What exactly is “allocated training”?

Training that has funding, resources and/or personnel allocated to it.

I believe it istraining that has been funded and the money must be used for that purpose.

To the best of my knowledge, no such term exists within Army doctrine. The FM 7-0, "Train To Win In a Complex World," (5 October 2016) mentions the term "allocate" twenty times as it describes the allocation of time and resources to training. So, RESOURCES are allocated, but Training is not "allocated." EVERY unit is supposed to train... they do not wait to receive an "allocation" of training.

If "Allocated Training" refers to training that has time and resources allocated to it (as SFC Michael Hasbun states), then the Training is "resourced" -- not allocated -- in accordance with the Principles of Training outlined in FM 7-0.