§ 116. Inmates' funds. The warden or superintendent of each of the institutions within the jurisdiction of the department of corrections and community supervision shall deposit at least once in each week to his or her credit as such warden, or superintendent, in such bank or banks as may be designated by the comptroller, all the moneys received by him or her as such warden, or superintendent, as inmates' funds, and send to the comptroller and also to the commissioner monthly, a statement showing the amount so received and deposited. Such statement of deposits shall be certified by the proper officer of the bank receiving such deposit or deposits. The warden, or superintendent, shall also verify by his or her affidavit that the sum so deposited is all the money received by him or her as inmates' funds during the month. Any bank in which such deposits shall be made shall, before receiving any such deposits, file a bond with the comptroller of the state, subject to his or her approval, for such sum as he or she shall deem necessary. Upon a certificate of approval issued by the director of the budget, pursuant to the provisions of section fifty-three of the state finance law, the amount of interest, if any, heretofore accrued and hereafter to accrue on moneys so deposited, heretofore and hereafter credited to the warden, or superintendent, by the bank from time to time, shall be available for expenditure by the warden, or superintendent, subject to the direction of the commissioner, for welfare work among the inmates in his custody. The withdrawal of moneys so deposited by such warden, or superintendent, as inmates' funds, including any interest so credited, shall be subject to his or her check. Each warden, or superintendent, shall each month provide the comptroller and also the commissioner with a record of all withdrawals from inmates' funds. As used in this section, the term "inmates' funds" means the funds in the possession of the inmate at the time of his or her admission into the institution, funds earned by him or her as provided in section one hundred eighty-seven of this chapter and any other funds received by him or her or on his or her behalf and deposited with such warden or superintendent in accordance with the rules and regulations of the commissioner. Whenever the total unencumbered value of funds in an inmate's account exceeds ten thousand dollars, the superintendent shall give written notice to the office of victim services.