To set aside for a purpose.

To distribute according to a plan, generally followed by the adposition to.

"The bulk of K–12 education funds are allocated to school districts that in turn pay for the cost of operating schools."

To reserve a portion of memory for use by a computer program.

Having been granted an allocation; having received (something) as part of a plan or scheduled disbursement; having been assigned (something) that was set aside for a particular purpose.