero field splitting parameters (ZFS) were calculated by means of the spin orbit mean field (SOMF) relativistic DFT method for which direct spin spin (SS) and spin orbit coupling (SOC) contributions were quantified.