izdvojiti

1. to single out; to pick out
   Od svih pesama izdvojio bih ovu. — Of all the songs, I would single out this one.
2. (of money, time) to set aside; to allocate
   Država je izdvojila novac za nove škole. — The state allocated money for new schools.
   Izdvoji malo vremena i pozovi babu. — Set aside a little time and call your grandma.
3. to separate; to isolate
   Izdvoji žumanca od belanaca. — Separate the yolks from the whites.
4. (izdvojiti se) to stand out
   Njen rad se izdvojio od ostalih. — Her work stood out from the rest.
5. (izdvojiti se) to break away; to separate
   Nekoliko članova se izdvojilo iz stranke. — Several members broke away from the party.

For allocating money: izdvojiti novac za + acc.