From Longman Business Dictionary
allocateal·lo·cate /ˈæləkeɪt/ verb [transitiveT]1COMMERCEto decide officially that a particular amount of money, time etc should be used for a particular purposeallocate something for somethingThe company has allocated funds for the design of four plants.
allocate something to somethingDirectors allocated $100 million to the search for oil.
2to decide officially that something such as a house or job should be given to a particular personallocate something to somebodyTheir job is to allocate homes to ordinary people.
allocate somebody somethingThey allocated me a window seat at check-in.
3ACCOUNTING to decide where a particular amount, cost, or expense should be held in a company’s accountsallocate something to somethingThe regulators did not like the way in which the company allocated expenses to its bank units.