All perfect praise be to Allah,The Lord of The Worlds, and may His Peace and Blessings be upon our Prophet Muhammad and upon all of his family and companions.
Those funds are being collected by the aforementioned committee because people have deputized it to give the Zakah on their behalf to the poor and needy people; however, the delay in paying Zakah while having the capability to do so is impermissible.
Al-Imam An-Nawawi (may Allah have mercy on his soul) said (what means): "The Zakah is due immediately if both (funds and eligible Zakah recipients are present)." [Al-Minhaj]. Therefore, the committee is obliged to give Zakah to its eligible recipients only in cash and without installments. And Allah Knows Best.