29 C.F.R. § 531.5 – Making determinations of “fair value.”

(a) Procedure. The procedures governing the making of determinations of the “fair value” of board, lodging, or other facilities for defined classes of employees and in defined areas under section 3(m) of the Act shall be the same as that prescribed in § 531.4 with respect to determinations of “reasonable cost.”
(b) Petitions of interested persons. Any petition by an employee or an authorized representative of employees, an employer or group of employers, or other interested persons for a determination of “fair value” under section 3(m) of the Act shall contain the information required under paragraph (b) of § 531.4, and in addition, to the extent possible, the following:
1. (1) A proposed definition of the class or classes of employees involved;
2. (2) A proposed definition of the area to which any requested determination would apply;
3. (3) Any measure of “fair value” of the furnished facilities which may be appropriate in addition to the cost of such facilities.