Is zakat obligatory on funds collected in a charitable box to help the needy and lend to them?

Money placed in a charitable fund for lending to those in need or assisting them in accidents and blood money cases is not subject to zakat, because it is money not owned by a specific individual; it is under the ruling of waqf (endowment). The Permanent Committee for Issuing Fatwas and Sheikh Ibn 'Uthaymeen have affirmed that this money is not subject to zakat, whether it is frozen or invested, because it is not owned by anyone and is not designated for the legitimate zakat expenditures. However, if the donated amounts are to be returned to the donors in case the project fails, then zakat becomes obligatory on each of them for their share, if a full year has passed over it.