We perform systematic density functional theory (DFT) calculations to assess the performance of various exchange-correlation potentials Vxc in describing the chalcogenide GaM4Q8 lacunar spinels (M=Mo, V, Nb, Ta; Q=S, Se). We examine the dependency of crystal structure (in cubic and rhombohedral symmetries), electronic structure, magnetism, optical conductivity, and lattice dynamics in lacunar spinels at four different levels of Vxc: the local density approximation (LDA), generalized gradient approximation (GGA), meta-GGA, and hybrid with fractional Fock exchange. We find that LDA significantly underperforms GGA and higher level functionals in predicting lattice constants. LDA also fails to properly describe the magnetism in the family, and for some compositions it does not find the ground state distorted crystal structure. The Perdew-Burke-Ernzerhof (PBE) and PBE revised for solids (PBEsol) GGA functionals perform reasonably well in predicting lattice constants as well as the electronic structures. We find that the GGA with an on-site Coulomb interaction (GGA+U ) is unnecessary to produce a semiconducting state in the distorted polar R3m phase. Plus Hubbard U values ranging from 1∼2 eV, however, improve the quantitative performance of the GGA functionals. The meta-GGA functional SCAN predicts reasonable lattice constants and electronic structures; it exhibits behavior similar to the GGA+U functionals for small U values. The hybrid functional HSE06 is accurate in predicting the lattice constants, but leads to a band gap of ≈1 eV in the rhombohedral phase, which is higher than the experimental estimation of 0.2 eV. All of the lacunar spinels in the cubic phase are metallic at these levels of band theory, however, the predicted valence bandwidths are extremely narrow (≈0.5 eV). The cubic vanadium chalcogenides are found to be highly spin-polarized, which contrasts previous experimental results. We also find that these Vxc potentials do not quantitatively agree with the available experimental optical conductivity on GaV4S8; nonetheless, the LDA and GGA functionals correctly reproduce its lattice dynamical modes. Our findings suggest that accurate qualitative and quantitative simulations of the lacunar spinel family with DFT requires careful attention to the nuances of the exchange-correlation functional and considered spin structures. arXiv:1905.09170v1 [cond-mat.mtrl-sci]