Is zakat obligatory on collected charity money if a year passes on it?

Money designated for charity (sadaqah (definition)) is not subject to zakat (definition), because once it is set aside, it becomes the property of those eligible for charity. This money should be distributed as soon as possible, as the purpose of sadaqah is to meet the needs of the poor, and delaying distribution may cause the opportune moment to be missed. The Prophet, peace and blessings be upon him, used to hasten in distributing charity and would not delay it. In the Hadith (definition): "I remembered a piece of gold we had, and I disliked that it should detain me, so I ordered it to be distributed."